Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Thursday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 below the 6,900 level, following the broadly positive cues from global markets overnight, as traders reacted to the US Fed's widely anticipated interest rate hike and comments from Fed Chair Jerome Powell that hinted at a slowdown in the pace of future rate hikes.

The benchmark S&P/ASX 200 Index is gaining 41.70 points or 0.61 percent to 6,864.90, after touching a high of 6,889.30 earlier. The broader All Ordinaries Index is up 48.40 points or 0.69 percent to 7,086.50. Australian stocks ended modestly higher on Wednesday.

Among major miners, BHP Group is gaining more than 1 percent and Fortescue Metals is adding almost 2 percent, while OZ Minerals and Mineral Resources are advancing more than 3 percent each. Rio Tinto is edging down 0.3 percent.

Fortescue Metals has raised its annual iron ore shipments forecast for the next fiscal year on hopes of a stronger performance at its Eliwana project. It also reported record quarterly shipments.

Oil stocks are mostly higher. Santos and Woodside Energy are gaining more than 1 percent each, while Beach energy is adding almost 1 percent. Origin Energy is edging down 0.2 percent.

In the tech space, Afterpay owner Block and WiseTech Global are surging more than 4 percent each, while Xero is adding 3.5 percent, Appen is edging up 0.5 percent and Zip is skyrocketing more than 18 percent as it is rebounding since it abandoned its planned merger with Sezzle.

Among the big four banks, National Australia Bank is gaining almost 1 percent and ANZ Banking is edging up 0.4 percent, while Commonwealth Bank and Westpac are adding almost 1 percent each.

Among gold miners, Northern Star Resources and Evolution Mining are gaining more than 1 percent each, while Resolute Mining is adding almost 2 percent, Gold Road Resources is surging more than 5 percent and Newcrest Mining is edging up 0.3 percent.

In economic news, Australia will release June figures for retail sales and Q2 data for import and export prices. Retail sales are predicted to rise 0.5 percent on month, slowing from 0.9 percent in May. Export prices were up 18.0 percent on quarter in Q1, while import prices rose 5.1 percent.

In the currency market, the Aussie dollar is trading at $0.699 on Thursday.

On Wall Street, stocks showed a substantial move back to the upside during trading on Wednesday following the sell-off seen during Tuesday's session. The major averages more than offset Tuesday's losses, with the Dow and the S&P 500 reaching their best closing levels in well over a month.

The major averages pulled back off their intraday highs going into the close but held on strong gains. While the Nasdaq spiked 469.85 points or 4.1 percent to 12,032.42, the S&P 500 surged 102.56 points or 2.6 percent to 4,023.61 and the Dow jumped 436.05 points or 1.4 percent at 32,197.59.

The major European markets all also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the U.K.'s FTSE 100 Index climbed by 0.6 percent and the German DAX Index rose by 0.5 percent.

Crude oil prices surged higher Wednesday after data showed a drop in U.S. crude inventories last week, while cuts in Russian gas flows to Europe also contributed as oil's sharp rise. West Texas Intermediate Crude oil futures for September climbed $2.28 or 2.4 percent at $97.26 a barrel.