Australian stocks hit record high, Nikkei 225 jumps 535 points

SYDNEY, NSW, Australia – Despite raging bushfires, it is business as usual on Australian stock markets with the benchmark All Ordinaries index on Thursday hitting an all-time high.

The big mover though was Japan, where the Nikkei 225 reached its highest level for the year.

“I think today is a bit of a relief rally,” Shane Oliver, Chief Economist at AMP Capital in Sydney told Reuters Thomson on Thursday.

“Yesterday, investors were fearing the worst, that this was the escalation now underway. The news overnight has been more along the lines that Iran pulled its punches and Trump is toning things down,” he said, “which is seen by investors as substantially reducing the risk of a war.”

At the close of trading Thursday, the Nikkei 225 had jumped 535.11 points or 2.31% to 23, 739.87.

The Australian All Ordinaries added 61.30 points or 0.88% to 6,991.40.

China’s Shanghai Composite climbed 27.99 points or 0.91% to 3,094.88.

In Hong Kong, the Hang Seng gained 470.84 points or 1.68% to 28,558.76.

On foreign exchange markets the U.S. dollar continued its climb higher. Around the close in Sydney on Thursday the euro had dipped to 1.1112. The British pound slipped to 1.3105. The Japanese yen fell to 109.39.

The Swiss franc eased to 0.9744. The Canadian dollar was slightly lower at 1.3039.

The Australian dollar was little changed at 0.6873. The New Zealand dollar dipped to 0.6643.

Overnight on Wall Street, the Dow Jones index was ahead 161.41 points or 0.56% at 28,745.09.

The Standard and Poor’s 500 rose 0.49% to 3,253.05.

The tech-laden Nasdaq Composite climbed 60.66 points or 0.67% to 9,129.24.

Published at Thu, 09 Jan 2020 08:21:36 +0000

Source: Australian stocks hit record high, Nikkei 225 jumps 535 points.

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