Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePMN BusinessAustralian Stocks Hit Record High on Iran Hopes, Economic BetsAustralia’s stock benchmark briefly climbed to an intraday record on easing concerns over the US-Iran conflict and supportive signals in the domestic economy.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.j9u{7bmq(bhxnib6[unbh18i_media_dl_1.png Bloomberg(Bloomberg) — Australia’s stock benchmark briefly climbed to an intraday record on easing concerns over the US-Iran conflict and supportive signals in the domestic economy.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe S&P/ASX 200 Index rose as much as 0.7% to 9,213.00, eclipsing its previous high from early March, before paring its advance. The materials sector added the biggest lift during Wednesday’s session as BHP Group and Rio Tinto Group gained, though a recent rally in banks cooled.The renewed defensive appeal of Australia’s market has driven a rebound over the last two months. While jitters over the artificial intelligence trade have hit its Asia-Pacific peers with sharp selloffs, Australian equities have become a harbor due to the lack of direct exposure to volatile chipmakers. Still, local stocks have only added about 5% year, while the MSCI Asia Pacific Index has soared 20%.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe benchmark gained Wednesday after optimism over a possible interim deal between Washington and Tehran tempered worries about energy supplies. US stocks closed Tuesday at an all-time high.Recent Australian economic data has also boosted consumer-focused shares such as banks. Core inflation in the three months to June was softer than expected, prompting traders to slash bets on another interest-rate hike this year. Household spending also surged beyond estimates in June.The spending data “has given the market fresh belief that the Australian consumer is holding up better than feared,” said Josh Gilbert, Asia Pacific and Middle East lead analyst at Etoro Ltd. This month’s corporate results serve as the benchmark’s next test, with companies pressured to “show the numbers to match the market’s confidence.”The nation’s earnings season will gather steam next week as Commonwealth Bank of Australia reports on Wednesday and BHP follows the week after. Given the two firms’ heavy weightings in the index, “their results will do more to decide whether this record holds than anything else in August,” Gilbert said.Investors will also be watching Tuesday’s central bank decision for clues on the outlook for stocks. The Reserve Bank is expected to keep rates unchanged.(Adds additional detail throughout) Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.