Stock Track | WiseTech Global Surges 7.27% as US-China Trade Deal Boosts Australian Tech Stocks

Stock Track05-13

WiseTech Global Ltd (WTC.AU) saw its stock soar by 7.27% in Tuesday's trading session, reaching its highest level since February 19. The impressive gain came as part of a broader rally in the Australian stock market, fueled by optimism surrounding a temporary US-China trade deal.

The S&P/ASX 200 index climbed 0.8% to 8,300.6 points, its highest since February 27, with technology stocks leading the charge. The tech sector as a whole gained about 3.8%, hitting levels not seen since February 24. WiseTech Global's performance stood out even among its peers, with its nearly 7% rise outpacing the sector's average.

The catalyst for this market-wide optimism was the announcement of a 90-day tariff reduction agreement between the United States and China. Under the deal, the U.S. will lower tariffs on Chinese imports from 145% to 30%, while China will reduce tariffs on American imports from 125% to 10%. This development has sparked hope for a potential de-escalation in the global trade war, particularly benefiting Australian markets given China's position as Australia's largest trading partner.

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