ASX Expected to Rise After Christmas Break Amid Global Market Trends

3 min read | December 27, 2024 12:00 AM AEDT | By Team Kalkine Media

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Highlights

- Australian sharemarket likely to rise after the Christmas break.

- Wall Street’s mixed session influences global market trends.

- Key data releases from Australia and the US to watch this week.

The Australian sharemarket is set to open higher this week following the Christmas break, closing out a shortened trading period. This positive outlook comes despite a mixed performance on Wall Street, where major indices ended the overnight session with minimal movement.

Wall Street saw thin trading volumes post-Christmas, with the Dow Jones managing a slight increase, while the S&P 500 and Nasdaq slipped marginally. Major tech players, including Nvidia (NASDAQ:NVDA), Tesla (NASDAQ:TSLA), Meta (NASDAQ:META), Netflix (NASDAQ:NFLX), and Amazon (NASDAQ:AMZN), faced declines, contributing to the subdued performance. However, semiconductor companies like Broadcom (NASDAQ:AVGO) and Micron Technology (NASDAQ:MU) continued to see gains.

Retail stocks such as Target (NYSE:TGT) and Dollar Tree (NASDAQ:DLTR) were buoyed by strong holiday shopping figures, reflecting consumer resilience during the festive season.

European Markets and Commodities

In Europe, the FTSE 100 climbed higher, while the CAC 40 showed marginal gains. The DAX, however, dipped slightly, demonstrating varied performance across the region. Gold prices increased by 0.65%, reaching US$2,633.84 per ounce, suggesting heightened investor interest in safe-haven assets amid fluctuating markets.

Oil prices saw a slight decline, with Brent crude and US WTI both falling by 0.61% and 0.78%, respectively, settling at US$73.13 per barrel. This dip in oil prices reflects global supply-demand dynamics as the year draws to a close.

Australian Market Focus

Domestically, Australian manufacturing, commodity, and property price data, set for release on Thursday, will provide critical insights into the nation’s economic performance. These indicators are likely to influence sectors such as mining and property development. Companies like BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) will remain in focus as commodity trends unfold.

Meanwhile, the Australian dollar dipped slightly, trading at 62.22 US cents, mirroring global currency trends. Bitcoin also experienced a decline, falling by 3.13% to US$95,349.94, reflecting volatility in the cryptocurrency market.

Key Data to Watch

Globally, attention will turn to US economic data releases covering construction, manufacturing, and property markets. These figures will play a significant role in shaping market sentiment as the year concludes.

The Australian sharemarket is expected to navigate these influences, maintaining an upward trajectory in the shortened trading week. Investors will keep a close watch on local and international developments to gauge broader market trends.

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