Shares surge on hopes of US Iran exit but risks remain
Many Australian stocks have bounced back into positive territory on hopes the war will end soon. -AAP Image
Australia's share market has bounced sharply on optimism the US will wind down its military campaign against Iran, but doubts remain and aftershocks from the conflict are likely to linger.
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The S&P/ASX200 soared by 190 points on Wednesday, up 2.24 per cent, to 8,671.8, as the broader All Ordinaries gained 201.7 points, or 2.32 per cent, to 8,885.6.
Reports the Trump Administration plans to wrap up its campaign against Iran in the next two-to-three weeks have supported global equities, with investors keenly awaiting a special address from President Donald Trump slated for Thursday at 12pm Sydney time.
The top-200 is trading at its highest level for two weeks, while the All Ordinaries clawed back almost $60 billion of its former $3.2 trillion combined market value on Wednesday, after more than $320 billion was wiped since the conflict began.
The Australian dollar is buying 69.02 US cents, up from 68.69 US cents on Tuesday at 5pm, the Aussie lifting on a rosier outlook for global growth and expected commodity demand.
