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Post by bot on Dec 2, 2011 0:32:29 GMT -5
Australian stocks join in global rally from MarketWatch.com - MarketPulse SYDNEY (MarketWatch) -- Australian shares joined in a global rally Thursday, soaring in early trading as investors welcomed some key developments - including monetary policy easing in China. The S&P/ASX 200 index jumped 2.9 per cent to 4,238.70 in early trading. Miners made outsized gains, with the sector up 4%. Rio Tinto Ltd. shares climbed 4.8%, BHP Billiton Ltd. shares jumped 4.4% and Fortescue Metals Group Ltd. climbed 4.9%. In addition to China relaxing its reserve requirement ratio, central banks in the U.S., the U.K., Japan, Canada, Switzerland and the euro area said that they would implement dollar funding swap arrangements, while the U.S. ADP employment report showed a big jump.
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