NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Australian shares rise on U.S. stimulus bets

Published 16/12/2020, 11:58 am
© Reuters.
AXJO
-
NCM
-
AXGD
-
AXMM
-
AXIJ
-
NST
-
NZ50
-
XRO
-
APT
-

* Tech stocks hit record high, tracking U.S. peers

* Australia calls for clarity from China on coal curbs

* Gold stocks lead gains on ASX200 on stronger bullion

By Arpit Nayak

Dec 16 (Reuters) - Australian shares tracked Wall Street higher on Wednesday, on hopes for more U.S. stimulus and further signals of easy monetary policy from the Federal Reserve.

All three major Wall Street indexes jumped over 1% overnight on hopes that U.S. lawmakers will reach a quick coronavirus relief deal, amid surging U.S. COVID-19 cases. .N the Fed is expected to signal low-interest rates for the foreseeable future. S&P/ASX 200 index .AXJO rose 1.1% to 6,706.8 by 0015 GMT, with all major indexes trading in positive territory.

Gold stocks .AXGD rose as much as 3.1% to be the biggest gainers on the benchmark as the bullion climbed on hopes of more U.S. stimulus. Newcrest Mining NCM.AX and Northern Star Resources NST.AX jumped 2.1% and 5%, respectively. GOL/

Australian tech stocks .AXIJ rose 2.6% to hit a record high, taking a cue from their U.S. peers. Afterpay APT.AX rose 4.6% and Xero XRO.AX gained 2.6%.

Heavyweight miners .AXMM also traded firmly in the black as iron ore prices recovered on lingering supply concerns and strong manufacturing output data from China. IRONORE/

However, trade tensions continued to brew as Canberra urged Beijing to clarify reports of import restrictions on Australian coal in China's state-controlled media outlets, warning any restrictions on would be in breach of World Trade Organisation rules. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 1% to 12,889.45, with financials and utilities being the biggest winners.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.