ASX up 1.3% as healthcare stocks lead gains
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More news: The Australian sharemarket extended gains in early afternoon trading, with healthcare stocks leading the rally.
The benchmark S&P/ASX 200 index was up 102 points or 1.3% to 7,748.50 at 1:15pm AEST, with 10 of 11 sectors in the green.
Healthcare stocks (2.1%) rebounded after sinking last week on threats of US tariffs on pharmaceutical imports. Biotech giant CSL added 2.5%, while Pro Medicus (4.6%) and Cochlear (3%) also lifted.
The technology (2%) and real estate (1.9%) sectors also climbed, with bellwether stocks WiseTech Global (2.3%) and Goodman Group (2.8%) both advancing.
Australian shares up 0.8% on US tariff relief
The news: The Australian sharemarket is higher in early trading, boosted by a positive lead from US stock futures after the Trump administration announced some tariff reprieve for some electronic imports from China.
The benchmark S&P/ASX 200 index was up 61.30 points or 0.8% to 7,707.80 after the first 20 minutes of trade. The mining and energy sectors accounted for much of the gains, with top miners BHP, Rio Tinto and Fortescue Metals Group up around 2% each. Energy majors Woodside and Santos rose around 1.5% while all the Big Four banks were trading in the green.
The US exempted smartphones, computers and other electronics from tariffs on Chinese imports over the weekend but said they will soon face new levies tied to semiconductors.
Australian sharemarket to open higher after Wall Street gains on tariff relief
The news: The Australian sharemarket is set to open slightly higher after the Trump administration announced a temporary tariff reprieve for some electronic imports from China and a higher close for Wall Street on Friday.
The numbers: Updated at 7.25am AEDT:
- ASX futures: up 18 points or 0.23% at 7,678 points
- Wall Street: Dow Jones up 1.56%, S&P 500 up 1.81%, Nasdaq up 2.06%
- Europe: FTSE 100 up 0.64%, CAC 40 down 0.30%, DAX down 0.92%
- Spot gold: up 1.93% to USD3,237.61 per ounce
- Oil prices: Brent up 2.26% to USD64.76/bbl, US WTI up 2.38% to USD61.50/bbl
- AUD: down 0.05% at 63.04 US cents
- Bitcoin: down 2.16% to USD83,451.03.
The context: The US exempted smartphones, computers and other electronics from tariffs on Chinese imports over the weekend but said they will soon face new levies tied to semiconductors. Earlier, all three major US indexes ended sharply higher on Friday after a Federal Reserve official assured that the central bank is prepared to keep financial markets functioning should the need arise. US inflation continued to cool, with producer prices unexpectedly falling by 0.4% last month, but consumer sentiment soured further.
What to watch: No local data; Goldman Sachs Q1 2025 earnings on Monday night AEST.
