The ASX is poised to slip on opening, despite Wall Street's record-breaking rally rolling on as a new Chinese economic package avoids any direct stimulus. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
Live updates: Wall Street hits new record high after Trump victory, ASX set to slide on 'disappointing' Chinese stimulus packageLive updates: Wall Street hits new record high after Trump victory, ASX set to slide on 'disappointing' Chinese stimulus package Wall Street key indices have hit record highs as Donald Trump's Republican party heads towards a clean sweep of the White House and Congress.
Follow the day's financial news and insights from our specialist business reporters on our live blog.Wall Street's rally shows little sign of running out of puff, with theFuelled by Donald Trump's election win and the prospects of the Republican Party sweeping both houses of Congress, the S&P 500 finished 0.4% higher at 5,996 points, the blue-chip Dow gained 0.6%, while the Nasdaq picked up a more modest 0.1%.
While the prospect of rate cuts has supported the US market's momentum, lower expectations about the size and speed of the cuts have keptand, of course, keeping downward pressure on the Aussie dollar.as traders viewed the new China debt package as doing little to stimulate short- or even medium-term demand.The lack of direct financial stimulus in the China package also weighed on bulk commodities.such as aluminium , zinc and copper , not great news for the mining sector today.
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