Australian Market

Australian shares closed 1.1% higher at 7049.2 as a resurgent energy sector helped the benchmark S&P/ASX 200 to its best day since Jan. 7.

The index built on strong overnight gains in the U.S., where the S&P 500 and Nasdaq both closed at records. Crude oil’s biggest price gains in more than a month fueled energy as the best-performing sector on the Australian bourse, with a 1.6% gain.

Woodside Petroleum rose 2.7%, Beach Energy gained 1.6% and Caltex Australia was up 1.5%. Financials rose 1.4% to turn the sector positive for the week, while health stocks continued to rise against the backdrop of the coronavirus, gaining 1.3%.

US Market

U.S. stocks rose intraday after China said it would cut in half tariffs on $75 billion of U.S. imports, signaling it would follow through with parts of a recently signed trade agreement.

The Dow Jones Industrial Average advanced 96 points, or 0.3%, to 29387. The S&P 500 added 0.3%, and the Nasdaq Composite rose 0.5%.
China’s Finance Ministry said its decision to cut tariffs was meant to help “alleviate economic and trade frictions” and added that it was hoping to work with the U.S. to ultimately eliminate all increased tariffs. Analysts viewed the move as a positive, given lingering worries about Beijing’s ability to deliver on promises made as part of a phase-one trade agreement with the U.S.

Commodities

Gold futures tallied a gain for a second session, as some experts foresee a lower-for-longer, interest-rate regime buttressing the yellow metal, even as anxieties around a novel strain of coronavirus in China appeared to ebb.

Gold for April delivery on Comex added $7.20, or 0.5%, to settle at $1,570 an ounce, after rising 0.5% in the previous session.   In other commodity markets, March wheat prices fell 5 3/4 cents to $5.56 1/4.

Oil Futures

Prices for U.S. benchmark crude futures finished higher, as traders weighed news that the Organization of the Petroleum Exporting Countries proposed additional production cuts, but encountered resistance from Russia.

March West Texas Intermediate oil rose 20 cents, or 0.4%, to settle at $50.95 barrel on the New York Mercantile Exchange.

Forex

The WSJ Dollar Index was recently up 0.21% to 91.32.

European Markets

The Stoxx Europe 600 advanced 0.4%, boosted by gains among bank shares.  The FTSE in London closed higher yet another day as recent fears over the deadly coronavirus are largely being left behind despite no official word of a cure. All that exists are rumors of a cure, which have been enough to assuage investor apprehensions.

The French CAC-40 Index was up 52.78 points, or 0.88%, to 6038.18 while the German DAX was up 96.49 points, or 0.72%, to 13574.82.

Asian Markets

 Japanese shares closed higher, with the Nikkei Stock Average rising 2.4% to 23873.59.  Bullish sentiment drove markets amid reports of progress in developing a potential treatment for coronavirus and news China will cut tariffs on $75 billion of U.S. goods.

South Korean stocks rose for a third session amid fading fears of the coronavirus outbreak and improved corporate earnings outlooks. The benchmark Kospi closed 2.9% higher at 2227.94. News on the development of vaccines for the virus — alongside brighter U.S. economic outlooks and hopes for additional Chinese stimulus — helped buoy investor sentiment.

Hong Kong stocks closed higher for a fourth consecutive session, led by stronger blue-chip mainland stocks. The Hang Seng Index went up 2.6% to end at 27493.70.

Malaysia’s benchmark Kuala Lumpur Composite Index rose 1.0% to 1552.77 after China said it would cut tariffs on some U.S. imports, sending Asian equities higher. Gains were broad-based across sectors.