Australian Market Modestly Higher

Australian shares are trading modestly higher on Wednesday, adding to the gains in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,700 level, following the broadly positive cues from global markets overnight, with gains in iron ore miners, financial and energy stocks partially offset by losses in gold miners and technology stocks.

The Reserve Bank of Australia on Tuesday left interest rates at a 12-year high and signaled it may be done tightening monetary policy.

The benchmark S&P/ASX 200 Index is gaining 13.80 points or 0.18 percent to 7,717.00, after touching a high of 7,738.10 earlier. The broader All Ordinaries Index is up 17.00 points or 0.21 percent to 7,974.80. Australian stocks ended modestly higher on Tuesday.

Among major miners, Rio Tinto is gaining almost 1 percent, Fortescue Metals is adding more than 1 percent and BHP Group is edging up 0.2 percent, while Mineral Resources is edging down 0.3 percent.

Oil stocks are mostly higher. Santos is gaining almost 1 percent, Woodside Energy is adding more than 1 percent and Origin Energy is edging up 0.1 percent, while Beach energy is losing more than 1 percent.

In the tech space, Afterpay owner Block is losing almost 2 percent, Xero is slipping almost 1 percent, Appen is sliding more than 5 percent and Zip is declining more than 1 percent, while WiseTech Global is edging up 0.1 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging up 0.4 to 0.5 percent each, while National Australia Bank and Westpac is gaining almost 1 percent each.

Among gold miners, Northern Star Resources and Evolution Mining are losing almost 2 percent each, while Gold Road Resources and Newmont are declining almost 3 percent each. Resolute Mining is gaining more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.653 on Wednesday.

On the Wall Street, stocks showed a significant turnaround over the course of the trading day on Tuesday after coming under pressure early in the session. The major averages climbed well off their worst levels of the day and into positive territory.

The major averages reached new highs for the session going into the close of trading. The Dow advanced 320.33 points or 0.8 percent to 39,110.76, the S&P 500 climbed 29.09 points or 0.6 percent to 5,178.51 and the Nasdaq rose 63.34 points or 0.4 percent to 16,166.79.

The major European markets all also moved to the upside over the course of the session. While the French CAC 40 Index advanced by 0.7 percent, the German DAX Index and the U.K.’s FTSE 100 Index rose by 0.3 percent and 0.2 percent, respectively.

Crude oil prices settled higher on Tuesday, rising for a second straight day as traders continued to assess the impact of Ukrainian attacks on Russian refineries. West Texas Intermediate Crude oil futures for April climbed $0.75 at $83.47 a barrel.

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