Market Wrap / trade truce?

Optimism that Australia could be exempt from some of Trump’s tariffs, following a "constructive" conversation between the US President and Australian PM, saw the local market begin strongly.

But that sentiment faded across the day as investors refocused on earnings. The S&P/ASX 200 settled at 8,484 points (up 0.01%). 

CSL proved to be among the biggest drags with the healthcare giant falling 4.66% as the company said market conditions for its flu vaccine remain challenging, notably in the US.

Ramsay Healthcare shares briefly hit a near two month high on a strong profit forecast. But the stock finished the day flat.

The banks mirrored the market and were mixed, with CBA finishing down 0.49% ahead of its results tomorrow. Macquarie gained 2.04% after the investment bank said it was on track to meet full-year guidance.  

The gold miners benefited from yet another record price for the precious metal with it approaching US$3000 an ounce. Northern Star, Evolution and De Grey were among the best performers. 

Elsewhere, SGH hiked its dividend by 30%, following strong earnings from its newly acquired Boral business. 

Seven West Media rallied 6.06% despite reporting a slump in half-year profit, however, it flagged a bottom in the advertising market. That was enough to push Nine Entertainment 13.23% higher.

And Breville slipped 2.39% despite forecasting a lift in full year earnings.

With reporting season in full swing, results from Coca-Cola and Shopify will be the focus in the US overnight, while locally, Suncorp and Computershare will join CBA tomorrow.