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FX.co ★ Australian Shares Near Record Highs

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typeContent_19130:::2025-07-10T01:27:25

Australian Shares Near Record Highs

The S&P/ASX 200 Index rose by 0.7% on Thursday, surpassing 8,595 and approaching record levels as mining and gold stocks surged due to stronger commodity prices. This upward movement was in line with the tech-driven gains seen on Wall Street overnight, sparked by the ongoing excitement surrounding artificial intelligence. Currently, markets are cautiously assessing the impact of newly imposed US tariffs, with narrowing copper spreads contributing to improved sentiment within resource-intensive sectors.

In recent trade developments, President Donald Trump has introduced a 50% tariff on Brazilian imports, citing allegations of unfair trade practices. In retaliation, Brazilian President Luiz Inácio Lula da Silva has committed to respond under a newly enacted law permitting proportional countermeasures. The rally was spearheaded by leading mining companies, with BHP gaining 0.6%, Fortescue climbing 1.5%, and Rio Tinto rising 0.9%. Additionally, gold miners such as Newmont and Northern Star saw gains of 3.2% and 0.8%, respectively. Conversely, healthcare stocks underperformed as concerns mounted over Trump's proposed pharmaceutical tariffs, which pose potential challenges for the sector.

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