The Australian sharemarket is expected to decline at the opening of the new trading year, mirroring the downturn on Wall Street on New Year's Eve. Futures point to losses in early trading on Thursday, following a drop in the S&P 500 and the Nasdaq 100, marking the fourth consecutive session of decline. The Australian dollar traded at 61.91 US cents.
The Australian sharemarket is set to open the new trading year lower, with futures suggesting declines in early trading on Thursday after Wall Street fell on New Year’s Eve.72 points, or 0.9 per cent, at 8148 on Tuesday , the last available price. Markets were closed for the New Year’s Day holiday on Wednesday. The Australian dollar traded at 61.91 US cents.
Looking at industry sectors, tech companies got a boost last year, following their US peers as artificial intelligence progressed, while financial stocks – spurred on by Commonwealth Bank – were also among the best performers.Australian market watchers have raised concerns over what another Trump administration and an uncertain Chinese economy could mean for the local bourse in 2025 as markets come off a prosperous 2024.
While the prospect of increased tariffs has accelerated inflationary fears, Trump’s agenda is also forecast to stimulate growth for big tech, industrial and mining stocks, and the banks, which are expected to enjoy increased borrowing demand as interest rates are lowered in 2025.“Trump is quite supportive of the stock market in general,” Jessica Amir, a market strategist at Moomoo, said in an interview last week.
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