ASX 200 surges to ‘highest point in history' on Tuesday
Sky News Business Editor Ross Greenwood says the ASX 200 today closed at its 'highest point in history' – up 0.84 per cent.
'I should note the highest intraday level – 8560 – was back on Valentine's Day in February,' Mr Greenwood said.
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West Australian
an hour ago
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Australian share market soars to fresh high
Australia's share market surged in morning trading to a new record, lifting past the high-water mark set in February. The benchmark S&P/ASX200 was up 34.2 points, or 0.40 per cent to 8,621.4 by midday on Wednesday, topping the Valentine's Day record of 8,615.2 points and building on the previous day's record close. The broader All Ordinaries was up 34.9 points, or 0.40 per cent, to 8,847.4, just 35 points shy of its intraday record of 8,882 points, also set on February 14. The uptick followed a positive session on Wall Street and came after officials from the US and China agreed on an in-principle framework to resolve export restrictions on rare earths and magnets. Details on the agreement remained light, and it still required approval from US President Donald Trump and China's President Xi Jingping, IG Markets analyst Tony Sycamore said. "If the two presidents review and approve the outcome of today's trade talks, it will likely include maintaining the reduction in US tariffs on Chinese goods at 30 per cent (down from 145 per cent) and Chinese tariffs on US goods at 10 per cent (down from 125 per cent)," he said. The de-escalation in US-China tensions helped lift large cap miners Fortescue (up two per cent) and BHP (up 1.8 per cent), but Rio Tinto continued to be the laggard of the iron ore giants, grinding 0.3 per cent higher. Materials stocks were among the best performing sectors, up 0.7 per cent, as energy stocks pushed 0.8 per cent higher and real estate lifted one per cent. Only two of 11 local sectors - IT and utilities stocks - were in the red by midday. Gold miners were down again as the precious metal continued to consolidate at around $US3,350 ($A5,140) an ounce. The US-China rare earths "agreement" weighed on local miners of the minerals, with Lynas Rare Earths the top-200's worst performer and down more than six per cent in early trade. An 0.8 per cent lift in energy stocks was helped by a more than two per cent charge from Woodside to $23.56, as oil prices rolled over after hitting seven week highs on Tuesday. Commonwealth Bank hit a fresh record high for a second day in a row, reaching $183.19 before easing to $182.46 and taking its value to $305 billion. CBA's big three competitors traded either side of flat as investors tempered their appetite for Australian banks' famously lofty valuations. The financial sector is trading at record levels, up 0.2 per cent for the day and up by more than 25 per cent since early April's post-"liberation day" lows. Buy now, pay later provider Zip Co was leading the top-200, rallying 14.4 per cent after upgrading forward guidance on the back of strong growth in its US business. Qantas has slipped 1.2 per cent to $10.52 after announcing it will close Jetstar Asia, its Singapore-based intra-Asia airline, due to weak earnings. The airline will redeploy 13 aircraft to Australian and NZ. The call comes two weeks before its domestic rival Virgin Australia relists on the Australian Securities Exchange. Local technology stocks took a breather after rallying on Tuesday, shedding 0.2 per cent, but data centre plays were still pushing higher, with Megaport and NextDC both up more than 1.7 per cent each. The Australian Dollar is buying 65.04 US cents, up from 65.12 US cents on Tuesday at 5pm.
