AUS
NZ
UK
CA
USA
IND
Highlights
- Australian shares rose 0.7%, with technology and mining sectors leading the charge.
- The S&P/ASX 200 index regained ground after a 0.4% dip on Tuesday, reaching 8,190.90 points.
- Global market sentiment is shaped by the U.S. election, with a tight race between Trump and Harris.
Australian stocks saw a solid recovery on Wednesday, with the S&P/ASX 200 index rising 0.7% to 8,190.90 points, following a 0.4% decline on Tuesday. Investors are closely watching the U.S. election, where opinion polls show a highly competitive race between Republican Donald Trump and Democrat Kamala Harris. The uncertainty surrounding the election outcome is driving volatility in global markets, including Australia's.
The mining sector led the gains, boosted by rising iron ore prices in China—one of the world’s largest steel producers. The prospect of additional stimulus measures in China contributed to a rally, with major miners like BHP Group (BHP.AX), Rio Tinto (RIO.AX), and Fortescue Metals (FMG.AX) rising between 0.4% and 1.2%.
In addition, gold stocks benefitted from an uptick in gold prices, as tensions surrounding the U.S. election fueled demand for safe-haven assets. Evolution Mining (EVN.AX) and Northern Star Resources (NST.AX) saw increases of 1.2% and 1%, respectively.
The technology sector also had a strong day, with a 1.2% gain, as the Nasdaq Composite Index surged in the U.S. Xero (XRO.AX), a leading Australian accounting software provider, rose 1%.
Meanwhile, the financial sector gained 0.7%, with all of Australia’s "Big Four" banks trading higher between 0.3% and 0.8%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 index reversed early losses, climbing 0.2% to 12,681.37 points. Despite a rise in the country’s jobless rate to a near four-year high in the September quarter, expectations are growing for a 50-basis-point interest rate cut from New Zealand's central bank later this month.
As global markets remain focused on the outcome of the U.S. election, Australian and New Zealand stocks are navigating through a mix of domestic economic data and international geopolitical developments.
