As investors expected the US government to introduce more economic stimulus policies, the US stock market hit a new high on Friday. The SPI futures index shows that the Australian stock market may open slightly higher on Monday, and iron ore stocks and energy stocks are expected to boost the broader market and offset the pressure brought by gold mining stocks.
According to Craig James, chief economist of CommSec, a trading company under the Commonwealth Bank of Australia, technology stocks have played an important role in the process of reaching new highs in the US stock market. Therefore, the Australian stock market’s gains on Monday may be lower than the US stock market’s gains on Friday. He expects the performance of the Australian stock market on Monday to depend on the performance of BHP Billiton, Rio Tinto and FMG. And Shane Oliver, chief economist of the Security Group, analyzed that as oil prices hit a new high in a year last weekend, energy stocks may perform on Monday.
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