Market Wrap / restrained retaliation

The local market rebounded during Wednesday's session as investors viewed China's response to US tariffs as rather restrained, which lifted mining players.The S&P / ASX 200 gained 0.5% to 42.9 points. 

China’s 10% tariffs on oil, and 15% levies on coal and LNG notably benefited Brent producers like Woodside, which rose 1.8%.

BHP and Rio Tinto gained 1.5% and 2.1% respectively. Also in the materials space, Fortescue gained 2% after the world's fourth largest iron ore player received the go-ahead to take over smaller player Red Hawk Mining for $1.20 per share. Red Hawk rose 1.3%.Gold remained a safe-haven for investors navigating the tariff uncertainty. As the ounce climbed to around US$2,855; Westgold Resources was one of today’s best performers, gaining 3.4%. 

Amid companies reporting earnings; Amcor shares rose 2.9% after announcing it will distribute a dividend of 12.75 US cents per share. 

The banks offered a more subdued performance than the rest of the market, with CBA barely in positive territory, while Macquarie slumped 3.6%. 

Brookfield joined the battle for Insignia Financial. Its $4.60 per share offer matches Bain’s and CC Capital’s made in January. Insignia rose 6.9% to $4.62 per share. Elsewhere, BWP Trust rose 4.9% after the Bunnings Warehouse landlord increased its first half profit to $157.1 million, from $53.2 million. Pinnacle Investment shares hit a record high after it reported a 150% jump in 1H profit.Tonight, the US ADP jobs report is due along with the ISM and S&P Services PMIs. Walt Disney, Arm, Ford, Novo Nordisk, Qualcomm and Uber issue earnings.Ahead tomorrow, International goods trade data for December is due along with earnings from Beach Energy, Newscorp and REA Group.