AUSTRALIAN SHARE MARKET BOUNCES BACK AFTER TRUMP ANNOUNCES MAJOR BACKTRACK ON 'HARDBALL' TARIFFS
- Australian share market bounces back on Wednesday
The Australian share market has bounced back after Donald Trump hinted he would reconsider some of his more punitive import tariffs on China.
The benchmark S&P/ASX200 was 1.5 per cent firmer during the first two hours of Wednesday trade.
While the stock market is still well below February's record high peak, the 7,947-point level reached before lunchtime was the highest since late March, before the Trump Administration announced a series of broad-based tariffs, including 10 per cent on Australia.
This had led to a trade war with China, Australia's biggest trading partner, which saw the United States impose 145 per cent tariffs on its key geopolitical rival.
Australia's share market and superannuation balances in the first week of April had suffered the biggest falls since the start of Covid in March 2020, but the worst may be over.
Moomoo market strategist Jessica Amir said US Treasury Secretary Scott Bessent's hint of new trade deals, including with China, had buoyed Wall Street on Tuesday night, in turn helping the Australian market.
'Firstly, there’s hope the White House will seal trade deals with top economic partners,' she said.
Mining giant BHP saw its share price surge 2.99 per cent to $37.60 as Rio Tinto climbed 2.37 per cent to $114.26 and iron ore player Fortescue Metals Group rose 2.74 per cent to $15.36.