Australian shares were largely flat on Monday, as downbeat performances in most sectors partially offset support from financials and gold miners, while investors cut back fears of a possible US recession following robust economic data.
The S&P/ASX 200 index held its ground at 7,957.1 points, as of 0021 GMT.
The benchmark closed 1.3% higher on Friday. Worries of an economic downturn in the US eased after data on retail sales last week indicated that consumer spending was still healthy.
Investor odds continue to favour a rate cut of 25 basis points from the US Federal Reserve in September, with inflation accelerating mildly last month.
The US Dow Jones Industrial Average rose 96.70 points, or 0.24%, at 40,659.76 points on Friday.
The S&P 500 gained 11.03 points, or 0.20%, while Nasdaq gained 37.22 points, or 0.21%.
The yield on benchmark 10-year Treasury notes rose to 3.9054%, compared with its US close of 3.892%.
Back in Sydney, financial stocks advanced 0.3% on Monday, with three of the ‘Big Four’ banks rising between 0.1% and 2.5%.
Shares of Westpac Banking Corp jumped as much as 2.6% to their highest levels since early March 2018, as the Sydney-based lender reported a 6% increase in its third-quarter unaudited net profit.
Australian shares hit record high; RBA cautious on inflation
The Aussie dollar was 0.04% weaker against the greenback to A$0.67 on Monday.
Australian gold stocks emerged as the top percentage gainers in the benchmark index, rising 2.6%, after bullion prices hitting a record high last week.
Gold miners Evolution Mining and Northern Star Resources rose 2.6% and 1.6% respectively.
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