The S&P/ASX 200 rose 0.7% to close at 8,737 on Wednesday, extending gains from the previous session, led by mining and energy stocks. Market sentiment was lifted after US President Trump struck a trade deal with Japan, while US–China trade talks intensified ahead of the August 12 deadline. Locally, latest data showed Westpac Leading Index slowed to 0.03% in June, reflecting weaker momentum due to softer commodity prices and reduced work hours. Focus now shifts to PMI data due later today for insight into July’s business conditions. In corporate news, energy stocks extended gains for a fifth session, with Woodside Energy up 1.6% to a near 1-month high after strong Q2 sales. Traders reacted positively to its reduced risk from the Louisiana LNG deal. The mining sector also rose 1% to a 9-month high, with BHP (0.8%), Rio Tinto (1%), and Fortescue (2.3%) all hitting multi-month highs, supported by stronger commodity demand after China announced plans for the world’s largest hydropower dam.