The S&P/ASX 200 climbed 0.5% to above 8,810 on Wednesday, extending the prior session’s record close to a new all-time high, as growing expectations of domestic and global rate cuts continued to boost the index. Rising bets on a US Fed cut in September - now seen as a 94% chance - have lifted global risk appetite, while Australian swaps show markets are fully pricing in a quarter-point RBA cut next week. Meanwhile, caution lingered after an overnight Wall Street selloff, as weak data revived stagflation fears and President Trump proposed steep tariffs on pharmaceuticals and semiconductors. However, he signaled a possible trade truce extension with China ahead of the August deadline, saying a deal is “very close”. On the corporate side, gold stocks led the charge amid higher bullion, up 2.6% to a two-week high, with Northern Star jumping 3.4% and Newmont 2.2%. Additionally, heavyweight financials rose 0.8%, led by top lender CBA (1.3%). Rate-sensitive real estate stocks also advanced 0.7%.