FX.co ★ ASX 200 Rallies to Fresh High

The S&P/ASX 200 index advanced by 0.6% to surpass the 8,690 mark on Friday, achieving a fresh record high by following the broad upward movements seen on Wall Street in the previous session. The index is poised to register its most robust weekly gain since mid-May. Investor sentiment was buoyed by robust US economic data and positive corporate earnings, which bolstered expectations that the Federal Reserve will maintain interest rates at their current levels. Contributing to this positive outlook, a survey from the National Australia Bank released Thursday indicated that business confidence in Australia improved during the second quarter, even amid softer business conditions, weaker employment figures, and ongoing pressures on profitability. In corporate developments, BHP Group reported strong annual performance, with record copper production exceeding 2 million tonnes and iron ore output reaching 263 million tonnes, which resulted in a 2% increase in its stock. Meanwhile, sector peers Rio Tinto and Fortescue saw their shares rise by 1% and 1.4%, respectively. Furthermore, the healthcare sector experienced a rally, with shares climbing over 2%, spearheaded by the biotech leader CSL, which rose by 2%.