Australian Market Gains
Date: Dec 8, 2017
As investors overcome their fears and factor in the recent announcement of a Royal Commission into the banking sector, the market has rallied from a low of around 5,940 (XJO) on Wednesday this week to hit 6,010 before retreating somewhat on Friday morning 8th December. There remains some ambiguity around the parameters of the Royal Commission with residential lending practices being overlooked at this point but discussion continues so the sector may have some pain to bare yet. This is a long way off though so as we approach Christmas, sentiment looks to be improving. Couple this with our continuing interest to track the US S&P500, news mid-week that touted US corporate tax cuts are looking more likely helped pull our market from a temporary gutter and again begs the question I’ve supported for the better part of a year or so – is 6,000pts our new base marker?
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