The gains came quick and fast this morning after US President Obama announced that he and congressional leaders had agreed to cut federal deficits by trillions of dollars over the next decade, whilst at the same time raise the nation’s debt limit.
Every sector is trading higher so far today with the financials and materials the strongest performers.
The telco and consumer staples sectors are the weakest performers.
In company news, Macarthur Coal announced today that it has rejected an improved $4.84 billion offer from Peabody Energy Corp and ArcelorMittal.
Around the region, Asian markets are trading strongly to the upside; the Hang Seng is up 1.6% and the Nikkei is up 1.8%.