The S&P/ASX 200 Index of the Australian stock market has risen for nine consecutive days, marking its best performance since December 2015. With increasing signs that the Federal Reserve might cut interest rates next month, Wall Street saw gains, driving futures prices further up on Thursday, suggesting that this index may continue to rise.
Hebe Chen, an analyst at IG Markets Ltd., stated, "The robust recovery of the global and Australian economies has bolstered investor confidence in the Australian stock market. Additionally, recent corporate earnings have mostly exceeded expectations, which has provided a reasonable boost to the market's upward momentum."
Better-than-expected performance reports from local banks and tech companies, coupled with a modest rebound in mining stocks, have further propelled the Australian benchmark index's rise. The upcoming earnings reports from BHP Group Ltd. and Fortescue Ltd., as well as the trends in iron ore prices, are key factors closely watched by the market.
