AU Evening Wrap: Australia Shares Rise 1.7% for Best Day Since November 2022

$S&P/ASX 200 (.XJO.AU)$ closed 1.7% higher at 7178.4, rallying to its largest one-day gain since November 2022 after data showed 3Q economic growth cooled amid a run of central-bank interest-rate rises. The benchmark index bounced back from its worst day since October, as economists suggested that slowing GDP growth would allow the Reserve Bank of Australia to hold interest rates for some time.

Consumer stocks were strong, while the heavyweight financial sector added 1.7% amid gains by major banks. $ANZ Group Holdings Ltd (ANZ.AU)$, $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$ and $National Australia Bank Ltd (NAB.AU)$--all of which are exposed to consumers and businesses under strain from inflation and higher rates--put on between 1.3% and 1.9%.