FX.co ★ Australian Market Significantly Higher

The Australian stock market is experiencing a significant surge on Monday, continuing the upward trend observed over the past two sessions. This positive momentum comes in the wake of encouraging signals from global markets on Friday. The benchmark S&P/ASX 200 index has crossed the 8,000.00 mark to reach new all-time highs, driven by robust performances in the financial and technology sectors.

The S&P/ASX 200 Index is currently up by 71.00 points, or 0.89%, standing at 8,030.30 after peaking at a record 8,037.30 earlier in the day. The broader All Ordinaries Index has also risen by 67.70 points, or 0.83%, to 8,273.80. Australian equities saw a substantial rise on Friday as well.

In the mining sector, major players such as Rio Tinto and Mineral Resources are seeing slight increases of 0.3% to 0.5%, while BHP Group is up nearly 1% and Fortescue Metals has advanced by over 1%. Oil stocks are on the rise, with Beach Energy and Santos up nearly 1% each, Woodside Energy advancing close to 2%, and Origin Energy gaining more than 1%.

Technology stocks are also posting gains, with Appen and WiseTech Global up almost 1% each. Block, owner of Afterpay, is up by 3.5%, Xero has added more than 1%, while Zip has declined by over 5%.

In the gold mining sector, Newmont, Gold Road Resources, and Northern Star Resources are showing slight gains of 0.3% to 0.4%, whereas Evolution Mining is down by 0.4% and Resolute Mining has surged almost 2%.

Among the big four banks, Commonwealth Bank, ANZ Banking, and Westpac are each up by nearly 1%, with National Australia Bank gaining over 1%.

In other developments, shares in Lifestyle Communities have plummeted nearly 10% following an Australian Broadcasting Corporation report featuring residents accusing the land lease company of immoral and unethical behavior. Meanwhile, shares in Aussie Broadband have nosedived almost 17% after the telecommunications company lowered its earnings forecast for the fiscal year 2025.

In the currency market, the Australian dollar is trading at $0.676.

On Wall Street, markets rebounded on Friday after a significant downturn the previous day. This upward movement saw the Dow and the S&P 500 reach new intraday record highs. Although the major averages pulled back slightly before the close, they remained firmly positive. The Dow soared by 247.15 points, or 0.6%, to 40,000.90, the Nasdaq climbed 115.04 points, or 0.6%, to 18,398.45, and the S&P 500 rose by 30.81 points, or 0.6%, to 5,615.35.

Major European markets also experienced gains on the day. The French CAC 40 Index surged by 1.3%, the German DAX Index increased by 1.1%, and the U.K.'s FTSE 100 Index rose by 0.4%.

Crude oil prices settled lower on Friday, pressured by data indicating a larger-than-expected increase in U.S. producer prices in June. West Texas Intermediate Crude oil futures for August fell by $0.41, closing at $82.21 a barrel.