ASX 200 Breaks 4-Day Decline


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The S&P/ASX 200 index rose by 0.8% to surpass 8,805 on Thursday, breaking a four-day decline. This upturn was driven by gains in heavyweight miners and gold stocks, buoyed by stronger commodity prices. Gold mining companies sustained their record-breaking progress after gold reached a new historic high overnight, spurred by speculation of interest rate cuts from the Federal Reserve and ongoing political and economic uncertainties. Notably, Northern Star and Evolution Mining witnessed a rise of 0.9%, while Fortescue, Rio Tinto, and Lynas Rare Earths saw increases ranging from 1% to 2%. The tech sector also experienced a jump of 1.3%, primarily due to Xero Limited’s 2.9% ascent, following a technology rally on Wall Street the previous night. Similarly, major banks appeared to have achieved a technical rebound, with the “Big Four” banks each climbing nearly 2%. Market attention has shifted towards the labor market’s gradual shift from full employment levels, following GDP figures that exceeded expectations. Swaps currently indicate almost a 90% probability that the Reserve Bank of Australia will keep rates unchanged in late September. Investors are now keenly awaiting the release of trade balance data for insights into net export performance.




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