ASX: October 28 Update

Market Overview

The ASX experienced a positive trading session on Monday, October 28, 2024, with the benchmark S&P/ASX 200 index (ASX: XJO) closing up by 0.5%.

The gains were led by the energy and mining sectors, which benefited from a rise in commodity prices.

The Australian dollar (AUD) also strengthened against the US dollar (USD), which further boosted the market's performance.

Market Movers

BHP Group (ASX: BHP) was the top performer on the ASX 200, with its shares rising by 2.5%.

Other notable gainers included Fortescue Metals Group (ASX: FMG), Rio Tinto (ASX: RIO), and Woodside Energy (ASX: WDS).

Economic Indicators

The Australian Bureau of Statistics (ABS) released new data on Monday, which showed that the unemployment rate fell to 3.4% in September.

The ABS also reported that retail sales rose by 0.6% in September, indicating that consumer spending remains strong.

Outlook

The ASX is expected to continue its positive momentum in the short term, as investors remain optimistic about the global economic outlook.

However, investors will be keeping a close eye on developments in China, as the country's zero-COVID policy has led to concerns about its economic growth.