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Market Update: Australian Shares Open Near Fresh Post-Pandemic Highs
The ASX 200 gained 68.40 points or 0.96% to 7163.30 early in the Asian session on Friday, following gains of 0.25% in the previous session, lifting 1.84% week-to-date and trading near fresh post-pandemic highs, lifted mainly the materials sector on a surge in commodity prices overnight. BHP added 2.93%, Rio Tinto surged 4.16% and Fortescue gained 1.71%. On the bond markets, local 10-year rates lifted from 3-month lows to 1.63% while US 10-year rates were at 1.611%. On the coronavirus front, Victoria has recorded 4 new local cases of coronavirus, following an announcement of a 7-day circuit breaker lockdown to contain a new cluster. In recent data, total new capital expenditure rose by 6.3% on-quarter in the three months to March, the largest increase in almost a decade. [/s2If]
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