Australian shares regain some ground after heavy selling

Local markets rose after a 10% correction over three days, with all eyes on whether Donald Trump will impose more tariffs on China.

Transcript

00:00Yesterday morning a lot of investors decided that a 10% correction over three days was

00:10enough to get prices back to a level worth buying.

00:13So they bought and kept buying this morning and this afternoon so prices kept rising to

00:18be 2.4% higher on the day overall and just 0.6% below where the index opened yesterday

00:25morning and back to being 5% down since Liberation Day. Halving that correction.

00:32The other thing that's going up of course is volatility. Here's a chart of the Australian

00:36Volatility Index which tells its own story. Today's biggest gains included some of the

00:41mining and energy stocks that got beaten up in the past few days as well as tech stocks

00:45like ProMedicus and Xero. It was a wild session on Wall Street last night. S&P 500 was down 4.7%

00:52then up 3.4% on false reports that the tariffs would be paused before closing down 0.2% on the day.

01:01The Tokyo market bounced 5.6% after yesterday's 7% shocker and the FTSE in London fell more than

01:084% last night. Metals kept falling on commodity markets last night. Iron ore 3%, nickel 2.7%,

01:15gold 1.5%, gold 1.5% but the oil price rallied 1.5% and the Aussie dollar managed a small gain

01:22to 60.5 US cents and 47.5 British pence. But with a full-blown trade war now on the horizon,

01:31today's carbon rises might not be reciprocated. And that's finance.