The Australian sharemarket edged higher in early trading led by strong gains in mining and energy stocks amid high iron ore prices.
The benchmark S&P/ASX 200 Index rose 10.1 points, or 0.2 per cent, to 8607.8 in the opening 10 minutes of trading on Thursday, fresh off resetting its closing record the day before, despite six out of the 11 sectors falling. Investors will be closely watching GemLife’s $750 million IPO at midday – the largest in Australia this year.
The S&P 500 also reset its record high as President Donald Trump announced that the US had reached a framework trade agreement with Vietnam.
In New York trading, BHP and Rio Tinto rallied more than 3 per cent as iron ore prices jumped in Asian trading after Beijing vowed to crack down on disorderly low-price competition and phase out some industrial capacity.
US tech stocks also climbed led by Tesla, which leapt nearly 5 per cent after reporting less dismal sales than some had forecast. Nvidia rebounded 2.6 per cent and Apple extended its five-day rally with a 2.2 per cent gain.
Nvidia’s advance came as Microsoft wavered on a Bloomberg report that it is scaling back its ambitions for artificial intelligence chips to overcome delays.
And in the bond market, UK bond yields surged amid uncertainty about the future of Rachel Reeves as chancellor of the Exchequer. The 10-year UK government note saw its yield soar 16 basis points to 4.61 per cent.
On the ASX, index heavyweight BHP jumped 3.8 per cent, Rio Tinto 2 per cent, and Fortescue 1.4 per cent as the materials sector climbed 2 per cent.
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