The S&P/ASX 200 rose 0.8% (66.9 points) to 8316.40 on Tuesday, supported by gains in the major banks, while falling oil prices weighed on energy stocks. The All Ordinaries Index also climbed 0.8%.
This month’s investment committee meeting revealed a market environment that can best be described as “quietly optimistic.” Inflation is settling into central bank target ranges, employment remains strong, and consumer spending is holding up—surprisingly so in both the U.S. and Australia. Yet, behind the scenes, everyone is preparing for possible shifts in 2024.
Stocks headed higher overnight as tech continued to shine ahead of the last Federal Reserve policy meeting of the year.
The ASX closed 0.6% lower on Monday, down 46.5 points to 8249.5, marking its fifth consecutive day of declines.
US stocks closed out the trading week near the unchanged mark in a subdued session on Friday, with the S&P 500 and Dow posting weekly declines, while the Nasdaq secured its fourth consecutive week of gains on Broadcom’s 24% rally
catch up on this weeks in markets
Australian shares hit a four-week low on Friday, with the S&P/ASX 200 falling 0.6% to 8280.8 by midday, extending Thursday’s 0.3% drop. The index has lost 1.7% this week, marking its sharpest decline since August, as investors grapple with a robust jobs report that dampened hopes for a near-term Reserve Bank rate cut.
Stocks edged lower overnight as investors assessed key economic data ahead of the Federal Reserve’s meeting next week.
The Nasdaq closed above 20,000 for the first time ever Wednesday, as tech resumed its rally following in-line inflation data that largely cemented a Federal Reserve interest rate cut next week.
Australian shares dipped in early trading, extending losses from the previous session as profit-taking persisted. The S&P/ASX 200 fell 17 points, or 0.2%, to 8376 points by mid afternoon, with tech stocks leading the decline after a 4% drop on Tuesday. WiseTech and Xero slid 2.7% and 1.6%, respectively.
US Stocks were mixed Tuesday and the dollar rose, as investors awaited fresh inflation data and a meeting by the European Central Bank on Thursday.
The ASX has recovered some losses following a dovish stance from the Reserve Bank of Australia (RBA), which left the cash rate unchanged at 4.35%. The central bank expressed growing confidence that inflationary pressures are easing, citing softer-than-expected economic and wage growth since November. The S&P/ASX 200 is 0.2% lower, improving from a 0.6% decline earlier in the session.
