The Latest Breaking News from ANZ

The local share market closed down 1.0 per cent after the chairman of the US Federal Reserve reiterated that the central bank would move slowly on rate cuts.

More interest rate hikes are broadly off the table but the Reserve Bank governor is likely to keep her options open in a big week of public appearances.

The local bourse has closed up 0.8 per cent to finish at its highest level since early February, in what one analyst called a textbook Santa rally.

The central bank board mulled over another cash rate increase or staying on hold at the December meeting, and kept its options open for more tightening.

The local share market rose 0.3 per cent, with Fortescue and Rio Tinto hitting new highs while a drop in oil prices pressured producers.

The Federal Court has ordered ANZ to pay a $900,000 penalty for failing to transparently declare where its shares went in a 2015 capital raising event.

The market expectation is for the Reserve Bank of New Zealand to leave the official cash rate unchanged at its final meeting of 2023.

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The local share market rose 1.4 per cent to an eight-week high after US inflation data suggested the rate-hiking cycle in the world's largest economy is over.