ASX 200 soars in best two-day gain since March 2020; tech, consumer stocks lead broad gains

ASX 200 posts its best two-day gain since the start of Covid-19. Telix leads broad gains, ASIC claims Harvey Norman 'misled' customers and Link rallies on $1.3bn D&D offer.

Equity markets are rallying amid signs of inflation easing. Picture: Gaye Gerard

Welcome to the Trading Day blog for Wednesday, October 5. The Australian sharemarket has surged to its best two-day gain since the onset of the Covid-19 pandemic in March 2020 following Tuesday's unexpected 25bp move from the RBA.

The S&P/ASX 200 index advanced 1.7 per cent, or 116.41 to 6815.70 with all sectors bar staples higher.

On Wall Street, the S&P 500 closed up 3.1 per cent, technology-focused Nasdaq Composite Index rose 3.3 per cent and the Dow Jones Industrial Average surged 2.8 per cent.

The US 10-year bond yield slipped to 3.63 per cent while US 2-year yields were steady near 4.11 per cent.  

Oil prices are higher with the global benchmark Brent crude price up 3.3 per cent to $US91.80 per barrel. US WTI crude is up 3.5 per cent to $US86.52 per barrel.

Iron ore futures rose by 1 per cent to $US95.21 per tonne and safe-haven gold futures are 1.7 per cent higher at $US1730.50 an ounce. 

The dollar was near US64.86c in afternoon trade.