Australian shares climbed higher on July 3, 2024, driven by strength in mining and energy stocks. The S&P/ASX 200 index advanced by 0.3% to close at 7,739.9 [9aead399]. Key drivers included a 1.1% rise in mining stocks, fueled by increased iron ore prices and strong demand expectations from China. Energy stocks continued their upward momentum, adding 0.6% thanks to rising oil prices following a surprising drawdown in US crude stockpiles [9aead399]. Technology stocks surged 1.4%, while real estate stocks climbed 0.9% [9aead399]. The resilience of Australia's resource-heavy sectors, such as mining and energy, is evident in the recent gains. The positive outlook for these sectors may present attractive opportunities for investors [9aead399].
Federal Reserve Chair Jerome Powell's dovish remarks suggest a 'disinflationary path' for the US economy, while stronger-than-expected retail sales in Australia indicate economic resilience [9aead399]. ANZ analysts predict rate cuts by the Reserve Bank of Australia in February 2025. These developments could make Australian markets more appealing to global investors [9aead399].