Australian stocks exceeded the 7000 level just after the opening following the signing of a long-awaited trade agreement between the United States and China.
The S&P / ASX200 rose 38.6 points, or 0.55 percent, to 7033.4 in 1015 on Thursday after briefly hitting 7041.4.
The increase hit Wednesday’s record on the Australian Stock Exchange of 6,996.8 points.
Australia’s broader All Ordinaries index rose 36.8 points, or 0.52 percent, to 7150.3 to 1015 on Thursday.
The increase occurs after the first phase of a trade agreement between the US. UU. And China will be signed overnight in the US. UU. After two years of tense negotiations.
US stocks rose before signing and Australian shares followed them in record territory.
The initial agreement will reduce some tariffs and boost Chinese purchases of US goods and services, disabling an 18-month conflict between the two largest economies in the world.
Beijing and Washington portrayed their “Phase 1” agreement as a momentous step after months of start-stop talks marked by tariffs that uproot supply chains and stoked fears of further slowdown in the global economy.
The price of gold also increased after the trade agreement between the two largest economies was signed, as the details of the agreement failed to calm investors’ concerns about trade differences.
Locally, it will be a quiet day for economic news, so all eyes will be on the company’s ads.
The Australian dollar was buying 69.04 cents, compared to 68.96 cents at the end of Wednesday.