Australian stocks are on a tear on Tuesday after Wall Street rebounded from a wipeout triggered by poor jobs numbers in the US.
The index has jumped one per cent in the first 50 minutes of trading, adding more than $30 billion to the portfolios of investors.
Financial services provider Credit Corp Group soared 15.7 per cent after revealing a 16 per cent profit bump for the 2025 financial year.
Defence company Austal rose 6.2 per cent after finalising an agreement with the federal government to build ships while Lynas Rare Earths and buy-now-pay-later company Zip both jumped 5.2 per cent.
Meanwhile, Telix Pharmaceuticals sank 15.2 per cent after it said it faced higher operating expenses in the first half of the 2025 financial year.
Wall Street bounced back from its Friday wipeout with the Dow Jones soaring 1.3 per cent, the S&P 500 adding 1.5 per cent and the Nasdaq surging two per cent on Monday.
Major tech companies drove the surge with chipmaker Nvidia jumping 3.6 per cent and Meta rising 3.5 per cent.
US markets dived on Friday after it was revealed non-farm payrolls rose by 73,000 during July, well below expectations of about 100,000.
London’s FTSE 250 Index rose 0.7 per cent, Germany’s DAX added 1.4 per cent and the STOXX Europe 600 jumped 0.9 per cent on Monday after all indexes suffered major blows late last week.
New Zealand’s NZX 50 Index has risen 0.6 per cent since trading began on Tuesday while Japan’s Nikkei 225 has jumped 0.5 per cent.