ASX climbs towards previous highs, $A hits resistance
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The news: The Australian sharemarket continues to push towards previous all-time highs, amid expectations of cheaper credit in 2024. The benchmark ASX 200 gained 0.7% to finish at 7,614.30, and is only 18.5 points away from its all-time high set in mid-2021.
The numbers: Miners, IT and financial stocks led the continuing rally, with Fortescue setting a new high of $29.14 and all big four banks finishing in the green. Utilities stocks gave up 0.6%.
The Aussie dollar is slightly higher than yesterday, trading at 68.4 US cents after running into strong resistance at 68.7 US cents overnight. Oil prices have stuttered as Red Sea transport disruptions have simmered, with both Brent and West Texas Crude falling off after trading around their respective December opens to trade at USD79.44 and USD73.85 a barrel.
The context: US unemployment claims are due overnight, followed by monthly pending home sales, neither of which are expected to swing December's big bets on first-half rate cuts in 2024. With one day left to trade in 2023, the ASX 200 is 8.3% higher than at 2022's close and less than a quarter of a percentage point from its all-time high of 7,614.30.
