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Australia: Shares hit record high on trade deal optimism; NZ up
[SYDNEY] Australian shares closed at a record high on Tuesday, with miners and energy stocks lifting the benchmark, a day before the signing of a trade deal between Washington and Beijing.
The S&P/ASX 200 index ended about 0.9 per cent higher at 6,962.20 at the close of trade, following a 0.4 per cent weaker finish on Monday.
The signing of the interim deal will mark a major de-escalation of the 18-month trade dispute between the world's two largest economies that has roiled global markets and stoked worries about a global recession.
Adding to the positivity, the US Treasury Department dropped its designation of China as a currency manipulator, which was widely seen as an act of goodwill.
New Zealand's benchmark S&P/NZX 50 index rose 0.7 per cent to finish the session at 11,625.13.