ASX to test record as investors position for bull market
The Australian sharemarket is set to test its record high this week, punctuating a stunning rebound fuelled by an influx of foreign capital that has wrong-footed local fund managers and left investors scrambling to reposition for further gains.
Futures indicate the S&P/ASX 200 Index will add 29 points at the open on Tuesday after closing at 8515.7 on Friday and capped four consecutive weeks of gains. That leaves the benchmark just 0.8 per cent shy of its February record and on the cusp of a bull market – meaning a 20 per cent rally from the April low.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AU Financial Review
an hour ago
- AU Financial Review
A battle is on to own pole-mounted EV chargers – and make users pay
A battle has erupted between energy network companies and power providers over who will control pole-mounted electric vehicle chargers that could become commonplace in Australian suburbs, with prices and availability for drivers at stake. Electricity network companies are pressing in NSW and Victoria to change or waive rules to allow them to directly own pole-mounted chargers and count them as part of the network, speeding up their installation.
AU Financial Review
an hour ago
- AU Financial Review
Australians are upset about gas prices. This chart shows why
Wholesale gas prices on Australia's east coast have more than tripled in the past decade while those on the west coast have flatlined, amid speculation the federal government is considering a major gas market intervention to address runaway prices. New analysis by consultancy EnergyQuest shows average Australian household gas prices have risen at more than twice the rate of those in Western Australia, where export gas is reserved for domestic use. However, the research shows prices still remain well below those paid in most international markets.
Perth Now
an hour ago
- Perth Now
‘Protracted:' Defence boss issues war warning
A senior security expert has warned of the 'very clear threat' of China invading Taiwan, urging Australia to upgrade its defence capabilities and warning that Australia 'needs to be ready for the prospect' of war. Malcolm Davis, a senior defence strategy analyst at conservative think tank the Australian Strategic Policy Institute, urged the government to increase spending to safeguard against China's rising aggression and influence in the Pacific. The comments come as US Defence Secretary Pete Hegseth called on Australia to uplift its spending to 3.5 per cent of GDP, with levels currently set to increase to 2.33 per cent by 2033-34. Australia's defence budget is expected to come under further scrutiny with Anthony Albanese expected to have a face-to-face meeting with US President Donald Trump on the sidelines of this weekend's G7 Leaders Summit in Canada. Speaking to Sky on Monday, Mr Davis agreed with comments from US Defence Secretary Pete Hegseth and said there was 'very clear threat that China is going to move on Taiwan within the next to three years'. Three Australian warships are lurking off Australia's east coast. NewsWire / Australian Defence Force Credit: NewsWire He said Australia needed to ensure that our military assets were up to the task of responding to a 'protracted war,' flagging the need for improved resilience against 'integrated air and missile defence systems'. '(Defence spending) needs to include sustainability and building sustainability for protracted war that could last months or years in our region, and ensure that we can stay in the fight, a high intensity fight, for that period of time,' he said. 'And it includes preparedness and essentially, the ability to respond to challenges and attacks on our society and our country. 'I think that we do need to be ready for the prospect that if war does happen, Australia will be attacked directly.' Mr Davis said the spending needed to be accelerated 'not in 10 years' but in a 'year or two,' adding that investment needs to also be 'smart and targeted'. The defence expert also said critical infrastructure in Australia's north, like RWF Tindall, ports, oil and energy facilities were all 'essentially undefended'. 'The government talks about building integrated air and missile defence systems, and they have developed the command and control system for that, but they don't have any missiles to shoot with,' he continued. 'They talk about possibly using a naval based missile or an air based missile, but those platforms have to be in the right place at the right time.' Defence Minister Richard Marles left the door open for further conversations with the US on lifting defence spending. NewsWire/ Martin Ollman Credit: News Corp Australia Although Defence Minister Richard Marles has left the door open for further discussions with the US, stating that the government was 'clearly willing to have the conversation with America,' he said the outcome will be based on Australia's 'national interest'. 'We will work it through from there and make sure that we do the appropriate defence spending based on meeting the strategic moment,' he told Sky. Mr Albanese has recently clashed with the conservative think tank after it released a report stating a 'generational investment' in defence has been 'put off for another generation'. Report author and former home affairs deputy secretary Mark Ablong said a failure to boost defence 'will make all Australians less secure,' and 'risks a brittle and hollowed defence force' and a 'paper ADF'. However Mr Albanese rubbished the report as 'predictable' and political and stood by the government's plan. 'ASPI regularly produce these sort of reports, you know, run by people who have been in a position to make a difference in the past as part of former governments,' he told ABC radio. 'You know, I think it's predictable, frankly.'
