Australian shares climbed across the board on Monday, lifted by renewed hopes for a resolution soon for the bitter trade war between the United States and China. The S&P/ASX 200 index rose 0.4 percent, or 23.7 points, to 6,089.80 at the close. The benchmark inched up 0.1 percent on Friday.
Investors in many countries were cheered when both governments reported progress after five days of talks in Beijing last week, and by how negotiations will continue in Washington this week.
Some concerns about a March 1 deadline were alleviated after US President Donald Trump repeated on Friday that he may extend the date for a deal and keep tariffs on $200 billion of Chinese goods from rising that day.
Mining giants BHP Group and Rio Tinto boosted the metals and mining index to a seven-year closing high. The shares advanced 1.5 percent and 1.4 percent, respectively.
The energy sub-index ended 1.6 percent up after oil prices rose to 2019 highs in early trade on Monday, amid Opec-led supply cuts and US-imposed sanctions on major producers such as Venezuela and Iran Oil and gas explorer Woodside Petroleum Ltd moved up 2.3 percent and peer Santos Ltd 1.2 percent. The index of financial shares saw early gains erased. Westpac Banking Corp gained 0.2 percent while Australia and New Zealand Banking Group dipped 0.3 percent.
New Zealand's benchmark S&P/NZX 50 index was up as much as 0.7 percent early on, but the gains were shed, leaving it flat at 9,245.44 at the session's end.
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