FX.co ★ Australian Shares Climb on Bank, Tech Boost

The S&P/ASX 200 Index increased by 0.56% to reach 8,408 on Tuesday, marking its highest closing level in over three months. This rise was primarily fueled by substantial gains in both the financial and technology sectors. Leading this upward trajectory were major banks, with Commonwealth Bank climbing 0.8%, National Australia Bank increasing by 0.9%, Macquarie Group rising 1.4%, ANZ Group adding 1.4%, and Westpac advancing by 1.7%. In the technology sector, notable performers included WiseTech Global, which rose by 2.2%, Zip Co, up by 1.8%, and Xero, which increased by 1.5%. Investors are now eagerly anticipating key Australian inflation figures expected later this week, which may offer new insights into the Reserve Bank of Australia’s monetary policy strategy. Internationally, focus remains on the strengthening trade collaboration between China and the European Union, a response to escalating US protectionist measures. Delegates from China and the EU are scheduled to convene again in early November. Considering Australia’s significant trade relations with China, these developments are vital for its export-reliant economy.