AU Evening Wrap: Australia Shares Jump 1.1% for Best Day in 7 Weeks

Australia's $S&P/ASX 200(.XJO.AU)$ closed 1.1% higher at 7782.0, carried to within 65 points of a record by its largest one-day gain in almost seven weeks.

Nine of 11 sectors finished higher, with the heavyweight financials leading the way. The gains came after the Federal Reserve's apparent reiteration of its expectation for interest-rate cuts helped lift U.S. equities. Major Australian banks $ANZ Group Holdings Ltd(ANZ.AU)$, $Westpac Banking Corp(WBC.AU)$, $CommBank(CBA.AU)$ and $National Australia Bank Ltd(NAB.AU)$, whose margins typically expand when interest rates are falling, added between 1.1% and 2.6%.

The materials sector finished 1.0% higher. Iron-ore miners $BHP Group Ltd(BHP.AU)$ and $Fortescue Ltd(FMG.AU)$ put on 0.8% and 1.7%, respectively. Gold companies led mining gains amid record gold prices.