The Australian sharemarket continued its upward trajectory for a second consecutive day, fueled by the receding threat of a US-triggered trade war. President Trump's shift in focus to the Middle East provided investors with some much-needed respite. The S&P/ASX 200 index surged 0.8% to 8491.8 points, mirroring modest gains on Wall Street. Energy stocks, however, declined in tandem with falling oil prices. Trump's toned-down rhetoric regarding Iran and his proposal for US control of Gaza offered a calming influence on markets.
The Australian sharemarket climbed for a second day as the immediate threat of a US-triggered trade war subsided with President Donald Trump’s pivot to his vision for the Middle East. The S&P/ASX 200 lifted 0.8 per cent, or 74.9 points to 8491.8 at lunchtime, tracking modest gains on Wall Street as ten of the 11 sectors opened higher. The index was within 40 points of its all-time high of 8532.30. Energy stocks tracked a fall in oil prices.
The big banks also boosted the bourse, with Commonwealth Bank lifting 1.5 per cent and NAB more than 2 per cent. Oil producers fell with Woodside down 1 per cent and Santos 0.6 per cent. A major rise in US crude stockpiles also weighed on prices. Stocks on the move In corporate news, News Corp rose 5.
AUSTRALIAN MARKET TRADE WAR OIL PRICES INVESTORS ENERGY STOCKS
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