FX.co ★ Aussie Stocks Post Best Gain in Two Weeks

The S&P/ASX 200 ascended by 0.9% to surpass 8,975 on Wednesday, marking its most significant daily gain in nearly two weeks, with financial stocks propelling the market upwards. Significant contributions came from major banks, as Commonwealth Bank, National Bank, and ANZ increased by approximately 1.6% each. Westpac, the top lender, also rose by 1.8% following regulators' removal of a A$500 million ($325 million) capital add-on after the completion of the bank's extensive risk overhaul program. Furthermore, the mining sub-index continued its upward trajectory, advancing by 0.8%. This was primarily driven by gold mining companies, which appreciated by 0.4%, approaching record highs amid escalating bullion prices. Simultaneously, investors examined the Reserve Bank of Australia's measured September minutes, which suggested no haste in reducing rates due to persistent inflation in the services sector and robust employment figures, while highlighting that any potential rate cuts would be contingent on forthcoming data. The markets now assign nearly equal chances to a rate reduction on November 4, with the final decision linked to the upcoming third-quarter inflation figures expected later this month.