Australia's stock market reaches a historic high, boosted by the situation in Iran and economic prospects.

Boosted by easing concerns over U.S.-Iran conflicts and positive domestic economic signals, Australias benchmark stock index reached a record high during trading. The S&P/ASX 200 index rose by as much as 0.7% to 9,213.00 points, surpassing the previous high set in early March. In Wednesday's trading, the materials sector made the largest contribution, with BHP Group and Rio Tinto climbing. The defensive appeal of the Australian stock market has returned, driving its rebound over the past two months. Despite the turbulence caused by AI trading leading to significant declines in Asia-Pacific stock markets, the absence of exposure to highly volatile chip manufacturers allowed the Australian stock market to serve as a safe haven. Market optimism over a potential temporary agreement between Washington and Tehran has eased concerns about energy supply. On Tuesday, the U.S. stock market closed at a historic high.