AU Morning Wrap: Australian Shares Hold Gains Despite Commodity Price Weakness; GDP Ahead

The $S&P 500 Index(.SPX.US)$ rose 0.15% to 5291.34, while the $Nasdaq Composite Index(.IXIC.US)$ gained 0.17% to 16857.05. The $Dow Jones Industrial Average(.DJI.US)$ rose 0.36% to 38711.29.

Australian shares opened higher on Wednesday, with gains across much of the index offsetting falls in commodity prices overnight. The $S&P/ASX 200(.XJO.AU)$ was up 9 points, or 0.1%, to 7745, ahead of the release of local GDP data at 11.30am AEST. The modest gains in the Australian market followed a similar trend in US stocks, which recovered from early losses to close slightly higher, as the latest jobs data indicated a slowing economy and the possibility of future rate cuts.

However, weakness in the commodity markets weighed on the Australian sharemarket, with $BHP Group Ltd(BHP.AU)$, $Rio Tinto Ltd(RIO.AU)$, and $Fortescue Ltd(FMG.AU)$ all falling by around 1%. Bloomberg reported that commodities giant Cargill has ceased its steel trading business in mainland China, after struggling for years with slower activity amid the country's property-led downturn, adding to concerns about the outlook for the sector.

The $AUD/USD(AUDUSD.FX)$ is trading at US66.47¢, a decrease of 0.05%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $70,524, down by 0.03% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,813, down by 0.02% in the past 24 hours.

Shares in $Treasury Wine Estates Ltd(TWE.AU)$ rose by 4.4% to reach $11.89, following the release of an update after the market closed on Tuesday.

$Medibank Private Ltd(MPL.AU)$, Australia's largest health insurance company, is facing civil penalty proceedings in the Federal Court of Australia over its handling of a 2022 cyberattack. The Australian Information Commissioner has launched the lawsuit against Medibank, which saw the personal information of nearly 1.3 million customers compromised. Shares in Medibank were 0.1% lower at $3.75.

Biotech company $Immutep Ltd(IMM.AU)$ saw its shares drop by 6.7% to 42¢, following a recent capital raise by the company. Earlier this week, Immutep raised $100.2 million through the issuance of new shares at 38¢ per share. The capital raise comprised an institutional offer of $89.6 million and a retail entitlement offer of approximately $10.6 million.