Despite the highest inflation in three decades, Australian markets climbed on Monday, driven by banking firms, in anticipation of the central bank's much-anticipated moderate interest rate hike this week.
In anticipation of the Federal Reserve's two-day policy meeting this week, Wall Street closed substantially higher on Friday with all major U.S. indices up 2.5% or more.
Financials (.AXFJ) rose as much as 1.3%, with the "Big Four" Australian banks rising between 0.8% and 1.7%. The biggest increase was seen at the top lender in the nation, Commonwealth Bank of Australia CBA, which increased by 1.7%.
The most recent data revealed that despite rising interest rates and growing inflation, retail sales in Australia held steady in September.
In anticipation of the Federal Reserve's two-day policy meeting this week, Wall Street closed substantially higher on Friday with all major U.S. indices up 2.5% or more.
Financials (.AXFJ) rose as much as 1.3%, with the "Big Four" Australian banks rising between 0.8% and 1.7%. The biggest increase was seen at the top lender in the nation, Commonwealth Bank of Australia CBA, which increased by 1.7%.
The most recent data revealed that despite rising interest rates and growing inflation, retail sales in Australia held steady in September.