Meanwhile, Australia’s ASX 200 Index fell 0.63%, potentially ending a three-day winning streak. The Index followed the US markets into negative territory. The banking, gold and technology sectors led the morning losses.
Notably, the S&P/ASX All Technology Index lost 0.63%, while Northern Star Resources Ltd. (NST) fell 0.54%, pressured by gold’s pullback on Friday. Rising government bond yields weighed on the gold price.
Australian banks Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) fell by 1.17% and 0.85% respectively. Rising US government bond yields eased investor demand for high-yield Australian bank shares.
Outlook
As 2024 nears its end, limited holiday trading could add to market volatility. Investors should keep an eye on China’s PMI data, US tariff developments and Beijing’s stimulus measures. Weak PMI data or escalating trade tensions could negatively impact risk appetite, creating turbulent market conditions.
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