19:46

The Australian market rose 5.81% at the opening bell on Wednesday, following extraordinary gains of as much as 11% on US markets overnight.

A view of digital market boards at the Australian Stock Exchange in Sydney, Australia. Photograph: James Gourley/EPA



With markets extremely volatile, it’s become something of mug’s game to try to explain the latest gyrations. While some analysts put the US market’s increase down to hopes a long-awaited stimulus package was close to being approved by congress, a more likely - if grimmer - explanation is that traders have reacted with glee to talk from Donald Trump that he might soon lift coronavirus restrictions.

This would cost many lives but get cash moving in the economy again.



On the Australian bourse, the biggest gainer at the open was debt collector Credit Corp, which was up 39% - a second day of big gains - and the biggest loser was funeral home operator Invocare, which told the market it would be hit by new restrictions limiting the number of people at funerals to 10.