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- ASX 200 continued its gaining streak and closed 0.86% higher
- Energy and utilities gained as commodities bounced back on fresh sanctions by G7 nations over Russia.
- Market movers in Australia were mainly miners and energy companies.
Australian stocks closed trade higher on Tuesday, with benchmark ASX 200 gaining about 0.86% or 57.60 points, settling at 6,763.60. Energy sector pushed the market up along with materials, utilities, and A-REITs. However, other sectors closed trade in the red zone, defying index gains. A bounce back in commodity prices seems to have buoyed the current market recovery. Over last five trade days, ASX 200 has gained 3.68%, though still down about 9.15% on a year-to-date basis.
Other noteworthy trends
Market Volatility indicator- A-VIX continued to slide down by 0.818%. Meanwhile All-Ordinaries index gained 0.706%. Large cap stocks represented by ASX 50 index (XFL) climbed 0.822%, while Midcap index ASX Midcap 50 (XMD) gained 0.377%. ASX Small Ordinaries index (XSO) followed along to close 0.17% higher.
Top gainers and losers
In the US, Wall Street stocks rebounded sharply overnight. The market seems focused on Fed’s policy responses to record high inflation. Investors are curious to understand how the Fed plans to balance inflation and economic slowdown.
In Asia, despite inflation worries, Japan’s Nikkei gained along with neighbour South Korea’s KOSPI. Meanwhile, Hong Kong’s Hang Seng jumped higher alongside China’s Shanghai and Shenzhen indices. A key market influencer this week is likely to be the Chinese purchasing manager’s index.
On the western side, European stocks are expected bend lower while investors assess the European Central Bank’s annual gathering.
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