24.11.202501:38:48UTC+00Australian Shares Kick Off the Week Higher

The S&P/ASX 200 experienced a 1% rise to 8,496 on Monday, recovering from the previous week's notable downturn as investors looked forward to a significant inflation report expected later this week. This Wednesday, Australia is set to release its inaugural "comprehensive" monthly Consumer Price Index (CPI), which will become the Reserve Bank of Australia's new benchmark for assessing inflation in the context of monetary policy decisions. Financial sector stocks emerged as notable performers, with Westpac Banking Corporation advancing by 1% and Commonwealth Bank of Australia increasing by 0.7%. Meanwhile, Macquarie Group saw a modest rise of 0.2% following its acquisition proposal for Qube Holdings Ltd. A recovery in copper prices bolstered mining leaders, with Rio Tinto surging nearly 2%, Fortescue climbing 0.7%, and BHP Group ticking up by 0.5%. In another development, BHP Group announced that it will not pursue a merger with competitor Anglo American Plc. On the downside, significant decliners included Northern Star Resources, which fell by 4%, Goodman, dropping by 3.6%, and Block, which decreased by 2.1%.