Miners, banks lift ASX after Wall Street rises; Santos surges

Shares in mining, bank and real estate companies rallied on Thursday, lifting the Australian shares benchmark to a significant gain. The move followed Wall Street’s record-breaking rally overnight.

Bellevue Gold finished as one of the day’s best performers with a 6.5 per cent gain, followed by Magellan Financial Group and Arcadium Lithium . Morgan Stanley is also forecasting a rate hike in August, but its equity strategists acknowledged that this was not a consensus view after conversations with investors.“While the RBA has shown a clear preference to not accelerate the downward path of inflation with tighter policy, the stalling of progress over 2024 is much more consequential and is likely to raise concerns around broader inflation expectations,” wrote Morgan Stanley researchers.

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