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Australia shares lifted by U.S.-China tariff moves, hopes for easing; NZ up

Published 12/09/2019, 12:47 pm
Updated 12/09/2019, 12:50 pm
© Reuters.  Australia shares lifted by U.S.-China tariff moves, hopes for easing; NZ up
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* Financials boost benchmark

* Miners supported by higher iron ore prices

* Investors hope ECB will spark wider easing

By Nikhil Subba

Sept 12 (Reuters) - Australian shares rose along with others on Thursday as investors cheered gestures of goodwill in the bruising U.S.-China trade war and hoped that the European Central Bank later in the day will kick off a wave of global policy easing.

The S&P/ASX 200 index .AXJO gained 0.3% to 6,659.40 by 0249 GMT. The benchmark closed 0.4% higher on Wednesday.

U.S. President Donald Trump agreed to delay an additional hike in tariffs on Chinese goods due in October by two weeks, after China announced tariff exemptions for a basket of U.S. goods. glimpse of peace in the US-China trade war can be explained as a positive for equities, including the banks," said Marc Kennis, principal of Pitt Street Research.

On Thursday, ECB policymakers are widely expected to cut rates and announce additional monetary stimulus.

Financial stocks .AXFJ , the heaviest constituents of the Australian benchmark, advanced nearly 1% to a six-week peak.

The "Big Four" banks were all trading higher, with the largest lender Commonwealth Bank of Australia CBA.AX advancing as much as 1% to a 5-1/2-week peak.

Technology .AXIJ and healthcare stocks .AXHJ rose almost 1% each. Logistics software maker WiseTech Global WTC.AX climbing nearly 2%, while heavyweight drugmaker CSL Ltd CLS.AX climbed nearly 1%.

Miners received a boost from a rise in iron ore prices, pushing the industry index .AXMM 0.3% higher. world's largest miner BHP Group BHP.AX rose as much as 0.8% to its highest since Aug. 14, while Rio Tinto (LON:RIO) RIO.AX climbed to its highest level since Aug. 5.

Major diversified miner South32 Ltd S32.AX , however, shed as much as 1.4% as the company's stock was trading ex-dividend. major sectors were up with the exception of energy stocks .AXEJ , which slipped 0.5%.

Whitehaven Coal Ltd WHC.AX tumbled as much as 2.6%, and oil and gas company Woodside Petroleum WPL.AX fell about 1%.

New Zealand's benchmark S&P/NZX 50 index .NZ50 inched 0.2% higher to 10,943.63, boosted by telecom and financial stocks.

Spark New Zealand SPK.NZ gained 2.5%, while New Zealand shares of Westpac Banking Corp WBC.NZ climbed 1.5%.

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