Silver jumped 5.8 per cent to a sixth straight gain. This was helped by a weaker USD, which boosted investor appetite,” ANZ’s senior commodity strategist Daniel Hynes said. “A risk-on tone across markets saw commodity markets push higher. “The rapid fall in oil prices is expected to see headline inflation in August fall by 0.1% MoM and the annual rate slowing to 8.1% (from 8.5%),” he added.Īlso helping sentiment on the ASX were recoveries in commodity prices as the US dollar pulls back from two-decade highs. “U.S stock markets rallied for a fourth straight session on hopes that cooling economic data and inflation will allow the Fed to slow the pace of its rate hiking cycle after the Sep FOMC meeting,” Tony Sycamore, market analyst at City Index, said. The S&P 500 climbed 1.06 per cent overnight to a two-week high. The recovery has come as US investors anticipate a decline in headline inflation tonight will allow the Federal Reserve to slow its current aggressive pace of rate increases. The ASX 200 has bounced more than 270 points or 4 per cent in four sessions.
What’s driving the marketĪ fourth straight advance on Wall Street gave the local market a solid platform for further gains. Ramsay Health Care and Link Administration sank after takeover schemes ran into trouble. On-going rebounds in crude, gold and silver lifted energy producers and precious metal miners. The S&P/ASX 200 rallied 39 points or 0.56 per cent by mid-session to 7004. The share market regained 7000 as its longest win run in more than a month entered a fourth day.
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