Australian shares gained 0.2 per cent at the opening bell as iron ore majors BHP, Fortescue and Rio Tinto gained on a stronger iron ore price.
"Base metals rose as risk appetite improved across global financial markets," said ANZ Bank, "This came after Fed Chair Jerome Powell indicated earlier in the week that the Fed is likely to keep rates higher for longer due to ongoing concerns over inflation."
US Treasuries extended gains after US Federal Reserve chairman Jerome Powell threw cold water on rate-cut bets and oil gave back some of its large price gains in 2024.
"Historically, a move higher in oil prices would have been looked through by the major central banks," said National Australia Bank. "But, given the extended period of well above target inflation, they may be more sensitive to a sustained shift in prices this time around."
Attention will stay on interest rates locally today with the release of employment data at 11.30am AEST .
Expectations are for unemployment to pick back up to 3.9 per cent from 3.7 per cent in February, but estimates are as high as 4.2 per cent and a reading that high would once again see rate-cut expectations adjusted, writes Josh Gilbert, market analyst at eToro.
A weak unemployment figure this month could be a significant factor in pushing rate cuts further back on the calendar.
Wall Street fell for a fourth straight day overnight as investors worried about interest rate cuts being pushed back to the end of 2024.
Stock movers
South32 shares climbed 2.5 per cent to $3.33 as copper and base metal prices climbed. The miner is due to provide an operational update on Monday including over the status of its stricken Groote Island manganese project.
Shares in BlueScope Steel added 1.2 per cent after US President Biden said the country would lift tariffs on Chinese steel imports.
MMA Offshore shares climbed after the shipping group upgraded its profit guidance for financial 2024.
Sumber : afr.com
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