FX.co ★ Australian Stocks Rise on Tech Boost

The S&P/ASX 200 index rose by 1.1%, surpassing the 8,540 mark in the early hours of Thursday's trading session, marking a rebound from its lowest point in over five months. This upswing was largely fueled by a positive performance from Wall Street, particularly bolstered by Nvidia's impressive earnings that rejuvenated confidence in the artificial intelligence sector. Local technology stocks spearheaded the rally, with gains exceeding 5%—the most significant jump since early April. Leading the charge, Wisetech Global appreciated by 4.2%, while Xero and Technology One saw increases of 4.9% and 6.6%, respectively. Financial stocks also contributed to the rise, climbing 0.9%, likely due to value investors capitalizing on recent dips following a six-month low. Meanwhile, Australia’s banking regulator cautioned major banks against loosening mortgage standards, despite its findings that both lenders and superannuation funds are fortified against a year-long economic shock. Gold and broader mining sector stocks experienced gains, driven by stable commodity prices. In contrast, energy stocks declined as a result of falling oil prices, with Origin Energy dropping by 3.2% and Santos down by approximately 1%.