Move FM Australian News

SYDNEY, Australia – Australian markets exploded higher on Tuesday with buyers clamouring for stocks and the Aussie dollar.

Hong Kong markets were also buoyant, with the pair leading the Asian region higher.

The Australian All Ordinaries index accelerated to a level of 6,268.80, absorbing a 156.56 points or 2.56% gain on the day. The key index is now just 106 points short of its all-time high. On Tuesday it traded at a four months high. capping a 35% gain since its pandemic-induced collapse in March.

The Australian dollar hurtled up to 0.7050 and was trading just above that level at 0.7052 around the Sydney close Tuesday.

In Hong Kong, the Hang Seng rallied 577.66 points or 2.31% to 25,635.66.

Japan’s Nikkei 225 added 166.72 points or 0.73% to 22,884.22.

In China, the Shanghai Composite rose 6.75 points or 0.20% to 3,320.80.

The euro jumped to 1.1470 earlier Tuesday after European lawmakers approved an additional 750 billion euro stimulus package. The European unit however closed out the Sydney session around 1.1433 as profit-takers took advantage of the rise.

The British pound rose to 1.2685. The Japanese yen and Swiss franc were unchanged at 107.27 and 0.9392 respectively.

The Canadian dollar strengthened to 1.3508. The New Zealand dollar followed the Aussie higher, it was last quoted at 0.6581.

Overnight on Wall Street, the Dow Jones Industrial Average was ahead a modest 8.92 points, or 0.03%, at 26,680.87.

The Standard and Poor’s 500 rose 27.11 points, or 0.84%, to 3,251.84.

The Nasdaq Composite jumped 263.90 points, or 2.51%, to 10,767.09.