Australia's stock market is expected to open higher, mirroring a positive performance on Wall Street driven by dip buying. This follows a flat finish for the Australian market on Monday, weighed down by weaker miners.
The Australian sharemarket is predicted to open higher following a surge of dip buying that propelled gains on Wall Street at the beginning of the first full trading week in 2025. ASX 200 futures climbed 0.1 percent to 8256 points as US stocks concluded on a generally positive note. The S&P 500 increased 0.6 percent, while the Nasdaq 100 added 0.9 percent. The Australian sharemarket ended flat on Monday, dragged down by weaker miners.
Wealth manager Insignia Financial emerged as the day's biggest winner, soaring 14.7 percent after receiving a non-binding $2.9 billion takeover proposal from private equity firm CC Capital Partners. Overnight, Nvidia surged 4 percent towards a record high ahead of CEO Jensen Huang's speech. Banks rallied on deregulation optimism following Michael Barr's departure as the Federal Reserve's vice chair for supervision. This news also contributed to a steepening of the Treasury curve, with longer maturities underperforming. The yield on 30-year bonds reached its highest point since late 2023. Meanwhile, the Dow Jones Industrial Average remained relatively unchanged. American Airlines experienced a boost on the back of three analyst upgrades, while Citigroup also jumped following a bullish call. Tencent Holdings' depositary receipts declined as the US added the company to its Chinese military blacklist. The US dollar pared losses as President-elect Donald Trump stated that his tariff plan would not be scaled back. Although equities retreated from session highs, a rally in tech megacaps propelled the S&P 500 toward a second consecutive advance of almost 2 percent. The Australian dollar was trading around US62.42c as at 7:30 AEDT. The yield on 10-year Treasuries rose two basis points to 4.62 percent. The Bloomberg Dollar Spot Index declined 0.6 percent. The Canadian loonie held its gains as Prime Minister Justin Trudeau resigned after leading Canada for over nine years. Bitcoin surpassed $US100,000. Oil ended a five-session rally
Australian Sharemarket Wall Street Dip Buying Insignia Financial Takeover Proposal
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