The S&P/ASX 200 climbed 0.8% to close at a fresh all-time high of 8,841 on Wednesday, extending gains from the previous session’s record finish, as rising bets of domestic and global rate cuts boosted the index. Markets are pricing in over 90% odds of a Fed rate cut in September amid growing concerns over the US economy, while Australian swaps show markets are fully pricing in a quarter-point RBA cut next week. Investors now await Trump’s plans to name a Fed board nominee this week, while narrowing choices for Powell’s replacement. Gold stocks benefited the most, up 2.4% to a two-week high, supported by firmer bullion prices. Northern Star and Newmont rose 5.2% and 2.3%, respectively, while West African Resources jumped 5.7% to a two-month high. Additionally, interest rate-sensitive sectors such as banks and real estate gained 0.7% and 0.9%, respectively. Miners also advanced, tracking stronger iron ore prices on firm Chinese demand, with BHP up 0.8% and Rio Tinto gaining 0.4%.