ASX follows US rally as Fed fails to calm pivot party

The news: The Australian sharemarket continued to push toward record highs on Wednesday, taking the lead from an exuberant Wall Street despite a US Federal Reserve official's calls for calm. The benchmark ASX 200 gained 0.65% to close at 7,537.90, while the All Ordinaries finished 0.62% higher. Overnight, Atlanta Fed President Raphael Bostic maintained the US central bank was in no rush to change its restrictive stance, but this did little to temper investor bets on rate cuts in 2024.

The numbers: All 11 sectors finished in the green, with energy stocks, consumer discretionary, consumer staples and communications stocks gaining more then 0.8%. Lithium miners Sayona (+12.3%) and Core Lithium (+11.8%) continued to enjoy the commodity's price rebound, while Pexa lost 11.3% after flagging market uncertainties and the upcoming financial impact of an acquisition.

The Australian dollar continues to make gains against the greenback and is trading at around 67.8 US cents. Oil prices edged higher amid supply disruptions and geopolitical tensions in the Middle East, with Brent crude futures gaining 0.1% to trade at USD79.29 a barrel while West Texas lifted 0.2% to USD74.11 per barrel.

The context: China's banks held their benchmark lending rates steady on Wednesday in-line with analyst predictions, as the world's second-largest economy continues working to boost its sluggish growth. ANZ will hold its annual general meeting tomorrow.