Australian Market to Open Softly as Wall Street Remains Volatile

The Australian sharemarket is anticipated to experience a subdued opening following a volatile start to the new year on Wall Street. US investors are grappling with the implications of recent economic data, a strengthening US dollar, and a decline in Tesla shares. The market will be monitoring the Australian dollar, which remains near a two-year low of 62 US cents.

Overnight, all three major US stock indexes concluded the session in negative territory, reversing an earlier rally but recovering from session lows. Peter Cardillo, chief market economist at Spartan Capital Securities in New York, stated, “We had some macro news but somewhat mixed, and you know we have a very strong US dollar today. There are a few hurdles over the next couple of weeks and those are next Friday’s employment data and the beginning of fourth-quarter earnings.” “In the short term, we’re looking at choppiness and a struggle for direction until we get those hurdles out of the way.” Tesla shares plummeted 6.1 percent after the company reported its first annual decrease in deliveries, as incentives proved ineffective in curbing a decline in demand for its aging lineup of electric vehicles.A report from the US Labor Department revealed that initial and continuing claims for unemployment benefits both declined last week, bolstering the narrative of a robust jobs market and reinforcing the possibility that the US central bank could maintain its key interest rate at this month’s policy meeting. Looking beyond uncertainties regarding the pace of interest rate cuts from the Federal Reserve, the policies of the incoming Trump administration, and various geopolitical hotspots of unrest, market participants opted to focus on the strength of the United States economy. Wall Street’s main indexes recorded double-digit gains in 2024, with the benchmark S&P 500 marking its best two-year performance since 1997-98

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