Australian Stocks Climb on Commodity and Financial Gains

The Australian stock market opened higher on Monday, fueled by gains in mining, financial, and energy sectors. The S&P/ASX 200 index rose 0.5% to 8,725.70 points, building on a 0.2% gain from the previous week. Investors remain cautious following the Reserve Bank of Australia's recent rate hike to a 15-year high, with ongoing speculation about further tightening. The central bank has signaled its readiness to raise rates again if inflation pressures persist, though August's inflation data came in below expectations, easing some concerns.

Mining stocks led the gains, climbing 0.7% as commodity prices firmed. Major players Rio Tinto and BHP each rose more than 1%. Financials also performed well, with banks up 0.6% for a second straight day of gains. The 'Big Four' banks all advanced, with Westpac leading the charge with a 1% increase. Energy stocks added 0.2%, supported by higher oil prices, with Woodside Energy and Santos gaining 0.3% and 1.1%, respectively.

Healthcare stocks saw a 0.7% increase, boosted by CSL's 1.3% rise after announcing a $1.6 billion deal with Switzerland’s Alentis Therapeutics to develop treatments for rare kidney and liver diseases. In contrast, gold stocks reversed early gains to finish down 0.2%, while technology stocks remained flat. WiseTech and Xero were among the worst performers, falling 2.2% and 1%, respectively.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index climbed about 0.3% to 13,715.10 points.