ASX rallies as banks and gold stocks jump

Australian shares opened higher, tracking gains on Wall Street where each of the three main equity benchmarks reset record highs after August inflation data further bolstered expectations for rate cuts.
The benchmark S&P/ASX 200 Index rose 0.7 per cent, or by 60.1 points to 8865.1 at the start of trade, with ten of the 11 sectors in the green. That's after the Dow reached as high as 46,137.20 before the closing bell; 24 of its 30 components were higher.
The financials sector was among the best performers, with all the major banks recording gains. Commonwealth Bank added 0.8 per cent, Westpac rose 1.2 per cent, ANZ firmed 0.7 per cent and National Australia Bank increased 1.1 per cent.
The materials sector was also in the green, rallying nearly 1 per cent. Gold stocks were a standout within the sector, with Regis Resources up 3.5 per cent, Bellevue Gold and Capricorn Metals both added over 2.5 per cent.
BHP added 0.8 per cent.
Overnight on Wall Street, following cooler-than-expected producer price and on-par August consumer price data, analysts said a quarter of one percentage point rate cut is all but given at next week's Federal Reserve policy meeting.
"Benign [price] news supports a Fed outlook for three successive cuts in September, October and December to recalibrate rates in a timely manner back down to roughly spot neutral by the end of the year," Evercore ISI said.
Yardeni Research said it was lifting its year-end target for the S&P 500 from 6600 to 6800. "We currently assign a 25 per cent subjective probability to a melt-up that lifts the S&P 500 to 7000 by year-end 2025 and 20 per cent odds to a correction in the index by the end of this year. If the Fed lowers the federal funds rate on September 17 and signals more rate cuts ahead, we will increase our odds of a melt-up and decrease our odds of a correction."
Stocks in focus
ASX listed BSP Financial, also known as Bank South Pacific, rallied nearly 12 per cent after it released an announcement that the Papua New Guinea prime minister has assured the bank that it would continue to service and maintain government accounts.
Ventia Services rose 1.2 per cent after its contract to maintain facilities with the City of Sydney was extended for $100 million, over two years.
In corporate moves, pokies maker Aristocrat Leisure says the chief executive of one of its interactive division, Moti Malul, has stepped down from his role, and will depart the business in March 2026.
Following a global search, Light & Wonder iGaming CEO Dylan Slaney has been appointed to succeed Malul as CEO, Aristocrat Interactive, and is expected to commence on November 3 this year.

Sumber : AFR