Market Wrap / Swiss success

Investors welcomed the trade truce between the US and China, joining in a global relief rally.

The S&P/ASX 200 advanced 0.43% to 8269 points, an 11-week high.

The tech space sailed higher on US tailwinds, up 3.4%. Life360 topped the charts as its quarterly revenue and earnings both came in ahead of consensus, sending shares up 14% while WiseTech rose 4.9%.

The materials sector rose 0.8%, supported by production updates from two heavyweights.

Both BHP and Rio Tinto gained 2.1% each after reaching agreements with the state-owned Chilean copper miner Codelco.

Investors fled defensive positions however, with gold players forming the bulk of today’s laggards after Citi downgraded its forecast for the precious metal. Capricorn Metals slipped 9.8%.

On the data front, NAB’s business survey found that business conditions were damaged by weaker profitability in April. Elsewhere, the Westpac-Melbourne Institute showed consumer sentiment partially rebounded in May as the initial shock of the tariff tensions faded a little.

 More data is expected overnight, with US CPI in focus. Tomorrow locally, Q1 wage price data is released.