Tech stocks help ASX lift 0.93%
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The news: The Australian sharemarket rallied on Tuesday, with major gains from tech stocks after a solid Wall Street performance overnight. The benchmark ASX 200 closed 0.93% higher to 7,520.50, with energy stocks the only sector finishing in the red. The All Ordinaries gained 0.96%.
The numbers: The Aussie dollar is range-bound and buying 67.2 US cents ahead of key inflation data tomorrow morning. Oil prices tanked more than 3% overnight but recovered slightly today as OPEC supply, global demand and conflict in the Middle East fuel price volatility. Brent crude futures are trading at USD76.17 a barrel while West Texas crude is at USD70.77 a barrel.
The context: All eyes will be on Australian consumer price index data tomorrow, with analysts expecting a drop in the annualised monthly figure from October's 4.9% to around 4.4%. Retail trade for November came in stronger than expected, with Black Friday season sales and early Christmas shopping boosting turnover by 2%.
