Australian equities rose modestly on Wednesday morning session, with the benchmark ASX 200 hovering near 8,945 after a muted prior session. Sentiment was lifted by firmer U.S. futures ahead of the Federal Reserve’s first policy decision under new Chair Kevin Warsh later today. Locally, the Reserve Bank held its cash rate steady at 4.35% on Tuesday, as expected, noting the impact of three hikes since January but keeping the door open to further tightening should inflation persist. However, gains were capped by official warnings that an El Niño in Australia has formed in the Pacific and could intensify into one of the strongest in decades by late 2026. Gains in consumer stocks, non-energy minerals, and logistics helped offset weakness in energy, retail, and transport. Early standouts included Evolution Mining (up 2.9%), Mineral Resources (2.8%), Wisetech Global (2.2%), and Sonic Healthcare (1.0%). The four major banks added between 0.3% and 1%, contributing to the modest advance.

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