The Australian sharemarket has proved its resilience to a global market sell-off, which has pushed stocks on Wall Street to a three-month low, with the SP/ASX 200 Index eyeing off a record high while the Nasdaq Composite edges towards correction territory.on Friday, capping off its worst week in almost a year, after the December US jobs report reaffirmed the market’s expectations a rate rise was close.
The result caused the yield on the US 10-year Treasury to rise by 4 basis points to 1.765 per cent, the highest level since February 2020.The rise in bond yields has hit US equities hard in the first few sessions of the year, with all three major benchmarks in the red year-to-date, while the S“A concern for investors for 2022 could be that a decade long super-easy monetary policy cycle may be coming to an end,” Mr Sherwood said.
The outperformance of the Australian sharemarket will be welcome following years of underperforming the US benchmarks.