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Australia: Shares end at 1-month high on China trade data
[SYDNEY] Australian shares closed at a one-month high on Tuesday, as better-than-expected data from its biggest trading partner China outweighed fears over the deepening economic impact from the coronavirus pandemic.
The S&P/ASX 200 index ended 1.9 per cent higher, or 100.8 points, to 5,387.3.
Data showed China's exports in March signalled a modest recovery in the world's second-largest economy, prompting investors to look past a survey that showed domestic business and consumer sentiment falling to a record low in March.
"The market is still on the hopium that massive government stimulus will save the day," Brad Smoling, managing director at Smoling Stockbroking said.
"Both supply and demand will take a very long time to heal. I am selling into rallies and see another big downward leg on the horizon."
Rising fears of a steeper economic downturn pushed gold prices to a seven-year peak.
The Gold index surged 11 per cent to end at its highest in over a month, with largest-listed gold miner Newcrest Mining climbing 12.4 per cent in its best session since November 2008.
New Zealand's benchmark S&P/NZX 50 index gained 2 per cent or 195.12 points to finish the session at 9,963.90, a more than one-month high.