Australian Stock Market Rises as Banks and Miners Lead Recovery
The Australian stock market bounced back on Tuesday, a day after a global market crash. The S&P/ASX 200 index rose by 1.1% to reach 7,423.40 points.
Also Read: Asian Stocks Gain After Wall Street Wobbles on Tariff Threats
Banks and Miners Lead the Way
Mining and banking stocks helped the market recover. The mining index rose by 1.7%, ending a four-day losing streak. Major miners like Rio Tinto, BHP Group, and Fortescue gained between 1% to 1.8%.
Banks also performed well. The four biggest banks in Australia saw their stocks rise by 0.6% to 1.3%, after falling for the last three days.
Energy Sector Also Gains
Energy stocks increased by 1.8%, following a rise in oil prices. Woodside Energy went up by 0.6%, and Santos jumped by 2.1%.
Treasurer's Statement Brings Relief
Australian Treasurer Jim Chalmers said that Australia will be able to handle the impact of U.S. President Donald Trump’s new tariffs. However, he also mentioned that these tariffs could still slightly hurt Australia’s economy and increase local prices.
Market Had a Rough Monday
On Monday, the market had dropped 4.2%, falling back to levels last seen during the start of the pandemic. The fall was due to global uncertainty after Trump’s trade policy announcement.
New Zealand Shares Also Up
New Zealand’s main stock index, the S&P/NZX 50, also rose by 1.1% to 11,902.64 points. The country’s finance minister, Nicola Willis, said that they expect a small impact from U.S. tariffs but are well-prepared for global financial changes.
Also Read: Nifty, Sensex Set for Strong Start as GIFT Nifty Rises 350 Points
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