Australian shares are set to lift slightly as Wall Street rose but investors continued to be concerned about the surging omicron variant, with the UK reporting 100,000 cases.
Wall Street’s main indexes ended with hefty gains on Tuesday, but few market-moving catalysts and thin volumes in the last two weeks of trading this year are likely to push up volatility. For 2021, the S“We’ve really seen significant selling days in a row followed by a bounce back day.
“Investors have been fretting over Alibaba’s fundamentals as there’s limited room for growth for its e-commerce business,” said Linus Yip, a strategist at First Shanghai Securities. “The cloud business, although making up a small portion of its revenue, is one of the few bright spots.
For the likes of Amundi Pioneer Asset Management and Brandywine Global Investment Management, the answer may lie in higher-yielding emerging markets or big commodity producers that stand to gain from rising prices. Analysts at Goldman Sachs Group Inc. are more focused on mispriced opportunities around the policies of central banks, which may show more willingness to embrace FX appreciation and extend their rate-hiking cycles amid climbing inflation risks.
“Iron ore demand will broadly, gradually decline,” said CITIC Futures Co. analyst Zeng Ning. “The property industry is rather weak, steel consumption is likely to contract and more mills will use scrap to reduce emissions.” The brokerage expects China’s steel output to fall by 50 million tons in 2022.Palladium is poised to be the worst-performing major commodity of 2021 but the prospects for next year look a bit brighter.
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