Australian shares rebound as banks and consumer stocks rally

Business Recorder

Australian shares rebound as banks and consumer stocks rally

Australian shares rebounded on Wednesday, snapping a three-session losing streak, as gains in banks and consumer stocks followed softer economic data that reduced expectations of another rate hike. The benchmark S&P/ASX 200 index rose 0.6% to 8,653.30 points after three straight sessions of losses. While inflation remains the Reserve Bank of Australia’s key focus ahead of next week’s meeting, recent data point to a slowing economy, said Luke Winchester, portfolio manager at Merewether Capital....

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