FX.co ★ Australian Stocks Ride Wall Street Momentum

Australian shares advanced 23 points, or 0.3%, in early Wednesday trade, extending gains for a second session after Wall Street rallied overnight on lower oil prices and hopes for a diplomatic breakthrough in the Middle East. Reports indicated that Washington and Tehran were considering a second round of talks, though no timetable has been confirmed.

Gains on the ASX 200 were limited by investor caution ahead of key domestic data releases in the coming days, including March labour market figures and April inflation expectations. At the same time, the IMF warned that a US–Israel conflict with Iran could trigger an “energy crisis of unprecedented scale,” potentially tipping the global economy into recession. Treasurer Jim Chalmers said Australians were “paying a hefty price for events on the other side of the world.”

Sector performance was broadly positive, led by healthcare, process industries, and non-energy minerals. Notable individual movers included Evolution Mining (up 7.4%), Genesis Minerals (4.8%), Pro Medicus (3.1%), and Northern Star Resources (2.6%).