ASX rebounds on trade hopes after brutal two-day sell-off

“To date, it has only been the Chinese side who have been talking about a tariff rollback as likely to form part of any phase one trade agreement,” he said. “Here the US side is acknowledging that this is on the table.”


The report was leapt on by local investors after several days of heavy losses, helping to push every sector on Australia’s benchmark index higher for the session. Energy, assisted by a 4 per cent spike in crude oil prices on Wednesday, led the gains with an increase of 1.6 per cent.

Relief that new bank capital requirements in New Zealand were less onerous than markets had feared saw Australia’s big four banks rally, pushing financials higher by 1.4 per cent.

REITs, technology, telecommunications and consumer discretionary also posted gains of 1.3 per cent or more, the latter managing to brush off a weak Australian retail sales report for October.

By individual stock, gold producer Resolute Mining jumped 9.6 per cent to $1.26 after releasing a positive drilling update. Mining services firm Perenti Global rose 5.4 per cent to $1.96 while building materials supplier Adelaide Brighton lifted 5.1 per cent to $3.50.

Whitehaven Coal sat at the other end of the spectrum, losing 10.3 per cent to $2.69 after flagging production difficulties. Satellite services provider Speedcast International also slumped 7.6 per cent to $0.725.


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