Australia stock market finished session firmly in positive territory on Tuesday, 18 October 2022, driven by gains in technology and banking stocks, thanks to strong lead from Wall Street overnight and a dramatic U-turn in British fiscal policy.
Investor confidence rebounded after news the U. K. government is reversing course on previously announced fiscal plans. Britain’s new finance minister Jeremy Hunt reversed almost all of the tax measures announced by his predecessor Kwasi Kwarteng in the mini-budget on September 23.
Also booted market sentiment was minutes from the Reserve Bank of Australia’s last meeting that showed the central bank’s decision to reduce the size of the interest rate hikes was “finely balanced.”
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