Aussie Stocks Hit 1-Month High

Australian shares rose for a third straight session on Monday, reaching their highest level in over a month. The gains were led by miners and broad-based buying ahead of the year-end.

Market Performance

The S&P/ASX 200 index closed up 0.9% at 8,699.9 points, its strongest finish since November 13. This uptrend signals the start of the traditional Santa Claus rally, according to market analysts.

Key Sectors

Miners hit a record high, with Rio Tinto, BHP, and Fortescue rising by between 1% and 1.7% due to firmer iron ore and copper prices.

Gold stocks rose 4.1%, tracking bullion's fresh peak on rising U.S. rate-cut bets and a weaker dollar.

Financials gained 0.3% and are up nearly 3% in December, following a 7.4% drop in November driven by valuation and earnings concerns.

Outlook

Investors have increased bets on further Reserve Bank of Australia tightening after hawkish signals and resilient economic data. Markets now fully price a quarter-point rate hike by June and give roughly a 25% chance of a move by February.

Meanwhile, New Zealand's benchmark S&P/NZX 50 closed 1.3% higher at 13,508.30 points.

Remember, this is perspective, not prediction. Do your own research before making any investment decisions.