Australian Shares Climb to New Record High

The S&P/ASX 200 Index rose 0.45% to above 8,030 on Wednesday, hitting fresh all-time highs and tracking gains on Wall Street overnight amid a broadening rally in the US and bets that the Federal Reserve will start cutting interest rates soon.

Domestically, investors have also dialed back bets for a Reserve Bank of Australia rate hike, although the central bank is still expected to ease policy much later than its peers.

Investors now look ahead to Australian employment numbers later in the week to guide the monetary policy outlook further.

Gold stocks led the charge as bullion prices reached new record highs, with sector leaders Northern Star Resources and Evolution Mining gaining 3.4% and 1.8%, respectively.

Macquarie Group also jumped 1.9% after closing a deal to sell its Hydro Dolomiti Energia stake to Dolomiti Energia Group, while buy now pay later firm Zip Co rallied 2% on plans to raise $180 million to repay corporate debt.