Australian Shares Start the Week 0.6% Higher

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Australian Shares Start the Week 0.6% Higher

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 45.6 points or 0.61% to 7523.6 during the first hour of trade on Monday, reversing losses of 0.2% in the previous week, with traders monitoring volatile market conditions amid surging bond yields as U.S. Federal Reserve officials prepare to tighten monetary policy settings more aggressively to combat inflation.

ASX 200 Futures were pointing 0.2% higher.

Among stocks, Energy and Materials were 0.8% and 1% higher respectively. Woodside Petroleum Ltd (ASX: WPL ) added 0.7%, Santos Ltd (ASX: STO ) gained 1.9%, and Beach Energy Ltd (ASX: BPT ) lifted 2.3%. Meantime, BHP Billiton Ltd (ASX: BHP ) and Rio Tinto Ltd (ASX: RIO ) lifted 1.23% and 1.1% respectively, while Lake Resources NL (ASX: LKE ) surged 12.4% and Fortescue Metals Group Ltd (ASX: FMG ) dipped 1%.

Financials helped support the broader market, up 1% collectively as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 1.1%, National Australia Bank Ltd (ASX: NAB ) lifted 0.6%, Westpac Banking Corp (ASX: WBC ) gained 0.9% and Commonwealth Bank Of Australia (ASX: CBA ) added 1.2%.

Technology fell 0.3% overall, with Block Inc (ASX: SQ2 ) dipping 0.4%, Appen Ltd (ASX: APX ) down 1.2%, Megaport Ltd (ASX: MP1 ) falling 1%, Novonix Ltd (ASX: NVX ) falling 0.9% and Brainchip Holdings Ltd (ASX: BRN ) down 1.6%.

On the bond markets, Australia 10-Year rates were at 2.984%, nearing the highest levels since July 2015, while United States 10-Year rates were at 2.719%, the highest levels since 2019.

Ahead in the week, market participants will be focused on releases of business and consumer confidence surveys and labor market figures, with the unemployment rate expected to hit a record low of 3.9%.

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