The Australian stock market experienced a significant boost, with the S&P/ASX 200 rising by 97.80 points, or 1.20%, to reach 8,398.00, driven by strong performances in the energy and mining sectors amid increasing commodity prices.

Among the big four banks, Commonwealth Bank and Westpac each saw gains of nearly 1%, while TechnologyOne shares surged over 11% following a reported 15% increase in net profit.

In contrast, SoftBank Group faced a minor decline of 0.2%, while major automakers like Honda and Toyota each gained nearly 2%.

On the Sydney Stock Exchange, advancing stocks were narrowly outnumbered by declining ones, with 558 falling compared to 557 advancing, while 444 stocks remained unchanged.

The minutes indicated that inflation is not expected to return sustainably to target until 2026, as aggregate demand and supply are gradually balancing.

In Japan, the GDP expanded by 0.2% quarter-on-quarter in Q3 2024, consistent with expectations but down from 0.7% in Q2, with annualized growth at 0.9%.

The U.S. dollar is currently trading in the lower 156 yen range, reflecting fluctuations in the Asian markets.

Despite the overall market rally, some stocks faced sharp declines, with Elders Ltd dropping by 10.87% to 7.71, and Pilbara Minerals and Neuren Pharmaceuticals also experiencing significant losses.

The Reserve Bank of Australia's recent minutes revealed that the benchmark interest rate remains at a 13-year high of 4.35% due to ongoing inflation concerns.

Crude oil prices have seen a recent increase of 3.2%, closing at $69.16 per barrel, driven by concerns over supply shortages linked to the Russia-Ukraine conflict.

Asian equity markets closed positively, buoyed by expectations of stimulus measures and an upcoming rate review by the People's Bank of China.

European markets displayed mixed results, with the German DAX down 0.1% and the U.K.'s FTSE 100 climbing 0.6%, reflecting varied investor sentiment.