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Markets eye tariffs, trade deal

Markets are awaiting the mooted signing of the US-China phase one trade deal today, while the US will reportedly hold off on cutting tariffs on Chinese imports until after the November presidential election.
Markets eye tariffs, trade deal Markets eye tariffs, trade deal Markets eye tariffs, trade deal Markets eye tariffs, trade deal Markets eye tariffs, trade deal

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Staff reporter

The S&P 500, Nasdaq Composite and Dow Jones Industrial indexes all pulled back from records as the conditions underscored lingering concern about future progress in negotiations, Bloomberg reported.

However Australia's benchmark S&P/ASX200 was in record territory in morning trade and edging towards the 7,000 mark.

Australian gold producers were three of the biggest risers at the time of writing, with St Barbara (ASX: SBM) and Evolution Mining (ASX: EVN) up more than 4% and Regis Resources (ASX: RRL) more than 3% higher.

Gold was up US$2 an ounce on the spot market to about $1,548/oz, while the Australian iron ore price was heading back up towards $100 per tonne, up more than 1% to $94.50/t for 62% fines according to MySteel.

Finally, copper rose for the seventh straight session on the London Metal Exchange yesterday, Marex Spectron noted.