By Oliver Gray
Investing.com - The ASX 200 lifted 17 points or 0.22% to 7579.60 on Wednesday, following gains of 0.32% in the previous session and closing at all-time high valuations as robust second-quarter corporate earnings pushed financial stocks higher, while news of U.S. President Joe Biden’s US$1 trillion infrastructure bill moving through the senate boosted sentiment.
On the coronavirus front, New South Wales yesterday reported a near record 344 cases today as Premier Gladys Berejiklian warned that the state's crisis is likely to get worse. Victoria reported 20 locally acquired cases with 15 linked to current outbreaks and Queensland reported 4 fresh cases all linked to the current outbreak in Indooroopilly.
Among stocks, Commonwealth Bank Of Australia (ASX:CBA) lifted 1.38% to record highs after reporting results, announcing a record A$6 billion share buyback and dividend hike as the bank posted a 19.7% surge in annual profit driven by a sustained economic recovery from the coronavirus pandemic. Mining stocks also closed higher despite a drop in Iron ore prices amid fears that restrictions on steel output will last longer than expected. Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP), Fortescue Metals Group Ltd (ASX:FMG) added 1.31%, 1.47% and 0.04%, respectively.
Among data, The Westpac Consumer Sentiment index fell 4.4% in August from July but remaining in positive territory despite the country’s latest outbreak of the coronavirus Delta delta variant.
On the bond markets, local 10-year bond yields were near 2-week highs of 1.241% while US 10-year rates lifted to 4-week highs of 1.359%
In New Zealand, the NZX 50 fell 16.16 points or 0.13% to 12748.07.