Energy stocks advanced 4.5% at midday Wednesday, leading a broad-based recovery on the ASX, after US President Donald Trump said tariffs on China would eventually be brought down from the current rate of 145%.
Brent crude futures rose 1.8% on Tuesday, after the US issued fresh sanctions against Iran.
Santos (ASX:STO), pushed back its net-zero Scope 2 emissions target to 2050 from 2040 due to slower grid decarbonization, due to planning, workforce, supply chain, and infrastructure constraints. The company added that it will continue seeking renewable power options and may revise the target if conditions improve.
On the flip side, the consumer staples sector was the only sector trading in the red, shedding just 0.1%.
Woolworths Group (ASX:WOW) priced 500 million euros of notes due 2032, under its $4 billion, medium-term note program. The funds raised from the issue of the notes will be used to refinance existing debt.
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