FX.co ★ Australian Market Notably Higher

Continuing on the previous session's positive momentum, the Australian stock market notably surged on Tuesday, influenced by the generally upbeat cues from global markets overnight. The main S&P/ASX 200 edged closer to the 7,700-level, fuelled by gains in the iron ore miners, finance sector and technology stocks.

The benchmark S&P/ASX 200 Index saw an increase of 35.60 points or 0.47 percent to 7,684.80, having reached a peak of 7,694.90 earlier. The more comprehensive All Ordinaries Index rose by 36.10 points or 0.46 percent, settling at 7,938.10. Australian stocks ended Monday's session significantly higher.

Major miners - Rio Tinto, Fortescue Metals, and BHP Group - each inched up between 0.3 and 0.5 percent, while Mineral Resources saw a near 1 percent increase.

In the oil sector, stocks mostly rose, with Santos, Beach Energy, and Woodside Energy enjoying gains of around 1 percent. However, Origin Energy marginally dipped by 0.2 percent.

Within the tech sector, WiseTech Global and Xero rose by 0.5 percent, while Zip climbed by over 2 percent. Additionally, Afterpay’s parent company, Block, progressed by nearly 1 percent, and Appen soared by close to 5 percent.

On the contrary, most gold mining companies saw a downturn. Evolution Mining and Northern Star Resources each fell by nearly 3 percent, Newmont dropped by more than 4 percent, and Resolute Mining declined over 3 percent. Nevertheless, Gold Road Resources witnessed an close to 1 percent increase.

Among the big four financial institutions - Commonwealth Bank, Westpac, ANZ Banking, and National Australia Bank - each saw gains of over 1 percent.

In the world of foreign exchange, the Australian dollar was trading at $0.646 on Tuesday.

On Wall Street, stock values ascended on Monday, with the technology sector leading the rebound, as traders purchased undervalued equities following recent losses. The reduced concerns about Middle East tensions further supported the positive investor sentiment.

The Dow finished 253.78 points or 0.67 percent higher at 38,239.98. The S&P 500 closed at 5,010.60, adding 43.37 points or 0.87 percent, while the Nasdaq surged by 169.30 points or 1.11 percent, settling at 15,451.31.

In Europe, major markets also followed an upward trajectory. The UK's FTSE 100 Index skyrocketed by 1.62 percent, the German DAX Index rose 0.7 percent, and the French CAC 40 Index concluded with a 0.22 percent increase.

Crude oil prices slightly fell on Monday due to concerns about global oil demand, alongside recent figures showing a significant surge in U.S. crude inventories, which added downward pressure on oil prices. West Texas Intermediate Crude oil futures for May decreased by $0.29 or 0.34 percent, finishing at $82.85 a barrel.