Australian exports feel China chill, while housing runs hot Reuters 7/01/2021 By Wayne Cole
By Wayne Cole
SYDNEY (Reuters) - Australia s trade surplus narrowed in November as China curbs on coal and farm goods took some steam out of exports, while a rebound in the domestic economy sucked in record goods imports.
Other data out on Thursday showed Australia s property market roaring back to life with approvals to build new houses hitting the highest in two decades.
Figures from the Australian Bureau of Statistics showed the country s trade surplus contracted to A$5 billion ($3.90 billion) in November, from A$6.6 billion the month before.
Australia Building Approvals Rise 2 6% In November
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Australia Building Approvals Climb 2 6% In November
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The Australian share market finished session higher on Thursday, 07 January 2021, as market players took heart in Democratic victories in the U. S. Senate runoff elections in the state of Georgia, which raised hopes for a substantial economic package in the United States. Investors sentiments further strengthened after Australian Prime Minister Scott Morrison statement that the country is on course to begin administering the first COVID-19 vaccines next month.
At closing bell, the benchmark S&P/ASX200 surged 104.90 points, or 1.59%, to 6,700.95. The broader All Ordinaries added 99.11 points, or 1.44%, to 6,980.51.
Investor sentiment was bolstered by reports of Democratic victories in the U. S. Senate runoff elections in the state of Georgia, which raised hopes for a substantial economic package in the United States.