Australian Equities Jump After Wall Street Gains

Australian shares surged 177 points, or 2.0%, to 9,012 around midday Thursday, reversing prior losses and reaching a near two-month high. Overnight gains on Wall Street boosted sentiment amid Democrats’ midterm wins, easing oil prices, and lower U.S. Treasury yields. Locally, the trade surplus hit a seven-month high in September as exports notched a three-year high while imports fell. Wednesday data also pointed to a recovery in personal spending. Almost all major sectors advanced, led by non-energy minerals, tech, and commercial services. Mining giants BHP Group and Rio Tinto jumped 4.4% and near 5%, each. Gold miners also rallied on a stronger bullion price and a weaker U.S. dollar, with Evolution Mining up 10.8% and Northern Star Resources up 7.5%. Other notable gainers included Pro Medicus (9.9%), REA Group (8.9%), and Fortescue (6.0%). However, three of the four major banks fell 1.1%—6.2% after the Reserve Bank raised its cash rate for the fifth time this year earlier in the week.