The Australian share market has increased for the fourth day in a row as more stimulus was promised by world leaders to head off a coronavirus-induced recession.
Key points: The S&P 500 recorded its biggest three-day percentage gain since 1933Australian market looks set to rise for the fourth day in a row Market rallies came as G20 leaders promised to inject $8.2 trillion into global economy
Investors are also awaiting a $US2 trillion ($3.3 trillion) economic rescue plan expected to be approved by the US Congress later today.
Australian shares jumped more than 2 per cent in early trade.
At 10.12am AEDT, the ASX 200 index was up 2.36 per cent or 120 points to 5,234.
All industry sectors rose, led by oil, tech and health stocks.
The All Ordinaries has gained 2.4 per cent to 5,259.
The Australian dollar has come off its overnight high to just under 61 US cents.
The rallies came as the leaders of the world’s biggest economies pledged to do whatever necessary to fight coronavirus.
On a video conference call overnight, the G20 promised to inject $US5 trillion ($8.2 trillion) into the world’s economy.
“The G20 is committed to do whatever it takes to overcome the pandemic, along with the World Health Organisation, International Monetary Fund, World Bank Group, United Nations, and other international organisations,” the group said in a statement.
“We are determined to spare no effort, both individually and collectively.”
Kathmandu stands down thousands of workers
Adventure clothing and equipment chain Kathmandu is the latest retailer to stand down thousands of workers because of the coronavirus pandemic.
The retailer said all of its Australian stores and surf wear chain Rip Curl would shut