The S&P/ASX 200 rose 0.4% to close at 9,032 on Monday, erasing earlier losses as market sentiment improved amid optimism over a potential breakthrough in US-Australia trade talks. Prime Minister Anthony Albanese is set to meet President Donald Trump in the US to promote Australia’s critical mineral reserves as a key alternative to counter China’s rare earth supply curbs. Albanese is expected to push for a bilateral agreement on critical minerals and to reaffirm US commitment to the AUKUS pact, which includes American support for supplying Australia with nuclear-powered submarines. Financial stocks were among the standout performers, with Commonwealth Bank of Australia climbing 2.6%, Westpac Banking Corporation gaining 1.2%, and National Australia Bank adding 1%. However, broader market gains were capped by a pullback in gold and mining stocks, with Evolution Mining plunging 4.9%, Northern Star sliding 3.6%, while BHP Group and Rio Tinto losing 1.1% and 0.6%, respectively.
