Australia Stocks Rise Tenth Day in Longest Win Streak Since 2015
(Bloomberg) -- Australian stocks are on their longest winning streak in over nine years, pushing the benchmark toward fresh record high levels.
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The S&P/ASX 200 Index has clocked ten-straight days of gains, their best stretch since February 2015. The gauge added 0.2% Thursday, as increasing signs that the Federal Reserve will cut interest rates next month lifted shares across most of the region.
“The surprising resilience of both the global and Australian economies has solidified investor confidence in Aussie stocks,” said Hebe Chen, an analyst at IG Markets Ltd.. “Additionally, with profit dynamics mostly beating expectations in recent earnings for various reasons, the market’s ladder-climbing momentum now feels well justified.”
Better-than-expected reports from local banks and tech firms coupled with a modest recovery in mining stocks have supported the Australian benchmark. Earnings reports from BHP Group Ltd. and Fortescue Ltd. next week are among key points to watch, along with whether the decline in iron ore will continue.
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