What happened
The ASX 200 rose 44 points, or 0.5%, to 9,103 on Monday, driven by materials and logistics. Fuel retailer Ampol jumped 4.3% to a two-year high as Middle East supply disruptions boosted refining margins. Major miners BHP and Rio Tinto gained 3.0% and 1.2% respectively on strong copper, while gold stocks also advanced. Conversely, the big four banks fell up to 0.7%.
Why it matters here
Resource sector strength is insulating the broader Australian equity market against headwinds in banking and retail. High refining margins and strong metal prices continue to support corporate earnings in capital-heavy sectors, providing Australian investors with income and growth while higher interest rates and consumer slowdowns weigh on domestic-facing stocks.
What to watch
Australia's July monthly inflation report releasing on Wednesday, followed by Federal Reserve Chair remarks at the Jackson Hole symposium later this week for global interest rate signals.
Source
tradingeconomics.com