Stocks surged in Australia as the global markets rallied on strong overnight cues and bargain buying after recent volatility. US stocks jumped with DOW adding 1.4% after the US said that it would delay 10% tariffs on some Chinese products. Supportive economic cues also boosted the sentiments for Australian markets and the ASX jumped 0.4% while the All Ordinaries rose by a similar margin as well.

Australia's consumer confidence strengthened in August, survey data from Westpac showed today. The Westpac-Melbourne Institute Index of Consumer Sentiment rose to 100 in August from 96.5 in July. All components of the indicator expect unemployment expectations improved in August. This followed a fall of 4.7% in the indicator in June and July.