Australia’s stock market surged to a new record on Thursday, fueled by stellar corporate profits and positive cues from Wall Street, providing a major bright spot in Asia’s mixed trading session.
SYDNEY/TOKYO – Australia’s stock market led the charge in Asia on Thursday, with the S&P/ASX 200 index jumping 0.8% to a fresh record high of 8,996.80 points. The rally was powered by a string of impressive corporate earnings and continued optimism following the Reserve Bank of Australia’s recent rate cut.
The financial sector was a major driver of the gains. Banking giant Westpac Banking Corp (ASX:WBC) saw its shares surge more than 6% after reporting a higher third-quarter profit. The positive news lifted the broader financial sector and fueled investor confidence.
Other standout performers included power producer Origin Energy (ASX:ORG), whose shares soared over 7% to a decade high after delivering a better-than-expected annual profit. Insurer Suncorp (ASX:SUN) also climbed 4% on the back of its strong full-year earnings report.
Adding to the positive economic picture, new data showed that Australia’s job market rebounded in July, a sign of underlying strength in the economy.
The upbeat mood was supported by strong overnight performance on Wall Street, where the Nasdaq and S&P 500 both closed at fresh record highs. This was largely driven by growing investor expectations that the U.S. Federal Reserve is poised to cut interest rates next month.
Elsewhere in the region, the sentiment was also largely positive. In China, the Shanghai Composite index and the Shanghai Shenzhen CSI 300 both gained 0.6%, while Hong Kong’s Hang Seng index edged 0.2% higher.
While some markets saw a pullback, including Japan’s Nikkei 225 which retreated from recent record levels due to a stronger yen, the remarkable performance in Australia and positive momentum in China and Hong Kong painted a picture of resilience and opportunity for investors in the region.
