The key takeaways from the last 24 hours

All Ords (ASX:XAO) lifts on US-China talks, BHP’s big copper play, South 32 CEO to move on

The local benchmark posted a positive start to the week, bouncing out of the open but ultimately levelling out during the day. The energy and materials sectors were the standout, with the former finishing more than 2 per cent higher as the likes of Woodside and Santos (ASX:STO) rose more than 2 per cent amid a cooling in US-China trade discussions. There remain strong hopes of a cut to the proposed 145 per cent tariff that would send relief all around the world, with oil prices responding as a result.

The healthcare sector struggled, finishing 1 per cent lower as the likes of Neuren (ASX:NEU) and Clarity (ASX:CU6) weakened heavily, down 9 and 8 per cent respectively, as the sector falls out of favour.  South32 (ASX:S32) had a strong session, gaining 2.9 per cent despite news that the decade-long tenure of CEO Graham Kerr was set to end. It was also positive news at global giant BHP (ASX:BHP) with the company confirming the recent Argentinian copper project may have five times the amount of copper than first estimated.

Woolies to cut prices amid market share war, Goodman rallies on upgrade, Dyno Nobel to sell distribution

Woolworths (ASX:WOW) finished in the negative after the company flagged heavy discounting on as many as 400 products, by 10 per cent on average, in an effort to reverse recent market share losses to the likes of Coles and Aldi. Data centre builder Goodman Group (ASX:GMG) which dominates the property index, gained strongly after brokers upgraded the company suggesting that the recent capital raising removes the funding risk for these capital intensive projects and flagging a more reasonable valuation. They also flagged the potential for the partial sale of some data centre operations in an evolution of the business model. Dyno Nobel (ASX:DNL) gained around 2 per cent after the company confirmed tha it had agreed to sell the distribution side of its fertiliser business to Ridley Corporate (ASX:RIC) as it seeks to focus on its core business lines. 

Nasdaq re-enters bull market, US-China trade war pause buoys market, Apple surges

As news emanated around the world of an agreement between the US and China on punitive tariff measures, risk assets surged, catching those waiting for more stability out quickly. China is set to reduce tariffs on US good to 10 per cent, and President Trump will drop his 145 per cent tariffs to 30 per cent, in news that sent the Nasdaq back into a bull market, rallying more than 4 per cent on the day. The Dow Jones also added 2.8 per cent and the S&P500 3.3 per cent, while popular ‘winners’ from the tariffs, including gold and bonds pulled back from recent highs. The turnaround is significant after the Nasdaq dropped 20 per cent from its high, with Apple (NYSE:AAPL) rallying more than 6 per cent amid comments that they were set to change prices on key iPhone products before the announcement was made. Both NVIDIA (NYSE:NVDA) and Tesla (NYSE:TSLA) also gained more than 5 per cent as a return to normal, at least for 90 days, is now expected.