The Australian sharemarket is set for a strong start after US stocks hit fresh all-time highs as investors looked to company earnings for further vindication of their bets on a soft landing for the world’s largest economy.
Strategists have been predicting S&P 500 firms will post their weakest results in the past four quarters, with just a 4.3 per cent increase compared with a year ago, Bloomberg Intelligence data show. Meantime, corporate guidance implies a jump of about 16 per cent. That solid outlook suggests companies could easily beat market expectations.
Oil declined after China’s highly anticipated Finance Ministry briefing on Saturday lacked specific new incentives to boost consumption in the world’s biggest crude importer, while the country’s economic data remained weak. West Texas Intermediate fell around 2 per cent to just below $US74 a barrel while Brent also slumped.
Marcelli reiterated her S&P 500 price target of 6,200 by June 2025, and continue to like “AI beneficiaries and quality stocks.”
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ASX set to gain as earnings optimism buoys Wall StreetThe Australian sharemarket is set for a strong start after US stocks hit fresh all-time highs as investors looked ahead to company results for further vindication of their bets on a soft landing for the world’s largest economy.
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