The Australian market has its eyes fixed on the RBA's upcoming rate decision after the ASX200 hit another all-time high following the US Federal Reserve's 50-point interest rate reduction.
The benchmark S&P/ASX200 on Thursday finished at 8,191.9, up 50 points, or 0.61 per cent on the day, while the All Ordinaries rose 52.5 points, or 0.63 per cent, to 8,417.0.
Shock waves from the unprecedented 50-basis point interest rate cut in the US shot the ASX200 to another all-time high of 8,200, trumping a record set just after the market's opening.
"Stocks pared gains, dollar bounced and gold fell for the session," Capital.com financial analyst Kyle Rodda said on the US rate cut's impact.
"Despite ostensibly giving what the market wanted, price action shifted during the press conference."
At the press conference following the rate decision, US Federal Reserve chair Jerome Powell spoke of a policy "recalibration", but it's unclear whether the reduction will curb inflation as predictions signal another 50-point cut before the end of the year.
Domestically, the Australian Bureau of Statistics reported on Thursday employment rose by 47,500 jobs in August, much better than consensus forecasts for a 26,000 rise, with unemployment holding steady at 4.2 per cent.
GSFM investment strategist Stephen Miller said the readout would hardly move the dial for the Reserve Bank, which is expected to leave interest rates on hold next week.
Money markets pared back the chance for a domestic rate cut in December to 62 per cent, from 75 per cent before the data, according to CBA economist Belinda Allen.
Mr Miller isn't expecting the RBA to cut rates until at least February, but perhaps as late as May.
Upon close, six of ASX's 11 sectors were in the green, with materials leading the charge, up 2.3 per cent.
Mining heavyweights Rio Tinto and BHP surged, growing 3.5 per cent and 2.5 per cent respectively, as Fortescue turned an earlier drop around with a 1.2 per cent addition.
Sims gained 12.5 per cent to $12.40 after the metal recycler said it was enjoying a good start to 2024/25, with first-quarter operating earnings estimated at $55 million.
Sims said its North American business was doing particularly well despite challenging market conditions impacted by increased Chinese exports into Asia and a slowdown in the domestic market.
Orica rose 1.3 per cent to $17.86 after the commercial explosives supplier said it expected its second-half performance to be higher than the previous year and slightly better than forecast.
The utility, energy and real estate sectors all finished with growth beyond 1 per cent on the market's closure.
Origin and AGL Energy finished the day with gains of 2.7 per cent and 1.8 per cent respectively - contributing to 1.4 per cent overall growth for utilities.
The energy sector improved by 1.1 per cent, as Woodside Energy enjoyed a jump by the same number. Paladin Energy powered ahead with a 8.1 per cent surge of its own.
Over in real estate, the Scentre Group and Goodman Group had the most noteworthy improvements in a majority green sector, with Scentre lifting 2.4 per cent and Goodman Group 1.5 per cent.
Financials finished 0.5 per cent ahead as all of the big four banks squeezing into positive territory. ANZ grew 1.1 per cent, CBA expanded by 0.5 per cent, Westpac rose 0.6 per cent and NAB climbed 0.2 per cent.
The Australian dollar was at a three-week high against its US counterpart, buying 68.19 US cents, up from 67.66 at Wednesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Thursday up 50 points, or 0.61 per cent, at 8.191.9
* The All Ordinaries gained 53 points, or 0.63 per cent, at 8,417.0
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 68.19 US cents, from 67.66 US cents at Wednesday's ASX close
* 97.15 Japanese yen, from 95.78 Japanese yen
* 61.12 euro cents, from 60.85 euro cents
* 51.47 British pence, from 51.37 pence
* 109.03 NZ cents, from 109.08 NZ cents
