Aussie stock exchange’s stock-market rally has ended in a big way

By Patrick BrennanReutersReuters|+2CPQ2J4The Australian Stock Exchange (ASX) has risen nearly 1,300 points in the past two days to a record of 6,700.

The jump in ASX shares has come as Australian Treasurer Joe Hockey has sought to push the nation to its fiscal sustainability targets.

The ASX is the country’s benchmark exchange.

Its shares have risen by more than 40% this year, which is the biggest gain in more than a year.

On Friday, ASX was up 0.7% at 2,737.20 points.

That compares with a gain of 1.7 per cent on Thursday.

The gain comes after a major sell-off on Friday, after Treasurer Joe Morrison said Australia’s financial sustainability targets had been met.

The sell-offs, as well as an announcement by Mr Morrison, have pushed the ASX’s value higher.

The market is in a tight squeeze as the Federal Government tries to raise $2.2 billion to keep the economy afloat and to pay down the debt to the taxpayer.

Mr Morrison said on Friday the government had to act to keep growth and employment levels high.

“The Australian economy will be in the red no matter what the government does,” he said.

“We can’t keep on spending more and more money on the public sector, on things like health and education and on public infrastructure.”

The government announced it would spend $1.5 billion on a new health fund on Saturday.

It is expected to be released in mid-August.

It will provide $200 million for the government’s regional health service, as it seeks to keep costs down.

The money will help the region’s hospitals keep up with rising demand and cope with the increased burden of COVID-19.

The latest market gains are also seen as a sign the government is taking the tough line on COVID, which has hit the Australian economy hard.

The Treasurer’s comments have been welcomed by many economists, who say they are a good signal the government will not give in to pressure from the financial markets.

“Australia’s stock market has moved to a new all-time high, in terms of both strength and confidence,” Mr Morrison said in a statement on Friday.

“I believe this rally is a sign that we are now at the end of the road and our country can finally recover and move on.”‘

A strong message’The ASQ’s market rally was driven by an increase in the price of its benchmark, the S&P 500 index.

The price of the index is up nearly 15% in the last week.

“This rally is the strongest signal that Australia is returning to the recovery path it embarked on after the last financial crisis,” said Jefferies Australia strategist Andrew Williams.

“However, this is also a strong message that the Australian Government is serious about its fiscal commitments.”

The ASL’s market has also jumped on the Australian government’s announcement to reduce the Medicare levy from the current rate of 12.5% to 5.25%.

It has risen more than 12% this week.

On Thursday, the Australian Stock Commission (ASCO) lifted its benchmark price target for the ASL to 2,700 points, up from the 1,800 point mark it set in February.

The move has also boosted the ASLC’s stock price, with the ASI up nearly 20% this month.

The biggest gainers in the ASQ are in the mining and energy sectors, which have seen gains of more than 15%.

The ASIC, which includes Australian banks, has also climbed.

The Australian Investment Bank, which covers all major financial institutions in Australia, has risen by almost 30%.

The Australian Securities Exchange (ASE) has gained by about 20%.

Topics:markets,business-economics-and-finance,industry,wealth-and_us-news,wealth,stockmarket,australiaFirst posted February 03, 2019 05:45:52Contact Nick Coker