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Morning Update - Wednesday 29 July, 2015

The Aussie market will start on a positive note today, after U.S. markets snapped a five-session losing streak overnight. A slowdown in China’s stockmarket rout along with better-than-expected earnings reports proved enough to spark a relief rally on Wall Street. Traders brushed off softer economic reports, while focusing on the two-day Federal Reserve meeting, which kicked off and concludes tonight with a policy statement. The S&P 500 index added 25.6 points (+1.2%) to 2,093.25. The energy sector jumped 3%, following a bounce in oil prices, which settled higher for the first time in five sessions. The Dow Jones rallied 189.7 points (+1.1%) to 17,630.3, with 27 of its 30 members finishing higher. Exxon Mobil surged 4.1%, while Chevron rose 3.7%. The tech-heavy Nasdaq added 49.4 points (+1%) to 5,089.2, as biotechnology stocks rose sharply. In the commodity space, gold added 0.2%, Brent crude put on 0.8% and iron ore jumped 2.1%. The Aussie dollar also firmed significantly and this morning is fetching 73.4 U.S. cents.