Australia's ancient city reaches a historic high, with rising unemployment fueling interest rate cut expectations. According to Jin10 data, Australia's ancient city closed at a historic high on Thursday, with strong rises in finance, real estate, and gold being the main driving forces. The S&P/ASX 200 index rose by 0.9% to 9,068.4 points, having previously reached a historic high of 9,109.70 points in early trading.

Data from the Australian labor market shows that the unemployment rate jumped to the highest level in nearly four years in September, increasing the probability of a rate cut in November from about 40% before the data was released to around 72%. Financial stocks rose more than 1%, closing at a record high.
The Australian and New Zealand Bank reached a historical high in the early session and closed at a new high not seen in over a decade. Moomoo market strategist Jessica Amir stated that the decline in interest rates will directly promote a significant improvement in mortgage demand and lending activity, explaining investors' enthusiasm for bank stocks. Real estate stocks are sensitive to interest rates, with the sector rising 2.8%, marking the best single-day gain since April of this year.