In today's market report… Australian mining shares gained Thursday on hopes the new government will soften an industry tax. It comes after Prime Minister Kevin Rudd--who had supported heavy mining taxes--was forced to step down.
Sydney miners led regional resource firms higher on expectations the new government would compromise on the tax, which has threatened new investment. Miners had launched a multi-million dollar advertising campaign warning of large job losses if the 40 percent tax goes ahead in its current form.
BHP Billiton gained, and said it looked forward to working with the new government to find a solution to the issue.
The Australian dollar also briefly jumped after the leadership change.
Elsewhere, Japanese shares clawed higher, with telecom Softbank rising on its exclusive ties to Apple in launching the new iPhone.