10.09.202506:49:34UTC+00Aussie Shares Snap 2-Day Losing Streak

The ASX 200 experienced a recovery, climbing 0.3% to close at 8,834 on Wednesday, breaking a two-day streak of losses. This uptick was driven by a strong performance in the financial sector, which offset declines in major mining stocks. The Australian index mirrored positive sentiment from Wall Street, bolstered by increasing anticipation of a potential interest rate cut from the Federal Reserve. Concurrently, investors were closely monitoring global trade updates following reports that U.S. President Trump has encouraged the European Union to implement 100% tariffs on Chinese and Indian products as a strategy to apply pressure on Russia, with the possibility that the U.S. might adopt similar tariff measures.

In corporate developments, National Australia Bank announced plans to eliminate 410 jobs domestically while creating 127 positions in India and Vietnam, shortly after ANZ declared cuts of 3,500 jobs. Nevertheless, the major banks ended their two-day decline, with the "Big Four" banks seeing stock increases between 1.5% and 1.8%. Conversely, the mining sector saw a 1.8% reduction, primarily influenced by a fall in lithium stocks following news that China’s CATL plans to resume operations at a key lithium mine. Additionally, gold stocks experienced declines even though gold prices remain at historic highs.