What happened
The S&P/ASX 200 index rose 55 points or 0.64 per cent to close at 8,735.7, recording its third consecutive day of gains and extending its three-day advance to 1.48 per cent. Real estate investment trusts and mining companies led market gains, while copper miners lagged despite higher spot copper prices.
Why it matters here
The local market rally comes despite Australia's 10-year government bond yield moving higher to sit at 5.41 per cent. Rate-sensitive sectors like A-REITs performed strongly, but elevated yields and a firm US dollar continue to weigh on investor sentiment across commodity producers.
What to watch
Australian daily market breadth indicators and upcoming US corporate earnings releases to confirm whether corporate profit performance can offset elevated bond yields.
Source
marketindex.com.au