ASX nears record high, oil price lifts energy stocks
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The news: The Australian sharemarket started 2024 on a positive note, with the benchmark ASX 200 lifting 0.47%. Oil prices recovered some ground, helping energy stocks outperform. The benchmark index peaked at 7625.3, one tenth of a percentage point from its all time high.
The numbers: The Australian dollar is holding ground against the greenback, buying 68.2 US cents. West Texas and Brent crude oil prices jumped between 1.2% and 1.4% in the first session of 2024, after US helicopters repelled a Houthi rebel attack on a Maersk container ship in the Red Sea. Heating oil and coal prices also rose, helping lift energy stocks on the ASX by 1.5%. Financial stocks gained 0.7% while the real estate sector lost 0.6%.
The context: Today is a bank holiday for the US, Canada and Japan. Tomorrow, the Reserve Bank will release a chart pack on Australia's economy and financial markets. The ABS will release its first data for 2024 on 8 January. Overnight on Wednesday, investors will be looking to key PMI and employment data from the US, along with a speech from Richmond Federal Reserve president Thomas Barkin.
