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1.Market Observations, 8.Was Sticky

12 June 2019 (AFR) – ASX up 1.6pc as investors bet on stimulus

(12 June 2019, AFR, p1, Patrick Commins and William McInnes)

S&P/ASX 200 index (Bloomberg, AFR)

S&P/ASX 200 index (Bloomberg, AFR)

‘The ASX blew past an 11-year high on Tuesday, confirming Australia’s position as one of the top performing sharemarkets in 2019 as investors bet that RBA rate cuts and fiscal stimulus will bolster economic growth and boost company profits. The decision by US President Donald Trump not to pursue higher tariffs against Mexico also helped drive a 102-point, or 1.6 per cent, gain in the S&P/ASX 200 sharemarket index for the session, pushing the benchmark measure to 6546.3 points. That’s above the post-global financial crisis peak achieved in the immediate aftermath of the May 18 federal election. With the exchange closed on Monday for the Queen’s birthday public holiday, Tuesday’s outsized gains on the ASX also incorporated a solid lead from Wall Street, which recorded its best week of the year amid firming expectations of  US rate cuts in coming months.’

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