Shares surge on hopes of US Iran exit but risks remain
The Australian stock market has rebounded sharply on optimism that the US will end its military action against Iran, but doubts remain and the aftershocks of the conflict are likely to continue.
The S&P/ASX200 rose 190 points on Wednesday, up 2.24 percent to 8,671.8 points, while the All Ordinaries index rose 201.7 points, or 2.32 percent, to 8,885.6 points.
Global stocks were supported by news that the Trump Administration plans to wrap up its campaign against Iran in the next two to three weeks; Investors are eagerly awaiting President Donald Trump’s special speech on Thursday at 12pm Sydney time.
The Top 200 traded at a two-week high, while the All Ordinaries reclaimed almost $60 billion of its former $3.2 trillion combined market value on Wednesday after more than $320 billion was wiped out since the conflict began.
The Australian dollar is buying 69.02 US cents at 68.69 US cents at 5pm on Tuesday; The Australian dollar supports a more positive outlook for global growth and expected commodity demand.
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