A record night on Wall Street helped push Australian shares towards this month's nine-year high as regional markets shrugged off another North Korean missile test.
The ASX 200 rallied within 21 points of the post-GFC peak of 6052 set on November 9 before trimming its rise to 41 points or 0.7% at 6025 at the halfway point of the session. Leading the way were utilities +2.3%, consumer discretionary +1.4%, metals & mining +0.8% and financials +0.8%.
Traders took their cues from a 1% surge in US stocks overnight after US tax legislation moved nearer becoming law. The S&P 500 put on 0.98% and the Dow 1.09% after the Senate Budget Committee approved a Republican Party tax bill, clearing the way for a vote this week.
Wall Street held its gains held despite a late-session wobble on news that North Korea fired a missile into the Sea of Japan. The reaction this morning from Asian markets was muted. China's Shanghai Composite edged up 0.08%, Hong Kong's Hang Seng 0.04% and Japan's Nikkei 0.54%. Dow futures were recently lower by five points or 0.02%.
Crude oil futures slid 31 cents or 0.53% this morning to US$57.68 a barrel. Gold futures shed $2.10 or 0.16% to US$1,297.10 an ounce. The dollar was buying 75.97 US cents.
Had one of those mornings when all the fizz and crackle was in the first half hour, then things went deathly quiet. Locked in profits in AU8, GTE and 5GN while the volumes and movement were there. Near misses with a few others.
