{
  "id": 17025904,
  "title": "Australian shares edge higher as banks overshadow mining losses",
  "url": "https://urgent.news/2026/10/29/australian-shares-edge-higher-as-banks-overshadow-mining-losses",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-29T06:41:20.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40446483/australian-shares-edge-higher-as-banks-overshadow-mining-losses"
  },
  "original_language": "en",
  "account": "On Thursday, Australian shares saw a slight increase of 0.2%, reaching 8,868.20 as of 0105 GMT, as financial gains surpassed losses from mining companies. The previous day's benchmark index remained unchanged. Rising inflation fuel costs in the third quarter heightened expectations of a fourth rate hike this year, with RBA Governor Michele Bullock suggesting policymakers may ponder if three rate hikes are sufficient to curb inflation. Markets now consider an 85% probability of a 0.25% increase during the November 3 meeting.\n\nFinancial stocks, particularly the \"Big Four\" banks, led the rise, with their shares climbing anywhere between 0.8% and 1.3%. However, some sectors faced declines. Insurance giant Suncorp experienced a 2.9% drop after cutting its fiscal 2027 gross written premium growth forecast to approximately 3%, down from its previous 3-5% range. Its stock was headed for its worst session in four weeks.\n\nEnergy stocks, including Santos and Woodside Energy, rose by 0.6% and 1.1%, respectively, as oil prices jumped due to renewed worries about potential Middle East energy supply disruptions stemming from ongoing fighting in Yemen. Australian miners, however, saw a 0.5% drop, with Rio Tinto and Fortescue both falling over 0.6%.",
  "summary": "Australian shares inched higher on Thursday, as gains in financials outweighed losses in heavyweight miners, while hot inflation data increased bets for a fifth central bank rate hike this year. The S&P/ASX 200 index rose 0.2% to 8,868.20 as of 0105 GMT. The benchmark ended flat on Wednesday. Wednesday data showed higher fuel-cost-driven inflation accelerating in the third quarter, strengthening…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}