AUS
NZ
UK
CA
USA
IND
Highlights
- ASX nears three-month high amid positive US-China trade sentiment
- Gold and bank stocks shine on renewed investor confidence
- IDP Education (ASX:IEL) sees steep fall after enrolment warning
The Australian sharemarket is closing in on a fresh three-month high, buoyed by improved global sentiment as the US and China prepare to restart trade discussions. Investor optimism has helped push the S&P/ASX 200 Index up by 0.5%, gaining 44.2 points to reach 8458.3 by early afternoon. The broader All Ordinaries also posted a 0.5% increase.
A strong rebound on Wall Street overnight added momentum to local markets after reports emerged that US President Donald Trump and China’s Xi Jinping are expected to speak later this week. Adding to the positive tone, US authorities announced a temporary extension of tariff relief on certain Chinese imports through August.
Despite weak US manufacturing data initially weighing on global markets, the shift in trade tone helped reverse losses. The US dollar weakened against a basket of major currencies, pushing the Australian dollar up near US65¢.
Resources and Banks Lead the Way
Eight out of eleven sectors on the ASX were in positive territory, led by financials. Major banks were broadly higher, with Westpac (ASX:WBC) up 1.6% and ANZ Group (ASX:ANZ) climbing 1.2%.
In the resource sector, gold miners benefited from renewed interest in safe-haven assets. Genesis Minerals (ASX:GMD) surged 4.6%, while Newmont Corporation (ASX:NEM) rose 4.4%. Iron ore players were more mixed, reflecting uncertainty around future commodity demand.
Market analysts suggest any tangible outcome from the upcoming US-China talks could significantly influence a sector rotation, potentially shifting momentum from financials to resource-heavy ASX300 Stocks.
Stocks in Focus
IDP Education (ASX:IEL) suffered the steepest drop on the index, plunging 44.8% after highlighting global policy uncertainty's impact on its student enrolment pipeline. The education firm also announced a cost and profitability review.
Meanwhile, Tasmea Limited (ASX:TEG) jumped 7.2% following a special dividend announcement of 12 cents per share, making it one of the notable ASX dividend stocks.
Domino’s Pizza (ASX:DMP) slipped 2.1% after leadership changes in its Japanese division aimed at improving operational performance. In New Zealand, Meridian Energy (ASX:MEZ) fell 1.4% after requesting the country’s largest electricity consumer to end its demand response program early due to stronger hydro conditions.
As trade optimism grows and local sectors rotate, investors remain attentive to global cues and sector-specific developments within the ASX300 landscape.
