Australia shares rise most in 4 weeks on broader economic recovery optimism [Reuters]
BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) (BHP)
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Source: Reuters
Australia shares rise most in 4 weeks on broader economic recovery optimism * Australia GDP contracts more than expected * Official warns Victoria lockdown to hit Q3 GDP * Miners see best day since Aug. 6, up 1.8% (Updates to close) By Arpit Nayak Sept 2 (Reuters) - Australian shares rose on Wednesday by their most in four weeks, as positive data from the world’s two top economies fuelled recovery optimism and eclipsed a worse-than-expected domestic economic contraction. The S&P/ASX 200 index snapped three straight sessions of losses, settling 1.8% higher at 6,063.20 in its biggest one-day percentage gain since Aug. 4. Investors looked past Australia’s biggest economic contraction on record to focus on signs of a broader economic recovery following upbeat manufacturing data from the United States and China. “The GDP numbers are backward-looking and the share market is more forward-looking,” said James Tao, an analyst at CommSec. “A lot of expectation around the country, except for the
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