Shares rise amid broad rally; iron ore advances; China growth weakens more than expected as outlook darkens; haven rush on investor minds after the assassination attempt on former US president. Follow here for more.
The Australian sharemarket climbed above 8000 points for the first time in a broad rally that’s been buoyed by speculation that the US Federal Reserve is on the cusp of cutting interest rates. The benchmark S&P/ASX 200 Index jumped 58.3 points, or 0.7 per cent, to close at 8017.6, with all 11 sectors finishing in the green. The All Ordinaries also rallied 0.7 per cent.
The mining giants tracked a higher iron ore price as Singapore futures traded higher to $US108.60 a tonne. It’s taken the local bourse more than three years to climb another 1000 points after reaching the 7000 level in April 2021, fuelled by governments and central banks pumping stimulus into the global economy after the COVID-19 pandemic. It first hit 7,000 in early 2020 before selling off in the early stages of the virus.
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