Australian markets smashed through record highs after the United States and China signed the first phase of trade deal that could put an end to more than two years of tension and hit local exporters
"How can the US pursue another $US32 billion of American beef, wheat, cotton and seafood – all listed in the agreement – without Australian exporters becoming collateral damage? It’s a similar story for energy.
Trade Minister Simon Birmingham said the deal was a truce rather than a complete elimination of trade tensions. The dispute had threatened to explode into an all-out-trade war over allegations over intellectual property theft and frustration from President Donald Trump over persistent trade deficits with China.
"That’s bad news for Australia – the world’s current largest LNG exporter," said Commonwealth Bank commodity analyst Vivek Dhar. Markets took little notice of the long-term implications. Buoyed by the prospect of more than two years of destabilising global tensions drawing to a close, the ASX index soared past 7000 points within 20 minutes of opening and held the record-high for the rest of Thursday.
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