Australian Shares Rise on Trade Optimism
The S&P/ASX 200 Index climbed by 1.1% on Tuesday, surpassing the 7,420 mark, as it partially recovered from the previous day's losses. This rise was buoyed by optimism that key trading nations might reach a tariff agreement with the United States. US Treasury Secretary Scott Bessent indicated that nearly 70 countries, such as Japan, have approached the White House to seek negotiations regarding tariffs. Nonetheless, market volatility is anticipated to remain elevated, especially since Trump has warned of imposing an additional 50% tariff on China's goods if Beijing fails to remove its tariffs on US imports. Leading the recovery were mining stocks, with significant advances witnessed in BHP Group (up 1.7%), Fortescue Metals (up 1.9%), and Northern Star Resources (up 1.1%). Gains were also observed in consumer, technology, and financial sectors, with companies such as Wesfarmers (up 1.7%), Wisetech Global (up 2.4%), and Macquarie Group (up 2.4%) seeing improvements.
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