It’s taken the local bourse just over three years to climb another 1000 points after breaching the 7000 level in April 2021, fuelled by pandemic-era stimulus.
Australia’s sharemarket looks set to breach 8000 this week for the first time, buoyed by speculation that the Federal Reserve in the United States could kick off its rate cutting cycle with a jumbo half a percentage point move.
It’s taken the local bourse just over three years to climb another 1000 points after breaching the 7000 level in April 2021, fuelled by governments and central banks pumping stimulus into the global economy after the COVID-19 pandemic. That narrative has been building in the bond market, with traders starting to ramp up their bets the Fed could cut interest rates by 50 basis points in September rather than the standard quarter point move, though that is not the consensus of economists.
He’s increased his year-end target for the ASX 200 to 8100 from an earlier forecast of 7900, though noted gains may be limited due to risks around China’s economy and a more hawkish Australian central bank.
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