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The ASX 200 Index advanced by 0.84% on Wednesday morning, tracking the US futures markets higher. Gains were broad-based, with banking, gold, mining, oil, and tech stocks contributing to the gains. The S&P/ASX All Technology Index was up 1.41% in the morning session.
Banking stocks National Australia Bank gained 1.11%, with Commonwealth Bank of Australia advancing by 0.84%.
Mining giants Rio Tinto Ltd. (RIO) and BHP Group Ltd. (BHP) were up by 0.72% and 0.42%, respectively. Iron ore spot prices advanced overnight, supporting the morning gains. However, iron ore spot prices were down on Wednesday, as a Trump win could impact China’s demand for iron ore through tariffs. Mining stocks may give up early gains if Trump extends his lead.
Looking Ahead
Looking ahead, investors should monitor the US Presidential Election. The focus will be on the swing states. A Trump victory would continue driving US dollar demand and pressure HK and Mainland China-listed equities. Conversely, a Harris victory could reverse the morning trends.
National People’s Congress Standing Committee (NPCSC) meeting-related news also requires consideration. Beijing’s response to the US election and fresh stimulus could influence risk sentiment. Stay informed with our latest news and analysis to manage your risks effectively.