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Australia shares gain on mining stocks

Australian shares advanced on Wednesday, as a tumbling greenback sent mining and oil stocks into positive territory.

The S&P/ASX 200 index ended 0.57 per cent, or 32.289 points, higher at 5,653.2 at the close of trade. The benchmark fell 0.7 per cent on Tuesday.

The dollar faltered against a basket of currencies and suffered its worst January in three decades after U.S. President Donald Trump criticised key trading partners.

Global stocks remain subdued as Trump’s comments led to a risk-off mood.

Safe haven assets such as gold glittered at a one-week high, while materials held on to strong gains from earlier in the session.

Fortescue Metals Group Ltd rallied as much as 4.7 per cent to hit a near six-year high, as the world’s fourth-largest iron ore miner expected a boost in iron ore demand after China’s decision to close steel mills that use scrap metal.

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