The S&P/ASX 200 climbed 0.9% to above 8,975 on Wednesday, marking its strongest daily gain in almost two weeks, with financials leading the market higher. Major banks led the advance, with Commonwealth Bank, National Bank, and ANZ jumping around 1.6% each. Top lender Westpac also soared 1.8% after regulators lifted a A$500 million ($325 million) capital add-on following the bank’s completion of a multi-year risk overhaul program. In addition, the mining sub-index extended gains by 0.8%, largely driven by gold miners, up 0.4%, hovering near record highs amid higher bullion prices. Meanwhile, investors assessed the Reserve Bank of Australia’s cautious September minutes, which signaled no rush to cut rates amid sticky services inflation and firm jobs, noting that any future easing would depend on upcoming data. Markets now price in roughly even odds of a rate cut on November 4, with the decision tied to third-quarter inflation data due later this month.
