FX.co ★ Australian Market Significantly Higher

The Australian stock market started the week on a high note, building on the gains from the previous session and responding positively to Friday’s global market cues. The benchmark S&P/ASX 200 index is approaching the 8,000 mark, with most sectors showing gains, particularly gold miners and technology stocks.

The S&P/ASX 200 Index is up by 72.90 points or 0.92%, reaching 7,994.20 after hitting an earlier high of 8,000. The broader All Ordinaries Index has risen by 76.20 points or 0.94% to 8,229.60. Australian equities had closed notably higher on Friday.

In the mining sector, Rio Tinto and Mineral Resources are each up by more than 1%, while BHP Group and Fortescue Metals are seeing gains of nearly 1%. The oil sector is also performing well, with Beach Energy inching up by 0.1%, and Origin Energy, Santos, and Woodside Energy each gaining over 1%.

Tech stocks display a mixed performance: Block (owner of Afterpay) is dropping by more than 1%, Appen is up nearly 1%, and Zip is soaring by over 6%. WiseTech Global and Xero are posting gains of more than 1% each.

Gold mining companies are predominantly climbing higher, with Newmont and Northern Star Resources each up by nearly 2%, and Gold Road Resources and Evolution Mining adding almost 1% each. Resolute Mining is experiencing a surge of nearly 6%.

Among the major banks, Commonwealth Bank, ANZ Banking, and Westpac are each up by almost 1%, while National Australia Bank sees an increase of over 1%.

In the currency market, the Australian dollar is trading at $0.657.

In the U.S., Wall Street saw a significant uptick on Friday, rebounding from the mixed performance of the previous day. The major indices all made strong gains, with the Nasdaq and the S&P 500 recovering from their lowest closing levels in over a month.

The major averages finished the day below their highs but remained firmly in positive territory. The Dow surged by 654.27 points or 1.6% to 40,589.34, the Nasdaq rose by 176.16 points or 1.0% to 17,357.88, and the S&P 500 jumped by 59.88 points or 1.1% to 5,459.10.

European markets also saw upward movement, with the German DAX Index climbing by 0.7% and the U.K.'s FTSE 100 Index and the French CAC 40 Index each rising by 1.2%.

Crude oil prices fell on Friday due to concerns about demand amid China’s economic slowdown and optimism over a potential ceasefire in Gaza. West Texas Intermediate Crude oil futures for September dropped by $1.12 or 1.4% to $77.16 a barrel, experiencing a 1.9% decline for the week.