Australian share market surges $80 billion as Democrats sweep could end Iran war
The ASX rallied 2.6 per cent, adding $80 billion in value, as the Democratic sweep raised hopes of ending the Iran war.
Australian shares staged their biggest single-day jump since April on Thursday as global investors cheered the Democrats' election sweep. The ASX 200 index climbed 230 points to 9065, with tech stocks surging 10.1 per cent and miners jumping 7.6 per cent.
BHP, the world's largest miner, rose 6.7 per cent, Rio Tinto climbed 7 per cent and Fortescue soared 9.2 per cent. Oil prices tumbled 8 per cent overnight to below US$95, lifting gold miners who saw the precious metal jump above US$4,100 an ounce.
Energy stocks slumped as the price of oil tumbled. The Democratic victory raised market hopes that the US would pull back from conflict with Iran, easing inflation pressure and removing a key obstacle to falling interest rates.
- 230.60 points to 9065.19
- ASX 200 rise
- 2.6 per cent or US$80 billion
- Market gain
- 8 per cent to below US$95
- Oil price fall
- Above US$4,100 an ounce
- Gold price
Why it mattersAustralian super balances have significant exposure to Wall Street. A rally this size signals stronger economic confidence and boosts retirement savings.
AustraliaAustralian investors, especially superannuation members, saw balances grow $80 billion in a single day. Lower oil prices help ease inflation pressure, which could support lower interest rates and cheaper petrol.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
