The Australian sharemarket posted its largest single-day gain in more than five years on 10 November 2016, while Wall Street defied expectations of a big fall after the election of Donald Trump, finishing in the black. The Australian dollar also rallied, while local and US 10-year bond yields rose. Financial markets have scaled back the odds of a reduction in Australia’s cash rate by mid-2017, while there has been a slight easing of expectations of a rate rise in the US in December 2016.
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