December 3, 2023

The S&P 500 soared to a closing high for 2023 on Friday, extending November’s rally into the new month. The broad market index rose by 0.59 per cent, ending the session at 4,594.63. The tech-heavy Nasdaq Composite advanced 0.55 per cent to 14,305.03. The Dow Jones Industrial Average added 294.61 points, or 0.82 per cent, […]

04 Dec 2023 – The S&P 500 soared to a closing high for 2023 on Friday, extending November’s rally into the new month.

There are several significant market drivers both locally and internationally this week. In addition to Australia’s release of monthly and quarterly data, including an RBA meeting, investors must consider the US stock market surge, the health of the US economy, and its impact on interest rates and falling bond yields. With record-breaking gold prices, declining

Another significant week awaits the Australian economy with the last Reserve Bank (RBA) board meeting of the year tomorrow and the release of September quarter national accounts and GDP figures on Wednesday. No rate cut is expected from the RBA’s last meeting of the year. The cash rate will start 2024 at 4.35%, up from

Last week, OPEC+ convened but witnessed oil prices falling, despite claims of production cuts made during Thursday’s meeting. Judging by the 2% drop in US crude prices on Friday, traders deemed the OPEC+ meeting disappointing. Brent crude concluded at $79.56 per barrel, while US West Texas Intermediate finished down 1.6% at $74.38 per barrel, both

Gold reached a record high on Friday as the dollar and Treasury yields fell following weak US economic data. Investors seemingly disregarded Fed Chair Jay Powell’s warning of potential rate hikes if inflation strengthens once more. Meanwhile, oil prices slipped as traders in the sector questioned whether OPEC+ (led by Saudi Arabia and Russia) had