AUSTRALIAN STOCKS SURGE AGAIN: Here’s what you need to know

A rafale fighter jet takes off from the French aircraft carrier Charles de Gaulle. Eric Feferberg/AFP/Getty Images

Australian shares closed higher for the second day in a row.

Today’s scoreboard:

  • ASX 200: 5,776.60 +50.00 +0.87%
  • All Ordinaries: 5,823.30 +48.02 +0.83%
  • AUD/USD: 0.7885 -0.0051 -0.64%

The local market continued its march higher, helped by higher iron ore and oil prices flowing through to resources stocks.

BHP added 3.3% to $25.37, Fortescue 4.7% to $5.30 and Santos 5.2% to $3.39.

The banks also added some weight with the ANZ up 0.9% to $30.28.

Billionaire Kerry Stokes’ Seven Group gained 10.5% to close at $11.40 despite no market announcements from the company today.

Domino’s Pizza fell 5.5% to $55.00.

Top stories:

1. What next with interest rates? Australian wage data will be crucial for what the RBA does next. Governor Philip Lowe just in a speech to the Anika Foundation in Sydney.

2. Weak inflation. According to the Australian Bureau of Statistics (ABS), headline inflation rose by 0.2% over the quarter, leaving it up 1.9% from a year earlier. Also read: Health insurance costs are driving the latest CPI rise.

3. The falling cost of mobile data is a major drag on Australian inflation. But there’s not much telcos can do about it.

4. The crackdown on tax deductions for property investors. Treasury has released details for proposed cutbacks on the deductions for travel and household goods for residential investment properties as part of plans announced in the budget.

5. Mystery solved. One million Australian homes were empty on census night.

6. Sigma Healthcare drops legal action against Chemist Warehouse. Both sides have agreed to negotiate a settlement over a disputed wholesale supply agreement. Sigma shares rose by almost 10% to close at $0.945.

7. Earnings are coming. Australia’s August reporting season is expected to reveal stronger than usual earnings.

8. The world’s biggest all-female startup incubator launched in Australia. Melbourne’s Girl Geek Academy has launched on the back of its female entrepreneur participation program #SheHacks.