FX.co ★ Australian Shares Rally to a Two-Week High

The S&P/ASX 200 index saw a 0.4% increase on Thursday morning, reaching approximately 8,640, and marking its fourth consecutive session of gains, achieving a two-week high. The rise was bolstered by advancements in banking, gold, and technology sectors. Positive momentum was fueled by strong overnight performances on Wall Street, driven by increasing prospects of a rate cut by the Federal Reserve. Australian technology stocks mirrored their American counterparts, rising by 2.7% to also reach a two-week peak. Leading the sector, Wisetech Global surged by 4.9%, while Xero and Technology One saw gains of 2.9% and 0.8%, respectively. Gold miners enjoyed a 2% rise, hitting their highest point since October 20, spurred by rising bullion prices amid anticipation of a Fed-rate reduction. Financial stocks sensitive to interest rates increased by 0.5%, with all the "Big Four" banks posting gains. Furthermore, recent data indicating stronger-than-anticipated inflation has solidified expectations that the Reserve Bank of Australia's easing cycle has concluded, sparking speculation about a potential rate increase.