The Australian share market opened higher on Tuesday, following a dramatic night on world markets. Donald Trump announced a one-month pause on imposing tariffs on trade partners Mexico and Canada, boosting investor confidence. The S&P/ASX200 climbed 59.20 points or 0.71 per cent, with most sectors trading in the green. Information technology, materials, and the big four banks were among the strongest performers.
The Australian sharemarket opened higher on Tuesday, after a dramatic night on world markets, with Donald Trump announcing a one-month pause on imposing tariffs on trade partners Mexico and Canada.
Materials also had a strong morning, the mining heavyweights BHP, Rio Tinto and Fortescue up 0.8 per cent, 2 per cent and 1.7 per cent respectively.The four big banks were also up with CBA Westpac , ANZ and NAB all reporting gains. Westpac announced it had appointed Paul Fowler as the chief executive of its business and wealth division, effective mid-year.
Much of Wall Street had been hoping Trump’s talk of tariffs through the presidential campaign was just that, talk, and an opening point for negotiations with US trading partners instead of a permanent policy. Monday’s swivel on Mexico leaves open the question of whether Trump is using tariffs as merely a tool for negotiations.
Crude oil prices swung Monday amid the uncertainty. The price for a barrel of benchmark US crude went from $US72.53 on Friday to nearly $US75 before the US stock market opened Monday to briefly falling back toward $US72. Constellation Brands, the company that sells Modelo and Corona beers in the United States, fell 3.5 per cent. Best Buy, which sells electronics made around the world, lost 2.4 per cent. Brown-Forman, the company behind Jack Daniel’s that sells alcohol in Canada, fell 3.3 per cent.
SHARES TARIFFS TRUMP AUSTRALIA INVESTORS WALL STREET
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