Australian Stocks Reverse Three-Day Downtrend

The S&P/ASX 200 index increased by 0.7% to around 8,640 points in early Thursday trading, ending a three-day losing streak and marking its highest level in two weeks, clearly bolstered by gold and mining stocks.

Gold company stocks rose by 1.8% to their highest level in over a week, following a global increase in gold prices after the U.S. Federal Reserve's decision to cut interest rates and indicate a potential halt to further cuts. Evolution Mining shares increased by 2.4% to a new record, while Ramelius Resources surged by 6.4%.

The broader mining sector also climbed by 1.7%, reaching a new record high, supported by rising metal prices. Major mining companies BHP, Rio Tinto, and Fortescue saw gains ranging from 1.8% to 3%.

Similarly, energy stocks rose by 0.8% due to increasing oil prices, while real estate shares gained more than 1.2%.

These movements came as investors assessed the Australian jobs report for November, which showed a surprising drop in employment, the largest in nine months, while the unemployment rate remained stable. This followed the Reserve Bank of Australia's (RBA) decision to keep interest rates unchanged and exclude any near-term rate cuts.