Australian shares touched a more than two-month high on Monday, buoyed by positive investor sentiment after the US and China concluded their crucial trade talks over the weekend with a hopeful outcome, with further details due later in the day.
The S&P/ASX 200 index rose 0.5% to 8,269.60, as of 0030 GMT, to hit its highest level since February 27.
The benchmark ended 0.5% higher on Friday.
Investors globally are closely watching for more information following the weekend trade discussions in Geneva, Switzerland, where US officials highlighted a “deal” aimed at lowering the US trade deficit, while Chinese representatives stated that both sides had reached an “important consensus” and agreed to initiate another new economic dialogue forum.
As China is Australia’s biggest trading partner, local investors are eagerly waiting for the details, after weeks of escalating tensions that saw counter tariffs soar well beyond 100%.
On the local bourse, heavyweight miners gained 0.6%, with the world’s largest listed miner BHP Group up 1.4%, and Rio Tinto trading 1.1% higher.
South32 said mining industry veteran Matthew Daley will join the diversified miner as deputy chief executive officer early next year and will take over as CEO when Graham Kerr steps down from the role later in 2026. Shares of the miner rose as much as 1.8%.
Financials were up 0.5%, with three of the country’s “big four” banks up between 0.8% and 1%, while National Australia Bank was down about 1.9% as it traded ex-dividend.
Australian shares rise on trade optimism
Energy stocks rose for a fifth straight session, up about 1.9% to their highest level since April 4, as oil prices rose on progress in US-China trade talks over the weekend.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index rose 0.4% to 12,659.69.