ASX to hit record 7,000 points despite muted reception for US-China trade deal

Australia's share market is set to climb to its highest level ever, above 7,000 points, following a lukewarm lead from Wall Street after the United State and China signed their long-awaited"phase one" trade agreement.AUD: 69.02 US cents, 52.97 British pence, 61.9 Euro cents, 75.86 Japanese yen, $NZ1.04Europe: FTSE 100 +0.3pc at 7,643, DAX -0.2pc at 13,432, CAC +0.1pc at 6,033, Euro Stoxx 50 -0.

However, gold prices rose as details of the US-China deal failed to soothe investors' concerns about future trade conflicts — particularly since the Trump administration has not completely removed its tariffs on Chinese goods. The centrepiece of this preliminary trade deal is a pledge by China to buy an extra $US200 billion worth of US farm products, and other goods and services, over two years.

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ASX reaches new highs as investors monitor US-China trade deal | Sky News AustraliaThe ASX200 index opened at a record high on Wednesday morning and is only a few points away from the all-time high of 7,000 points.\n\nCMC Market’s Michael McCarthy told Sky News it’s “almost certain that at one state this year we will see the ASX200 index move above the 7,000 mark”.\n\nInvestors are keeping an eye on the US and China as they seek to sign phase one of the trade deal later on Wednesday.\n\n“The problem for investors in the short term is that we’ve already priced positive development, and if the agreement were to fall over we would see selldown of global shares as a result,” Mr McCarthy told Sky News.\n ASX loves a shortage of supply and Govs splashing cash during a crisis. When you he butcher tells you he’s buying shares......Selllllllll. !!!!!!! Get ready for a rough ride on the merry go round
Source: SkyNewsAust - 🏆 7. / 78 Read more »