FX.co ★ Australian Shares End 3-Day Decline

The S&P/ASX 200 index climbed by 0.7% to approximately 8,640 in early trading on Thursday, breaking a three-day losing streak and reaching its highest level in two weeks. This rise was largely driven by gains in gold and mining stocks. Gold mining companies saw a 1.8% increase, reaching their highest point in more than a week due to stronger bullion prices, following the US Federal Reserve's decision to cut rates and indication of a possible pause in further cuts. Evolution Mining, a leading player in the sector, surged by 2.4% to reach a new all-time high, while Ramelius Resources soared by 6.4%. The wider local mining sector also experienced a significant gain, rising as much as 1.7% to set a new record, buoyed by robust metal prices. Major companies such as BHP, Rio Tinto, and Fortescue advanced between 1.8% and 3%. Additionally, energy firms gained 0.8% amid rising oil prices, and real estate stocks increased by more than 1.2%. Investors considered Australia’s November employment report, which unexpectedly showed a decline in jobs, marking the steepest drop in nine months, while the unemployment rate remained unchanged. This report came two days after the Reserve Bank of Australia decided to maintain steady rates and dismissed the possibility of further cuts in the immediate future.