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| Version 0 | Version 1 |
|---|---|
| Australian shares trade higher ahead of budget | Australian shares trade higher ahead of budget |
| (about 2 hours later) | |
| Asian stock markets have opened higher following positive trading sessions in the US and Europe. | Asian stock markets have opened higher following positive trading sessions in the US and Europe. |
| In Australia, the benchmark S&P ASX 200 has traded higher by 0.76% to 5,282.60 points. | |
| Property-related stocks are among the big gainers. But bank shares ANZ, Westpac and NAB have headed lower. | |
| Interest rates will be the focus in Australia, as the country's central bank will hold its monthly meeting on interest rates. | |
| The key lending rate in Australia is at a record low of 2%. | The key lending rate in Australia is at a record low of 2%. |
| The country's Treasurer Scott Morrison will deliver the federal budget for 2016-2017 later on Tuesday evening. | |
| Small tax cuts and spending on health, infrastructure and education have already been foreshadowed or announced. | Small tax cuts and spending on health, infrastructure and education have already been foreshadowed or announced. |
| The budget is also seen as an unofficial election campaign launch. Prime Minister Malcolm Turnbull will dissolve parliament and call an early election on or before 11 May. | The budget is also seen as an unofficial election campaign launch. Prime Minister Malcolm Turnbull will dissolve parliament and call an early election on or before 11 May. |
| Meanwhile, in South Korea the Kospi has edged higher by 0.24% at 1,982.99 points. | |
| China is back from a long weekend and the Shanghai composite index has opened higher by 1% at 2,967.43. | |
| Chinese whispers | |
| Investors have brushed aside a private survey which showed a mild contraction in China's manufacturing activity. The Caixin Purchasing Managers' Index (PMI) came in at 49.4 in April, compared with 49.7 in March. | |
| A reading below 50 indicates a contraction. The PMI tracks activities in factories and workshops. | |
| The data differs from China's state figures released at the weekend, which showed a reading of 50.1 for April, compared to 50.2 in March. | |
| In Hong Kong the Hang Seng index has slipped lower, down 1.19% at 20,816.91. | |
| Markets in Japan are shut for three days of national holidays and will re-open on Friday. |