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Highlights
- Dow Jones hits a record high; energy stocks lead gains.
- ASX futures suggest a positive opening fueled by optimism.
- Key updates from Air New Zealand, Synlait Milk, and Block.
The Dow Jones Industrial Average reached a historic high on Friday, closing at 44,296.51. This milestone marked a strong end to the week for US markets, driven by investor confidence across sectors. The S&P 500 also continued its upward momentum, recording its fifth consecutive positive session to close at 5,969.34. However, tech giants Nvidia and Alphabet tempered gains with notable declines.
Energy stocks emerged as top performers in the US markets, buoyed by escalating tensions between Ukraine and Russia. The geopolitical developments propelled crude oil benchmarks, with Brent and West Texas Intermediate climbing six percent over the week. In contrast, base metals and iron ore prices declined as concerns grew over potential tariffs dampening Chinese demand.
In the currency markets, the Australian dollar gained 0.5 percent last week, trading at 65.30 US cents. Despite this, it remains slightly lower this month. Bitcoin also captured attention, nearing the US$100,000 milestone as speculation grows about its potential to hit US$150,000 by the end of the year.
Focusing on Australian markets, the S&P/ASX 200 is poised for a positive opening, with futures pointing to a gain of 52 points or 0.6 percent. The index closed at a record high of 8445.8 on Friday, reflecting robust market sentiment. Energy stocks are anticipated to continue driving gains, alongside broader optimism regarding economic policy shifts in the US.
In corporate updates, Air New Zealand (ASX:AIR) has projected its first-half FY25 earnings before tax to range between NZ$120 million and NZ$160 million. The airline noted ongoing challenges due to aircraft shortages stemming from maintenance delays.
Synlait Milk (ASX:SM1) announced an upward revision of its forecast base milk price for the 2024/2025 season, now at NZ$9.50 per kilogram of milk solids, up from NZ$9.00. The increase reflects stronger global commodity prices.
Block (ASX:SQ2), the owner of Afterpay, reported a 27 percent surge in its valuation this month, bolstered by its significant Bitcoin holdings. Meanwhile, Smartpay (ASX:SMP) prepares to release its earnings, and upcoming AGMs for Pro Medicus (ASX:PME), Southern Cross Media (ASX:SXL), and Regal Partners (ASX:RPL) are in focus.
Market participants are watching closely as the new week begins, with energy and commodity trends expected to shape movements in the Australian market.
