By Oliver Gray
Investing.com - The S&P/ASX 200 added 10.9 points or 0.2% to 6,750 after the first hour of Monday’s trade, following heavy losses of 2.1% in the previous week as market participants brace for a fresh rate hike from U.S. Federal Reserve later in the week.
ASX 200 Futures were pointing 0.5% higher.
Among stocks, gains were led by Materials, up 1.3% as Rio Tinto Ltd (ASX:RIO) added 0.8%, BHP Group Ltd (ASX:BHP) lifted 0.7%, Fortescue Metals Group Ltd (ASX:FMG) gained 1.1% and Champion Iron Ltd (ASX:CIA) added 1.4%.
Real estate companies lifted 0.9% with Mirvac Group (ASX:MGR) up 1%, Charter Hall Group (ASX:CHC) lifting 0.9%, Goodman Group (ASX:GMG) up 0.4% and Stockland Corporation Ltd (ASX:SGP) adding 0.9%.
Meantime, Information Technology and Utilities posted the largest declines, down 0.7% and 0.4% respectfully as Block Inc (ASX:SQ2) fell 3.6%, Megaport Ltd (ASX:MP1) lost 1.3% and Link Administration Holdings Ltd (ASX:LNK) dropped 3.3% while AGL Energy Ltd (ASX:AGL) fell 1.3% and Origin Energy Ltd (ASX:ORG) dipped 0.3%.
Ahead in the week, the Reserve Bank of Australia is set to release the minutes from its latest meeting earlier this month, while flash manufacturing and services PMI data for September will also be closely watched amid growing recession fears.
On the bond markets, Australia 10-Year rates were at 3.709% while United States 10-Year yields were at 3.455%.
In New Zealand, the NZX 50 was flat at 11,579.7.