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Cheaper Money Begets Pricier Stocks in Australian Rally

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Stock investors drawn to central-bank largesse have a new place to feed their habit: Australia.

The benchmark S&P/ASX 200 Index posted the world’s biggest rally in the 10 days through yesterday, soaring 8.9 percent, its steepest such gain in more than three years, after the Reserve Bank of Australia joined a global wave of easing this week. The nation’s shares today extended gains for an 11th day and are now the most expensive relative to their forecast earnings since 2010, data compiled by Bloomberg show.