ASX gains 2%, Asian markets rally
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More news: The Australian sharemarket reached a 2% gain in late trading as it continued to claw back losses after its 4.2% drop on Monday.
The benchmark S&P/ASX 200 index was up 150 points or 2.04% to 7,493.50 at 3:39pm AEST, with energy and tech stocks each advancing more than 4%.
Elsewhere, Japan's Topix index (5.3%), Hong Kong's Hang Seng (1.6%) and the Shanghai Composite (0.9%) all rose.
ASX recovers further as tech and energy stocks rally
More news: The Australian sharemarket continued to climb in early afternoon trading, trimming some losses from a hefty two-day selloff.
The benchmark S&P/ASX 200 index was up 108 points or 1.5% to 7,451.20 at 1:15pm AEST, with all 11 sectors in the green.
Technology, up 4.2%, was the best performing sector, with Life360 (7.2%) and Technology One (6.4%) leading gains.
Energy stocks (3.4%) also rebounded after the sector sank 7% on Monday. Oil giant Santos jumped 5.8% after tumbling nearly 10% in the previous session. Uranium miner Boss Energy (8.6%) and coal miner Whitehaven (7.5%) also surged.
Elsewhere, iron ore miners Fortescue (4%), BHP (2.1%) and Rio Tinto (1.6%) climbed, as did Commonwealth Bank (1.5%).
The local rally mirrored recoveries across Asian stocks, and came as crude prices also bounced from a nearly four-year low.
Australian shares rebound 1.2% in early trade
The news: The Australian sharemarket has rebounded after two sessions of sharp losses, with local investors taking cues from positive US stock futures in after-hours trading.
The numbers: The benchmark S&P/ASX 200 index was up 87 points or 1.2% to 7,430.20 within the first 20 minutes of trade, with most sectoral indices in the green.
The context: Materials, energy, technology and financial stocks saw the biggest upward moves. Top miners BHP, Rio Tinto and Fortescue Metals Group were all up between 0.5% and 1.5%, while energy majors Woodside and Santos were up 1% and 2% respectively.
Each of the Big Four banks was trading between 1% and 2% higher, while technology and healthcare stocks including WiseTech and CSL were up nearly 2% each. ResMed shares jumped 6.5%.
The rebound in the local market followed a rollercoaster session on Wall Street, with US President Donald Trump digging in his heels on sweeping tariffs and warning of increased levies on China. That led all three major US indices to touch their lowest levels in more than a year, before recovering ground. Dow and S&P 500 e-mini futures are currently trading around 1.5% higher in extended hours trading.
The source: ASX
