Headline indices of the Australia share market closed higher on Tuesday, 23 July 2019, as investors risk sentiments underpinned by following gains on Wall Street overnight, with all sectors posting gains. At closing bell, the benchmark S&P/ASX200 index inclined 33.39 points, or 0.5%, to 6,724.63, while the broader All Ordinaries added 31.24 points, or 0.46%, to end the session at 6812.48. Local market commenced trading with firm note, following gains on Wall Street overnight, with all sectors posting gains. U.S. stock-market indexes closed higher Monday, as investors adjusted expectations around a widely anticipated rate cut by the Federal Reserve at the end of the month and began wading through a sea of corporate results after a strong start to earnings season. Investor optimism has been supported by a better-than-expected start to the Q2 EPS reporting season, as well as the ongoing possibility of a rate cut by the end of the month. The Dow Jones Industrial Average rose 17.7 points, or 0.1%, at 27,171.9, while the S&P 500 index advanced 8.42 points, or 0.3%, to 2,985.03, supported largely by gains in the information-technology sector (up 1.2%). The Nasdaq Composite Index gained 57.65 points, or 0.7%, to trade at 8,204.14. On the trade front, U.S.-China trade negotiations were in focus, after reports that the two sides would soon meet face-to-face, with reports that U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin would travel to Beijing next week. U.S. President Donald Trump agreed to requests for “timely licensing decisions” from the Department of Commerce regarding Chinese telecommunications giant Huawei, following a meeting with tech and telecommunications executives on Monday. That comes as Huawei, which relies on American suppliers for components and software in some of its products, remains on a Washington trade blacklist. Tensions remain high in the Middle East following Iran's seizure of a British tanker last week, with oil prices seeing gains on Monday. In the afternoon of Asian trading hours on Tuesday, oil prices inched higher. The international benchmark Brent crude futures contract was 0.16% higher at $63.36 per barrel, while U.S. crude futures were fractionally higher at $56.25 per barrel. Financial stocks gained despite the country's prudential watchdog proposing tighter terms for executive pay at financial firms, underlining a push for more scrutiny in the wake of a public inquiry on widespread misconduct in the sector. The 'Big Four' banks rose between 0.1% and 0.7%, with Westpac Banking Corp and Australia and New Zealand Banking Group each adding 0.2%. Energy stocks gained for a third straight session as oil prices rose on concerns over possible supply disruptions in the Middle East after Iran's seizure of a British tanker last week. Oil Search advanced 1.5%, while Santos was up 0.4%. Tech stocks rose, tracking Wall Street peers, as investors awaited corporate earning results from tech giants Facebook, Alphabet and Amazon this week. WiseTech Global added 2.1%, while Australia-listed Xero gained 1.5%. Materials stocks declined, with iron ore miners Rio Tinto and Fortescue Metals Group each declined 0.6%, as prices of the material fell on Monday. CURRENCY NEWS: The Australian dollar changed hands at $0.7022 after slipping from highs above $0.705 yesterday. Powered by Capital Market - Live News |