FX.co ★ Australian Shares Open Slightly Higher

In Wednesday's morning trade, the S&P/ASX 200 showed a modest uptick of 0.1%, settling around the 8,830 mark, as it recovered some losses from the prior session. This rebound was largely supported by a surge in commodity stocks, notably those within the lithium mining sector. Mining shares experienced an approximate 1% increase, achieving their highest levels since late October, propelled by stronger copper prices that buoyed market sentiment. The sector received additional bolstering from Mineral Resources, a key player in lithium mining, which saw a notable rise of over 10%, reaching a one-month peak following its agreement to divest a 30% interest in its lithium operations to South Korea’s POSCO Holdings. Similarly, Liontown Resources saw a gain of over 5%, marking its highest valuation since June, consequent to a strategic deal optimizing its spodumene sales. In the energy sector, stocks ascended by 1% to hit their peak since early September, underpinned by rising oil prices, while gold miners saw an increase of 1.1% spurred by stronger bullion values. In contrast, tech stocks declined sharply by 2.9%, hitting their lowest point since May, with both Xero and NextDC experiencing a drop of 2.2% each. Market attention now shifts to the forthcoming October jobs report, anticipated to offer insights into the Reserve Bank of Australia's monetary policy trajectory.