Australian shares are set to open higher, extending last week’s rally. The benchmark sits just 2.4 per cent below its record high as traders await crucial inflation data.
Australian shares are poised to move within touching distance of a record high after rising 1.7 per cent last week. Wall Street surged higher on Friday as the tech sector advanced on signs of renewed profit focus from companies.P/ASX 200 currently sits about 2.4 per cent off its record high after rallying 5.9 per cent this year.The local currency was 0.8 per cent higher; the Bloomberg dollar spot index edged lower.
On bitstamp.net, bitcoin fell 1 per cent to $US22,906. It climbed over $US23,000 in weekend trading, reaching its highest level since August.The yield on the US 10-year note leapt 9 basis points to 3.48 per cent in New York, in sync with similar moves elsewhere.P 500 put 4000 points within reach and even bolstered the Dow Jones, which was held back by a drop in Goldman Sachs.reported that Goldman’s consumer business was being reviewed by the Federal Reserve.Tesla +4.9% Apple +1.9% Amazon +3.
“Looking ahead, analysts expect earnings declines for the first half of 2023, but earnings growth for the second half of 2023,” he also said. “For the first quarter and second, analysts are projecting earnings declines of -1.1 per cent and -1.2 per cent, respectively. For the third and fourth quarters, analysts are projecting earnings growth of 4.6 per cent and 10.5 per cent, respectively. For all of 2023, analysts predict earnings growth of 4.2 per cent.”No local data on Monday. NAB’s December business surveys will be released on Tuesday, fourth quarter CPI on Wednesday with trade and PPI data on Friday.
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