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Market Update: Australian Shares Extend Gains
The ASX 200 gained 33.10 points or 0.47% to 7079 in early in the Asian session on Tuesday, following gains of 0.16% in the previous session as risk sentiment was boosted amid easing long term bond yields. Local 10-year rates eased to 2-week lows of 1.642% while US 10-year rates were at 1.606%. Meantime, the cryptocurrency markets stabilized after Tesla CEO Elon Musk tweeted that he was having active discussions with North American Bitcoin miners regarding the sustainability of digital coins. On the coronavirus front, the Victorian government is reintroducing restrictions in the wake of the recent outbreak in Melbournes northern suburbs. Among stocks, TechnologyOne popped 8.57% after reporting a 48% profit increase for the six months to March 31, while Afterpay also jumped 1.78%. This week, market participants are keenly anticipating US personal consumption, gross domestic product, jobless claims and durable goods data due on Thursday. [/s2If]
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