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Highlights
- ASX200 rises on positive US-China trade sentiment
- BHP and Santos among top performing resource stocks
- Copper discovery, iron ore jump support mining sector
The Australian sharemarket opened on a positive note, buoyed by encouraging signals from the latest round of US-China trade discussions. The S&P/ASX 200 Index (ASX200) surged 0.5%, adding 38.6 points in early trading, with broad-based gains across most sectors.
Investors reacted positively after US futures rebounded following comments from US and Chinese officials suggesting narrowing differences in their ongoing tariff negotiations in Geneva. Trade Representative Jamieson Greer stated that the gap between the two countries was “not as large as maybe thought”, while China described the talks as achieving “sustainable development”.
This improved sentiment triggered a global risk-on move. Nasdaq 100 futures jumped 1.5%, while S&P 500 futures also saw gains. Commodity markets reflected the upbeat mood, with Singapore's benchmark iron ore futures climbing 1% to US$97.90. This came alongside advances in oil prices and digital assets such as bitcoin.
Mining and energy stocks played a major role in lifting the ASX200. BHP Group (ASX:BHP) rose 1.5% after the company reported a significant copper find at its project in Argentina. This news provided a positive catalyst for investor sentiment in the resources sector.
Energy names followed suit, supported by stronger crude oil prices. Santos (ASX:STO) gained 2.2%, while Woodside Energy Group (ASX:WDS) advanced 1.5%, reflecting the global appetite for energy-related assets.
Among diversified miners, South32 (ASX:S32) rose 1.1% despite announcing that its CEO, Graham Kerr, will step down next year. The transition did not appear to dent confidence in the company’s future direction.
On the retail front, Woolworths Group (ASX:WOW) eased 0.8% after unveiling a plan to lower prices on key grocery items by around 10%. The initiative aims to recapture market share from competitors Coles and Aldi.
Meanwhile, Dyno Nobel, formerly part of Incitec Pivot (ASX:IPL), climbed 2.2% after confirming it would divest the distribution segment of its fertiliser business to Ridley Corporation (ASX:RIC), which has since gone into a trading halt pending further announcements.
Healthcare and tech sectors experienced some early weakness. Neuren Pharmaceuticals (ASX:NEU) and Clarity Pharmaceuticals (ASX:CU6) were among the laggards, falling 7% and 5.1%, respectively, as investors appeared to rotate toward commodity and energy exposure.
For those keeping an eye on income-focused opportunities, this performance spotlight also refreshes interest in prominent ASX dividend stocks.
As the week unfolds, global developments, especially around tariffs and commodity demand from China, are expected to remain key drivers of momentum within the ASX200.
