Australian shares are set for a Christmas rally as Wall Street rode a last-minute rush amid relief that omicron would be less severe than expected.
: It might not happen overnight, but the inflation and wages outbreak in the US is highly likely to end in sharp falls in stock and property prices, and the deaths of zombie companies.All signs point to a traditional ‘Santa Rally’ in the US stock market next week, but this year’s comes with a few caveats.
“The risk sentiment is still there but investors want to see the glass half full,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Given that the volumes are relatively thin, there is very little narrative to really sort of cling onto or trade on,” said Justin McQueen, market analyst at DailyFX.The end of a lock-up period after a new listing is often a triumphant time when pre-IPO investors can cash out and book profits. For Didi Global, whose shares have lost more than half of their value since going public, it’s a different story.
“Once Didi lists in Hong Kong, the dark cloud of uncertainty will largely dissipate, which would be positive for the shares,” Jason Hsu, founder and chief investment officer of Rayliant Global Advisors said.Sterling vaulted above $US1.34 for the first time in a month on Thursday and also scaled a one-month high against the euro, surfing a general uptick in risk sentiment and a steep rise in Britain’s short-dated government bond yields.
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