Australian Shares Rise; Commonwealth Bank of Australia Withdraws 30 Offshore Tech Job Ads, Union Says

Published on 10/02/2025 at 02:53 am EDT
(MT Newswires) -- Australian shares closed higher on Thursday, tracking Wall Street markets that shrugged away the government shutdown.
The S&P/ASX 200 rose 1.13% or 100.3 points to close at 8,945.9.
Markets stayed calm as the US government shut down, though key data like Friday's payrolls may be delayed, Commonwealth Bank of Australia (ASX:CBA) reported.
"Traders already have enough information to be confident that the [Federal Open Market Committee] will cut the Fed Funds rate in late October, with markets fully pricing a 25 basis point cut," said Harry Ottley, Economist at CBA.
On the domestic front, Australia's seasonally adjusted household spending rose 0.1% to AU$77.43 billion in August following a 0.4% increase in July, the Australian Bureau of Statistics reported.
The Reserve Bank of Australia said that global financial stability risks are elevated and an international shock could spill over to the Australian financial system, the central bank said.
Bendigo and Adelaide Bank said a potential cash rate cut by the Reserve Bank of Australia in November is now uncertain despite steady forecasts for a "shallow" easing cycle to a more neutral rate of 3.25%.
In company news, Australia's Finance Sector Union said that Commonwealth Bank of Australia (ASX:CBA) has withdrawn 30 technology and retail banking services jobs advertised at its India branch, according to a statement from the union. Shares of the Bank rose 2% at market close.
REA Groupagreed to acquire a 61.5% stake in Ontario, Canada-based Planitar to introduce Planitar's 3D tour and floor plan technology to the Australian market. Shares of the company fell past 2% at market close.
Shares of Northern Star Resources , rose around 2% while shares of Evolution Mining , and Newmontrose 4% at market close, buoyed by a surge in gold prices to record highs amid a weaker US dollar, the US federal government shutdown, and expectations of an imminent Federal Reserve interest rate cut.

Sumber : MT Newswires