[SYDNEY] Australian shares jumped the most in more than two months on Tuesday as the US Federal Reserve's move to start buying corporate bonds and upbeat remarks from the domestic central bank boosted investor confidence. Read more at The Business Times.
Australian shares jumped the most in more than two months on Tuesday as the US Federal Reserve's move to start buying corporate bonds and upbeat remarks from the domestic central bank boosted investor confidence.[SYDNEY] Australian shares jumped the most in more than two months on Tuesday as the US Federal Reserve's move to start buying corporate bonds and upbeat remarks from the domestic central bank boosted investor confidence.
The S&P/ASX 200 index rose 3.89 per cent to 5,942.3 points at the close of trade, snapping three straight sessions of losses. The benchmark fell 2.2 per cent on Monday. The Fed said it would start purchasing corporate debt on Tuesday, adding to other emergency facilities launched to improve market functioning in the wake of the Covid-19 pandemic.
Further boosting sentiment, minutes of the Reserve Bank of Australia's latest meeting showed that the country's economic downturn could be shallower than earlier expected. Data showing an uptick in jobs through May further cemented these hopes. "As restrictions are lifted, we expect to see the recovery strengthen through June and into Q3," ANZ analysts said in a note.
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