Australia’s stock market rebounded on Monday, recovering from a previous decline, amid uncertainty surrounding interest rates in both Australia and the US. This recovery, reflected in the S&P/ASX 200 index gaining 61.5 points, or 0.8%, to close at 7611.4 points, followed a sell-off triggered by concerns about rate cuts by the US Federal Reserve following weaker-than-expected GDP growth, compounded by persistent inflation indicated by core personal consumption data.
Futures
The Dow Jones futures are pointing to a rise of 95 points.
The S&P 500 futures are pointing to a rise of 12.75 points.
The Nasdaq futures are pointing to a rise of 65.75 points.
The SPI futures are up 60 points.
Best and worst performers
The best-performing sector was Information Technology, up 1.68 per cent. The worst-performing sector was Energy, up 0.01 per cent.
The best-performing large cap was TPG Telecom (ASX:TPG), closing 5.31 per cent higher at $4.36. It was followed by shares in Pilbara Minerals (ASX:PLS) and South32 (ASX:S32).
The worst-performing large cap was GQG Partners (ASX:GQG), closing 2.08 per cent lower at $2.35. It was followed by shares in Mercury NZ (ASX:MCY) and Meridian Energy (ASX:MEZ).
Asian markets
Japan’s Nikkei has gained 0.81 per cent.
Hong Kong’s Hang Seng has gained 0.97 per cent.
China’s Shanghai Composite has gained 0.77 per cent.
Commodities and the dollar
Gold is trading at US$2,343.30 an ounce.
Iron ore is 0.6 per cent lower at US$118.15 a tonne.
Iron ore futures are pointing to a 0.6 per cent fall.
Light crude is trading $0.62 lower at US$83.23 a barrel.
One Australian dollar is buying 65.62 US cents.