Investing.com - The Australian share market is continuing its four-day winning streak, buoyed by optimism that US interest rates may have reached their zenith.
By 11:20 am ET (01:20 am GMT), The S&P/ASX 200 index has risen by 26.4 points, or 0.4% to 7067, with the ASX All Ordinaries reflecting similar gains.
Nine out of eleven sectors are in positive territory, with mining companies leading the charge, up by 1.3%. This surge is largely due to expectations of a forthcoming stimulus package from China to invigorate its economy. Energy stocks also saw a slight increase of 0.3% as oil prices receded from their peak, alleviating concerns about potential supply disruptions due to unrest in the Middle East.
The S&P 500 continued its upward trajectory for a third session, as bond yields fell amidst a growing debate over the future of US interest rates, and oil prices remained steady. The Dow Jones Industrial Average and NASDAQ Composite also saw gains.
Recent statements from Federal Reserve officials suggest a potential softening stance on interest rates. While Atlanta Fed Bank President Raphael Bostic believes that the current policy is restrictive enough to bring prices down to the 2% target, Neel Kashkari from Minneapolis Fed is not yet convinced that higher Treasury yields will reduce the need for further rate hikes.
The Australian dollar ticked 0.1% higher at 0..6435, while yields on both US and Australian bonds have also seen a decrease.
In company news, Bank Of Queensland Ltd. (ASX:BOQ) shares fell by 4.5% after posting a 70% declines in profit to $124 million, well below analyst expectations, leading to a reduction in its final dividend.
Meanwhile, Qantas Airways Ltd (ASX:QAN) shares rose by 1.9% as chairman Richard Goyder agreed to step down from the board next year, following shareholder pressure.
Insurance Australia Group Ltd (ASX:IAG) added 0.6% after the company reiterated that it is on track to meet its 2024 fiscal year guidance targets.
Telstra Group Ltd (ASX:TLS) dipped slightly after the company announced its plans to acquire cloud consulting firm Versent for $267.5 million.
CSL Ltd (ASX:CSL) fell by 0.4%, despite the company's optimistic forecast for another strong year of growth. Commonwealth Bank Of Australia (ASX:CBA) remained steady as CEO Matt Comyn expressed optimism about the economic outlook ahead of the bank's annual general meeting in Sydney.