Australia's dominance in the resources space in these volatile times saw the local market open up strongly. Energy and commodities more broadly were bid up at the open, with financials joining the blue-chip exuberance. At the top of the ladder, eight out of the top 10 were resources, including lithium plays AVZ Minerals, Allkem and Liontown. Old-school BHP and Whitehaven Coal also featured. Financials closed up 0.7% higher, with the big five and insurance all closing higher.

In contrast, in the wake of FOMC Chair Powell hinting at 100bp of tightening across the next two meetings, growth stocks took a pounding, led by 4-5% declines in Block, Zip and Appen. Overall, the market defied gravity (though lost a touch of steam to the close) with S&P/ASX200 closing up 63 points or 0.9%.

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