FX.co ★ Australian Market Notably Higher

The Australian stock market experienced significant trades on Wednesday, building on the gains seen over the last two sessions. The benchmark S&P/ASX 200 moved past the 7,700 mark, reflecting the positive influence of global markets. This was majorly due to the progress in most sectors, especially the technology sector. The only exception to this upward trend were the iron ore miners.

The benchmark S&P/ASX 200 Index increased by 39.10 points or 0.51 percent to 7,722.60 after reaching a high of 7,723.90 earlier. Correspondingly, the broader All Ordinaries Index grew by 39.80 points or 0.50 percent to 7,977.70. Tuesday also saw a noteworthy rise in Australian stocks.

Looking at significant miners such as BHP Group and Mineral Resources, there was an approximate fall of 2 percent each. Similarly, Fortescue Metals fell by more than 1 percent and Rio Tinto lost more than 2 percent. On the other hand, most oil stocks rose. Santos grew by over 1 percent, Woodside Energy saw nearly a 1 percent rise, and Origin Energy saw a 0.3 percent increase, while Beach Energy saw a slight drop of 0.3 percent.

In the tech industry, Block, the owner of Afterpay, and Appen saw a growth of over 4 percent each, while Xero and WiseTech Global saw an addition of more than 1 percent. Zip remained steady.

Turning to the major four banks, Commonwealth Bank, National Australia Bank, ANZ Banking, and Westpac experienced a growth of around 1 percent each.

Gold miners also saw varying trends. Newmont rose by nearly 2 percent and Gold Road Resources saw a close to 1 percent increase, while Evolution Mining and Northern Star Resources both saw over 1 percent growth. In contrast, Resolute Mining suffered a loss of over 2 percent.

In other news, Cleanaway Waste Management saw a steep fall of nearly 12 percent following its denial of speculations regarding a buyout by Seven Group. Bloomberg had previously reported that Seven was seeking funding for a takeover.

In terms of the currency market, the Aussie dollar traded at $0.649 on Wednesday.

Wall Street stocks also ended on a positive note on Tuesday, with the technology sector leading the way. This was driven by optimism regarding earnings updates and slightly reduces concerns about interest rate prospects.

Significant indices experienced noticeable growth. The Dow ended with a gain of 263.71 points or 0.69 percent at 38,503.69. The S&P 500 increased by 59.95 points or 1.2 percent to 5,070.55, while the Nasdaq grew by 245.33 points or 1.59 percent to settle at 15,696.64.

European markets also ended the day positively. Germany's DAX Index surged by 1.55 percent, France's CAC 40 grew by 0.81 percent, while U.K.'s FTSE 100 increased by 0.26 percent.

Crude oil prices also increased on Tuesday in response to a slowdown in U.S. manufacturing activity in April. This sparked hopes that the Federal Reserve would soon commence cutting interest rates. West Texas Intermediate crude oil futures for June rose by $1.46 or 1.78 percent to end up at $83.36 a barrel.