PERTH: The Australian sharemarket is set to end the week higher, despite a string of three losses from Monday to Wednesday, as market volatility subsides and the prospect of further loose monetary policy buoys investors.
At 12.05pm (AEDT), the benchmark S & P/ASX200 index added 52.8 points, or 1.01 per cent, to 5282.8, while the broader All Ordinaries rose 52.7 points, or 1 per cent, to 5318.3.
Rivkin global investment director Oliver Gordon said that unless the local market has a sharp, impulsive move lower, the ASX200 could remain in a bullish mood in the short term.
“This is consistent with the falling level of volatility across equity markets in general and as the US dollar ceases to trend higher, less nerves about further Chinese currency intervention response will be exposed — a good thing for avoiding a repeat of the August theme,” Mr Gordon said.
The case for a US Federal Reserve rate hike this year is continuing to wane, with Reserve Bank of New York president William Dudley saying any decision on whether to raise rates depended on upcoming economic data.
