Australian shares reach four month highs on trade optimism
Australian shares soar on hopes the US and China trade wars could soon resolve
Australian shares soared to their highest in more than four months on Monday, strengthened by hopes US and China trade wars could resolve after positive trade talks.
The ASX 200 index rose 0.5% to 6,095.70 at time of writing with the benchmark ending higher on Friday.
Financial markets reacted to news that US and China negotiators were making progress after week-long high-level trade talks in Beijing.
Analysts say the gains were led by commodities and the rest of the sectors were held up on optimism that officials would reach a deal ahead of the March 1 deadline.
Last week, US president Donald Trump said on Friday that he may extend the March 1 deadline and keep tariffs on Chinese goods from rising. Trade tension optimism also upheld mining stocks, with China one of Australia's top trading partners.
Top miners BHP rose 1.5% while Rio Tinto climbed 2.1 %.
Oil prices touch highest in 2019
Oil prices reached some of their highest prices on Monday, touching to their highest level in 2019, amid OPEC-led supply cuts and US-imposed sanctions on Venezuela and Iran.
Santos Ltd and Oil Search were among the top gainers, up 1.9% and 2.2% on Monday.
US West Texas Intermediate WTI Crude futuress hit $56 per barrel for the first time in 2019, before edging back to $55.89 per barrel by mid-day on Monday.
International Brent crude futures hit a 2019-high of $66.61 per barrel early on Monday before easing to $66.47 per barrel.
Both WTI and International Brent benchmarks were their highest levels since November 2018.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
