The S&P/ASX 200 rose 0.5% to above 8,720 on Wednesday, extending gains from the previous session, as sharp advances in gold stocks and heavyweight miners boosted the index. Sentiment improved following global trade developments, with Trump announcing a major tariff deal with Japan and US–China talks intensifying ahead of the August 12 deadline. Locally, markets weighed the Reserve Bank’s cautious stance, pointing to a more gradual path for rate cuts. Attention now turns to the PMI data due later today, offering insight into July’s private-sector business conditions. On the corporate side, gold stocks climbed as much as 2.4% to a near 3-week high, tracking five-week highs in bullion. Northern Star Resources and Evolution Mining both gained over 3%. Miners also rallied over 2% to a near 9-month high, supported by firm iron ore prices after Beijing unveiled a $170 billion stimulus push. Rio Tinto and BHP both added over 2%. Conversely, biotech major CSL slipped 1.1% on profit-taking.