Dec 19 (Reuters) - Australian shares rose 0.5 percent to a fresh 17-month high on Wednesday as top miners and banks gained after advances in U.S. stocks, oil and base metal prices on signs of progress in talks to avoid a U.S. "fiscal cliff".
U.S. markets surged for a second straight session as investors were encouraged by apparent progress being made in U.S. budget negotiations.
"Fiscal cliff optimism has pushed the market a bit higher, getting that end-of-year rally that a lot of people have been hoping for," said Cameron Peacock, a strategist at IG Markets.
"What is important, and what is driving the market higher, is that the two parties (Republicans and Democrats) are now in constructive discussions over specific tax levels and spending programmes, and working towards a common middle ground," he said.
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U.S. markets surged for a second straight session as investors were encouraged by apparent progress being made in U.S. budget negotiations.
"Fiscal cliff optimism has pushed the market a bit higher, getting that end-of-year rally that a lot of people have been hoping for," said Cameron Peacock, a strategist at IG Markets.
"What is important, and what is driving the market higher, is that the two parties (Republicans and Democrats) are now in constructive discussions over specific tax levels and spending programmes, and working towards a common middle ground," he said.
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