{"id":79792,"date":"2023-11-02T10:03:25","date_gmt":"2023-11-02T14:03:25","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/australian-markets-rally-as-fed-signals-end-to-aggressive-rate-hikes\/"},"modified":"2023-11-02T10:03:28","modified_gmt":"2023-11-02T14:03:28","slug":"australian-markets-rally-as-fed-signals-end-to-aggressive-rate-hikes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79792","title":{"rendered":"Australian markets rally as Fed signals end to aggressive rate hikes"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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The Australian share market saw a significant surge, reaching a near two-week high following indications from Federal Reserve Chairman Jerome Powell about an end to aggressive rate hikes. The S&P\/ASX200 and All Ordinaries rose by 1.2% and 1.25%, respectively, marking the ASX200’s best day since September 15, 2023.<\/p>\n

This uptick was largely led by the tech and property sectors. Notably, interest-rate tech stocks such as Xero, Wisetech Global, and Altium reported over 3% increases each. Real estate and telecommunication stocks also performed well in this market rally.<\/p>\n

Wall Street followed suit with its best session in over two weeks, while US 10-year Treasury yields reached a two-week low. JPMorgan economists pointed out Powell’s satisfaction with the progress toward inflation targets as a key driver of these positive trends.<\/p>\n

In contrast, utilities fell by 3.8%, and Origin Energy experienced a drop in shares by 6.6%, following resistance to its potential acquisition by a private equity consortium led by Brookfield. This decline came despite the Australian dollar standing at US64.25\u00a2 and the broader market rally.<\/p>\n

Furthermore, Santos shares fell after a federal court ruling against the commencement of its Barossa gas pipeline project in the Timor Sea. Despite these sector-specific setbacks, the Big Four Australian banks and mining giants BHP and Rio Tinto (NYSE:) reported higher trading.<\/p>\n

Among other notable performers was Sayona Mining, which emerged as the best-performing stock, rising 8.3%. This surge followed the discovery of multiple high-grade lithium intercepts at its North American Lithium operation in Quebec, where it holds a 75% stake.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. The Australian share market saw a significant surge, reaching a near two-week high following indications from Federal Reserve Chairman Jerome Powell about an end to aggressive rate hikes. The S&P\/ASX200 and All Ordinaries rose by 1.2% and 1.25%, respectively, marking the ASX200’s best day since September 15, 2023. This uptick was largely led […]<\/p>\n","protected":false},"author":1,"featured_media":5160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-79792","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAustralian markets rally as Fed signals end to aggressive rate hikes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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