FX.co ★ Australian Shares Rise to Over 3-Month High

On Wednesday morning, the S&P/ASX 200 Index rose by 0.6%, reaching 8,394, marking its second consecutive session of gains. This uptick was spurred by recent interest rate reductions in both Australia and China, which buoyed market sentiment. Australia's stock market achieved its highest point in over three months, primarily driven by strong performances in the utilities, energy, healthcare, and communication services sectors. Financial stocks also made notable advances following the Reserve Bank of Australia's decision to reduce interest rates by 25 basis points to a two-year low. This rate cut prompted several banks, including ANZ, Commonwealth Bank, and Westpac, to lower home loan interest rates by the same margin. However, gains were tempered by a slight dip in US futures, attributed to a pause in the rally of technology stocks. Among the early gainers were Emerald Resources, which surged 7.8%, SEEK increasing by 7.3%, Perseus Mining rising 7.1%, Evolution Mining up by 5.3%, and General Minerals climbing 4.8%.