Will ASX continue to set new benchmarks?
With S&P 500 and Nasdaq in US witnessing a rally leading to an all-time high during last week and the Australian share-market also achieving an 11-year high, it may appear that ASX may continue to rise. In parallel, the oil market could be vulnerable to price spikes after Trump's crackdown on Iranian imports.
But the share market rally is likely to be challenged this week despite ongoing optimism, as investors may face disappointment in the big four bank profits. A number of the major banks/financial groups including ANZ Banking Group, National Australia Bank and Macquarie Group will deliver interim earnings results this week. And, with banks facing tougher capital rules in New Zealand and uncertainty over future compensation charges due to past misconduct in their wealth divisions. Majority of analysts are expecting that the major bank results may disappoint.
There are some major developments scheduled this week that are likely to have a considerable impact on the global stock markets. Firstly, Federal Reserve will announce its latest monetary policy decision midweek. This will be right before the U.S. releases the employment report for April that comes second. Corporate earnings continue apace with Alphabet and Apple setting the tone early in the week. A fresh round of U.S. - China trade due get under way on Wednesday will also remain in focus with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer travelling to Beijing, ahead of another round of meetings scheduled for the following week in the U.S.
Our analysts reckon that there may be another major market correction likely to get in motion sooner or later, so, it is wise to tread carefully as markets are at an all-time high and book profits on your stocks that have already registered decent growth instead of waiting for higher returns.
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