Perth Now
an hour ago
- Perth Now
Australian share market soars to fresh high
Australia's share market surged in morning trading to a new record, lifting past the high-water mark set in February. The benchmark S&P/ASX200 was up 34.2 points, or 0.40 per cent to 8,621.4 by midday on Wednesday, topping the Valentine's Day record of 8,615.2 points and building on the previous day's record close. The broader All Ordinaries was up 34.9 points, or 0.40 per cent, to 8,847.4, just 35 points shy of its intraday record of 8,882 points, also set on February 14. The uptick followed a positive session on Wall Street and came after officials from the US and China agreed on an in-principle framework to resolve export restrictions on rare earths and magnets. Details on the agreement remained light, and it still required approval from US President Donald Trump and China's President Xi Jingping, IG Markets analyst Tony Sycamore said. "If the two presidents review and approve the outcome of today's trade talks, it will likely include maintaining the reduction in US tariffs on Chinese goods at 30 per cent (down from 145 per cent) and Chinese tariffs on US goods at 10 per cent (down from 125 per cent)," he said. The de-escalation in US-China tensions helped lift large cap miners Fortescue (up two per cent) and BHP (up 1.8 per cent), but Rio Tinto continued to be the laggard of the iron ore giants, grinding 0.3 per cent higher. Materials stocks were among the best performing sectors, up 0.7 per cent, as energy stocks pushed 0.8 per cent higher and real estate lifted one per cent. Only two of 11 local sectors - IT and utilities stocks - were in the red by midday. Gold miners were down again as the precious metal continued to consolidate at around $US3,350 ($A5,140) an ounce. The US-China rare earths "agreement" weighed on local miners of the minerals, with Lynas Rare Earths the top-200's worst performer and down more than six per cent in early trade. An 0.8 per cent lift in energy stocks was helped by a more than two per cent charge from Woodside to $23.56, as oil prices rolled over after hitting seven week highs on Tuesday. Commonwealth Bank hit a fresh record high for a second day in a row, reaching $183.19 before easing to $182.46 and taking its value to $305 billion. CBA's big three competitors traded either side of flat as investors tempered their appetite for Australian banks' famously lofty valuations. The financial sector is trading at record levels, up 0.2 per cent for the day and up by more than 25 per cent since early April's post-"liberation day" lows. Buy now, pay later provider Zip Co was leading the top-200, rallying 14.4 per cent after upgrading forward guidance on the back of strong growth in its US business. Qantas has slipped 1.2 per cent to $10.52 after announcing it will close Jetstar Asia, its Singapore-based intra-Asia airline, due to weak earnings. The airline will redeploy 13 aircraft to Australian and NZ. The call comes two weeks before its domestic rival Virgin Australia relists on the Australian Securities Exchange. Local technology stocks took a breather after rallying on Tuesday, shedding 0.2 per cent, but data centre plays were still pushing higher, with Megaport and NextDC both up more than 1.7 per cent each. The Australian Dollar is buying 65.04 US cents, up from 65.12 US cents on Tuesday at 5pm.
Sky News AU
2 hours ago
- Sky News AU
Coalition, Jewish leaders and international allies question Labor's decision to sanction two Israeli cabinet ministers
The Albanese government has faced mounting criticism over its decision to impose sanctions on two Israeli cabinet ministers over the Gaza War. Domestic Jewish leaders, the federal opposition and key international allies have all questioned Foreign Minister Penny Wong's decision to impose the sanctions. Israel's National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich were sanctioned over claims they had incited extremist violence. These sanctions mean all their assets in Australia must be frozen, they must not enter Australia and making assets available to them would be an offence. The Australian Jewish Association (AJA) has condemned the sanctions, accusing Labor of targeting Israeli leaders while ignoring Palestinian violence. 'The AJA is appalled by reports that the Albanese Government is imposing sanctions on ministers of the Israeli government,' CEO Robert Gregory said. 'This action represents a hostile and unjustified attack on a democratic ally and must be condemned in the strongest possible terms. 'Under the Albanese government, Australia's longstanding bipartisan relationship with Israel has been severely damaged.' Mr Gregory warned the government's actions have 'emboldened Islamic extremists' and had 'contributed to a rise in antisemitism at home'. Teal MP Allegra Spender told Sky News there will be 'a lot of concern' in her community, given that she represents an electorate with many Jewish residents. 'I've sought a briefing from the foreign minister in relation to (the sanctions) in terms of … what is the justification for this,' she said. Coalition frontbencher Dan Tehan also questioned the government's decision, warning of diplomatic consequences and demanding a briefing. 'This is a very serious move to sanction two ministers from a democratically elected government,' Mr Tehan told ABC Radio National on Wednesday. 'And what we want is a briefing… We also would like to know how it's going to help the peace process.' Mr Tehan said that the government needed to explain why this was a good decision when the US 'has said it's likely to be unhelpful'. US Senator Marco Rubio called on the Albanese government to reverse the sanctions on Wednesday. '"The United States condemns the sanctions imposed by the governments of United Kingdom, Canada, Norway, New Zealand, and Australia,' he said. 'These sanctions do not advance US-led efforts to achieve a ceasefire, bring all hostages home, and end the war.' In Israel, Foreign Minister Gideon Saar condemned the sanctions as 'outrageous' and said they would undermine peace efforts. Foreign Minister Penny Wong defended the move at a press conference on Tuesday, saying the ministers had committed 'serious human rights violations'. She said the decision was made in coordination with like-minded partners and was aimed at 'advancing peace and the cause of a two-state solution'. Asked by Sky News whether Australia would consider sanctioning Israeli Prime Minister Benjamin Netanyahu, Ms Wong did not rule it out. 'We don't speculate about the approach,' she said, adding that the two ministers were 'not the only members of the Israeli government whose actions have been problematic'.
