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Live: ASX up 1.3pc after modest gains on Wall St as Iran deadline looms
The Australian share market has jumped out of the gate after a four-day long weekend, as traders appear to look through the ongoing uncertainty in the Middle East after more-modest gains on Wall Street.
Crude oil prices are trading above $US110 a barrel, as Donald Trump's deadline for Iran to reopen the Strait of Hormuz looms.
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ASX 200 LIVE: ASX trims gains as Trump’s Iran deadline nears; GyG soars 17pc on sales beat, NextDC rises
ASX targets highest close in four weeks as Iran deadline looms
The Australian sharemarket is tracking its strongest close in four weeks as US President Donald Trump’s deadline to bomb Iranian power plants if the Strait of Hormuz is not reopened fast approaches.
The S&P/ASX 200 Index was up 115.50 points, or by 1.4 per cent, to 8695 at 2.10pm AEST – which would be the highest close for the benchmark since March 11. The gains were, however, well below its intraday high of 8804 as US futures pointed to a weak session overnight, with the Nasdaq heading for a 0.6 per cent drop and the S&P 500 0.4 per cent.
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ASX rally slows ahead of Trump deadline; Oil climbs
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The Australian sharemarket has pared some of its early gains while oil prices have risen amid uncertainty ahead of President Donald Trump’s latest Iran deadline, with tentative ceasefire signals tempered by the risk of further escalation.
The S&P/ASX 200 was more than 2 per cent higher in early trade but retreated to be up 126.7 points, or 1.5 per cent, to 8706.2 just after midday with nine of 11 industry sectors in the green. It is the first session for the ASX since Thursday due to the Easter break.
Trump said talks with Iran are “going well” ahead of the deadline to agree to a deal, even as he insisted that freedom of navigation through the Strait of Hormuz must be part of any accord. If Iran doesn’t agree to the US’s terms, the military may destroy “every bridge in Iran by 12 o’clock tomorrow night” and put every power plant “out of business,” Trump warned.
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