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Australian shares have largely advanced through Tuesday’s trade (and Brent crude has retreated again) after dovish U.S. President Trump suggested Iran’s still looking for a way to permanently end the war. That, more than Trump’s blockade of the Strait of Hormuz, seems to be what investors wanted to focus on.
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Through to mid-arvo, the ASX has been some 40-plus points higher, around +0.5%. It could have been an even bigger boom, too – futures were saying +1.4% when I wrote up the Market Open this morning – but wily Aussies seem to be playing it safer just in case Trump’s peace suggestions are just bluster.
There’s every chance this is just the Australian market figuring out whether it actually wants to head back into the 9,000s, even with the war still going. Barring Trump doing anything wild again (very possible), there’s a good chance the middle of Week 16 could see more drops before we rise again.
But sticking with today, around the traps, we may be seeing an end to the ol’ BHP (ASX:BHP) vs. China story that was once a headliner pre-war. China’s state-backed iron buyer has this week told steel mills they can buy BHP cargoes, in what seems to be a concession from the Middle Kingdom on their long-running trade dispute. No surprise: BHP was well in the green this arvo, up over +3% into close.
Elsewhere, Aussie tech claimed the day; WiseTech Global (ASX:WTC), Xero (ASX:XRO), and Life360 (ASX:360) led the way with 4-5% gains. And, interestingly, that’s despite Morgan Stanley slashing its valuations for most major ASX-listed technology stocks by as muc has one-fifth. Maybe traders don’t agree.
Finally, Qantas (ASX:QAN) was among Tuesday’s fallers after cutting its domestic flying capacity by as much as 5% in response to higher fuel costs.
That’s the ASX Today for Tuesday, I’m Isaac McIntyre. See you in the morning.
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