FX.co ★ Australian Shares Hit 2-Month High

The S&P/ASX 200 index gained 0.6%, reaching 8,815 on Tuesday, its highest point since November 2025, influenced by a robust performance on Wall Street. U.S. stocks gained traction overnight after investors largely dismissed concerns over the U.S. Justice Department's criminal investigation involving Federal Reserve Chair Jerome Powell. In Australia, Reserve Bank Governor Michele Bullock has yet to weigh in on the U.S. situation, which Powell has characterized as an effort to undermine the autonomy of the world's most significant central bank. Meanwhile, the Westpac–Melbourne Institute Consumer Sentiment Index recorded a 1.7% month-on-month decrease in January 2026, reaching a three-month low of 92.9. This marks an extension of December's 9.0% decline as changing interest rate expectations continued to dampen confidence. The rise in commodity prices, amid geopolitical tensions involving Iran, led to gains in commodity-linked stocks. Major mining companies such as BHP Group, Rio Tinto, and Fortescue Metals saw increases of 1.7% to 2.3%, while gold miners Newmont, Northern Star, and Evolution Mining rose by 0.5% to 1%.