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ASX Today: Trump tariff news not enough to slow Aussie stocks

The ASX is continuing its record streak, with benchmark ASX 200 cracking the 7000 point mark as trade opened on Thursday.

New highs were reached on the Australian market following a surging Wall Street performance inspired by developments in the U.S.-China trade war.

On Wednesday afternoon in Washington D.C., a phase one trade deal was signed between the two nations, whose ongoing trade war has significantly impacted global markets since 2018.

The newly signed deal will see China buy another $290 billion (US$200 billion) worth of U.S. exports over the next two years. This is in addition to U.S. export numbers from 2017.

ASX Sectors

All sectors on the ASX are trading higher today on the back of the Australian markets record breaking performance.

The Big Four are showing in the green, with Westpac leading the pack - up 0.68 per cent to trade at $24.84 per share. Commonwealth Bank and ANZ are both up just over half a per cent to trade at $84.13 and $25.39 per share respectively. NAB is up just under half a per cent, with shares trading for $25.29 each.

The Materials sector is at a high, however, mining giants Rio Tinto and BHP are both in the red. Other large-caps Fortescue Metals and Newcrest recorded a healthy boost of 0.65 per cent and 1.85 per cent respectively.

In Health Care, the sectors largest market cap, CSL, is flirting with hitting a $300 share price following a 0.76 per cent boost, shares are currently trading for $299.99 each. Medical manufacture Cochlear has added $3.11 to its share price today and Fisher and Paykel Healthcare is up over two per cent.

Looking Overseas

Wall Street's record breaking session saw Dow Jones close with 90.55 points added, S&P 500 climbed 0.19 per cent and Nasdaq recorded a slight boost of 0.08 per cent.

As Thursday trade has begun across Asia, the Asia Dow is up 0.35 per cent, Japan's Nikkei 225 is up a slight 0.08 per cent and Hong Kong's Hang Seng is up 0.52 per cent. At a loss however, is the Shanghai stock exchange which is down 0.06 per cent following the phase one trade deal signing.

European markets didn't receive the same growth as the U.S. during Wednesday's trade. Italy's FTSE MIB shed 164.35 points, Germany's DAX fell 0.18 per cent and Spain's benchmark IBEX 35 dropped 0.17 per cent. Breaking the trend however, is London's FTSE 100 which added 20.45 points following a 0.27 per cent boost.

Currency

The Australian dollars is faring well, up by roughly 0.1 per cent on the U.S. dollar, the Euro and the Great British Pound. One Australian dollar is worth 69 U.S. cents, 62 Euro cents and 53 pence.


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