By Oliver Gray
Investing.com - The S&P/ASX 200 gained 86.30 points or 1.18% to 7,410.60 on Wednesday as investors tracked fresh record highs in U.S. equities overnight and recovering from declines of 0.6% in the previous session after the Reserve Bank of Australia discontinued a key stimulus measure and revised its 2024 rate guidance, fuelling expectations that borrowing costs may need to rise sooner than previously anticipated as the country rebounds from coronavirus induced lockdowns.
ASX 200 Futures were 43.5 points or 0.59% higher.
Among stocks, heavyweight mining companies lifted despite a large fall in iron ore prices overnight. BHP Billiton Ltd (ASX:BHP) lifted 1.04%, Fortescue Metals Group Ltd (ASX:FMG) added 2.44% and Rio Tinto Ltd (ASX:RIO) is up 0.18%. Orocobre Ltd (ASX:ORE) is up 7.48%. Lithium and rare earths miners also surged on increasing demand for battery ingredients. Technology names are higher with Appen Ltd (ASX:APX) gaining 1.71%, Afterpay Touch Group Ltd (ASX:APT) up 0.44% and Xero Ltd (ASX:XRO) gaining 0.75%. The Commonwealth Bank Of Australia (ASX:CBA) also lifted 0.69% after announcing that it will allow its customers to buy, sell and hold 10 crypto assets through its app, a first for the Australian banking sector. Westpac Banking Corp (ASX:WBC) added 0.99% and National Australia Bank Ltd (ASX:NAB) gained 1.1%
On the bond markets, Australia 10-Year yields eased from recent 32-month highs to 1.841% while United States 10-Year rates were at 1.547%.
In New Zealand, the NZX 50 gained 0.34% to 13037.