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  • Headline indices of the Australia share market closed higher on Wednesday, 11 September 2019, on expectations for global easing measures and renewed expectations for a deal to be struck at the upcoming high-level U.S.-China trade talks. At closing bell, the benchmark S&P/ASX200 index advanced 23.98 points, or 0.36%, to 6,638.04, while the broader All Ordinaries rose 24.14 points, or 0.36%, to 6,752.15.

    The Sydney market got off to a firmer start amid renewed expectations for a deal to be struck at the upcoming high-level U.S.-China trade talks after reports that China has offered to buy American products in exchange for a delay in a series of U.S. tariffs and easing of a supply ban against Chinese telecommunications giant Huawei Technologies.

    To revive their flagging economies, central banks around the world, including the United States, China, Europe and Australia, have indicated further interest rate cuts and economic stimulus. The European Central Banks meeting due on Thursday, at which policymakers are widely expected to cut interest rates, ramp up asset purchases or both.

    Shares of materials and resources were the best performers, as iron ore prices rose on expectations China would implement more economic stimulus to boost steel demand. The worlds two largest miners BHP Group and Rio Tinto climbed about 1% and 2%, respectively.

    Financials shares were also higher, with all the Big Four banks trading higher. National Australia Bank on Wednesday revised its outlook for interest rate cuts by the countrys central bank, predicting at least two more easings to 0.5% by February from previous forecast of one cut.

    Energy stocks climbed after crude oil prices were firmer in the early session after an industry report showed crude stockpiles in the US fell last week by more than twice the amount that market pundit had forecast. Oil and gas majors Beach Energy and Woodside Petroleum advanced 1.4% and 0.3%, respectively.

    CURRENCY NEWS: The Australian dollar rose against greenback on Wednesday. The Australian dollar, sensitive to shifts in broader risk appetite, changed hands at $0.6867 after rising from levels below $0.672 last week.

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