Closing Bell 1st November: Miners Shine as Banks Soften and Investors Eye Federal Reserve’s Next Move

Building Approvals Collapse in September
Australian building approvals saw a significant drop of 4.6% in September, contrary to analysts’ expectations of a 1.3% gain. Data from the Australian Bureau of Statistics revealed that private sector house credit also plummeted by 4.6%, indicating a challenging period for the building sector.

Australian Dollar Faces Steepest Drop Since 2018
The Australian dollar is undergoing a rough phase, currently standing at US63.37¢ after a 0.6% fall on Tuesday. Tensions in the Middle East and global economic health concerns have contributed to the dollar’s 7% drop, marking its most substantial annual fall in five years if it persists.

New Zealand’s Unemployment Rate Rises in Q3
New Zealand’s unemployment rate has escalated to its highest in over two years, reaching 3.9% in Q3, up from 3.6% in the previous quarter. This increase, coupled with a fall in employment and wages growing less than expected, has led to predictions of a halt in interest rate hikes by the Reserve Bank of New Zealand (RBNZ).