Australia Stocks Higher at Close of Trade, Asian Shares Gain on Xi-Trump Talks

After the close on Friday, Australia stocks were higher as gains in the IT, Utilities and Consumer Discretionary sectors led shares higher.



After the close on Friday, Australia stocks were higher as gains in the IT, Utilities and Consumer Discretionary sectors led shares higher.

At the close in Australia, the S&P/ASX 200 added 0.99%.

The best players of the session on the S&P/ASX 200 were Aconex Ltd, which increased  7.90% or 0.260 points to trade at 3.550 at the close. Meanwhile, News Corp B added 6.65% or 1.090 points to end at 17.490 and Bluescope Steel Ltd increased 6.25% or 0.690 points to 11.730 in late trade, 05:30PM ET.

The poorest performers of the session were Newcrest Mining Ltd, which declines 3.22% or 0.750 points to trade at 22.530 at the close. Saracen Mineral Holdings Ltd dropped 2.79% or 0.035 points to end at 1.220 and Henderson Group PLC declined 2.78% or 0.100 points to 3.500.

Increasing  stocks outnumbered decreasing ones on the Australian Stock Exchange by 673 to 428 and 317 ended unaffected.

Shares in Bluescope Steel Ltd increased to 5-year highs,  rising 6.25% or 0.690 to 11.730.

The S&P/ASX 200 VIX, which gauges  the indirect volatility of S&P/ASX 200 options, declined 2.17% to 11.685 a new 1-month low.

Delivery of gold futures for April decline 0.93% or 11.55 to $1225.25 a troy ounce. Somewhere else in commodities trading, delivery of  crude oil  in March increases 0.06% or 0.03 to hit $53.03 a barrel, while the April Brent oil contract surge 0.02% or 0.01 to trade at $55.64 a barrel.

AUD/USD  increase  0.20% to 0.7639, while AUD/JPY increase 0.58% to 86.84.

The US Dollar Index Futures increased 0.03% at 100.69.

On Additional News

On Friday, Asian shares increased as President Donald Trump told his Chinese counterpart Xi Jinping that the U.S. would stick with the “One China” policy, easing tension between the world’s two biggest economies and China trade data eased growth concerns.

China’s January dollar denominated trade surplus came in at $51.35 billion, well above the $47.9 billion expected. Exports increased  7.9%, well above the 3.3% expected and imports increased 16.7%, more than the 10% increase perceived, 12:17AM ET.

Earlier China’s customs stated yuan-denominated exports increased 15.9% YoY and imports increased 25.2% from a year before.

However, Trump received setback as a federal court failed to lift a suspension on a ban on immigrants from seven countries. Additionally, investors are expecting rating agency Moody’s review of Italy (BBB) and France’s (AA) sovereign ratings later in the day.

“This does not necessarily mean any ratings actions, but should be worth monitoring given how French yields have been rising in recent sessions,” investment bank Macquarie said.

The Nikkei 225 increased 2.36% as the yen weakened against the greenback. A weaker yen is perceived as a positive for Japanese stocks as it makes exports cheaper and increases the value of repatriated profits. The S&P/ASX 200 increased 0.85% as the China trade data aied sentiment.

On Thursday, the dollar strengthened after  U.S. President Donald Trump said that he would publish the most ambitious tax reform plan since the Reagan time in the next few weeks.

Suddenly, U.S. stocks were higher after the close on Thursday, as gains in the Financials, Consumer Services and Oil & Gas sectors led shares higher together with remarks from Trump that he would soon unveil a “phenomenal” tax reduction plan.

At the close in NYSE, the Dow Jones Industrial Average added 0.64% to hit a new all time peak, while the S&P 500 index gained 0.65%, and the NASDAQ Composite index added 0.63%.

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