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Australia Stocks gain 0.7%

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Headline indices of stock market moved higher on Friday, 12 April 2019, as risk sentiments boosted up after latest data showed the U. S. remains on solid footing and optimism about progress on a U. S.-trade deal. Market gains were, however, limited amid lingering uncertainty about the global economic outlook and on caution before Chinese trade data due out later on Friday. At closing bell, the benchmark S&P/ASX200 index added 45.13 points, or 0.73%, at 6,243.80 points, while the broader All Ordinaries rose 42.94 points, or 0.7%, at 6,337.

Market participants concerns about the world's largest soothed after strong U. S. labor and inflation data. Data released on Thursday showed first-time filings for U. S. jobless benefits dropped to a 49-1/2-year low last week, pointing to sustained labor market strength. Overall prices increased 0.6% in March, the largest rise since October.

On U. S.-trade deal, the and have largely agreed on a mechanism to police any trade agreement they reach, including establishing new enforcement offices,

said on April 10. Mnuchin said that progress continues to be made in the talks, including a productive call with China's on Tuesday night. The is demanding that China implement significant reforms to curb the theft of U. S. intellectual property and end forced transfers of technology from American companies to Chinese firms. also wants to curb industrial subsidies, open its markets more widely to U. S. firms and vastly increase purchases of American agricultural, and manufactured goods. The Chinese commerce ministry on Thursday confirmed that senior trade negotiators from both countries discussed the remaining issues in a phone call following the last round of talks in In the next step, both trade teams will keep in close communication, and work at full speed via all sorts of effective channels to proceed with negotiations, Gao Feng, the ministry's told. The two sides are working on broad agreements covering six areas: Forced and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade

were higher, with all four of the big banks in the green. ANZ inclined 1.6% to A$25.95, Commonwealth added 1.8% to A$71.53, NAB was rose 0.5% to A$24.55, and jumped 0.7% to A$25.75.

Shares of materials were mostly up. Mining giant was flat at A$39.65 while added 0.2% to A$101.10 and added 1% at A$8.12.

stocks were also higher despite a fall in overnight. added almost 1%, rose 0.7% and jumped 0.2%.

CURRENCY: declined against the U. S. on Friday. was quoted at 71.24 US cents, from 71.61 US cents on Thursday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 12 2019. 10:48 IST
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