Australian markets rally, benchmark up 1.16%

Australian markets rallied as falling U.S. Treasury yields boosted demand for high-yielding banking stocks.

The benchmark S&P/ASX 200 jumped 1.16 percent to 7,918.90, notching its best daily performance in six weeks.

The broader All Ordinaries index settled 1.16 percent higher at 8,148.90, with banks, gold miners and tech stocks leading the surge.

Data showed earlier today that Australia's unemployment rate held steady at 4.1 percent in February, but employment unexpectedly declined, raising concerns about labor market softness.

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