Australian shares have ended the session higher, despite an ongoing slump in home loans weighing on the outlook for bank earnings.
The S&P/ASX200 rose 24.2 points on Wednesday, up 0.27%, to 9153.2, as the broader All Ordinaries gained 23.5 points, or 0.25%, to 9291.3.
Banks cap the gains
The heavyweight financials sector capped the upside as the big four banks retreated after the value of new home loans recorded its largest quarterly drop since records began in 2002.
Miners recover with metals prices
Local miners initially tumbled after a US inflation spike prompted a hawkish repricing of interest rate expectations, but metals prices recovered in the afternoon as hype around the upcoming Anthropic initial public offering reinvigorated the AI trade.
The Australian dollar is buying 68.78 US cents, down from 69.26 US cents on Tuesday at 5pm.
