The S&P/ASX 200 was up 0.4% through the day on Monday and closed 0.3% higher at 7513.70, with Hong Kong leading gains across Asia’s markets and US futures edging slightly higher. Markets in mainland China are closed on Monday and Tuesday this week for holidays.
Hong Kong leader Carrie Lam, who led Hong Kong through antigovernment protests and the Covid pandemic, has announced she will not seek a second term as chief executive.
The median forecast from The Australian Financial Review’s quarterly survey of 33 economists predicts the Australian dollar will appreciate to US76c by December. The Australian dollar is currently holding above US75c against the US dollar.
Perpetual on Monday told the ASX it has made a $2.4bn indicative bid for funds management house Pendal Group, pitched at one Perpetual share for every 7.5 Pendal shares plus $1.67 cash. That represents an indicative offer value of $6.23 a Pendal share, based on Friday’s closing share prices. Pendal shares jumped as much as 19% during the day.
The Reserve Bank of Australia board meets on Tuesday, the first for Michele Bullock as the newly appointed deputy governor. Economists are not expecting any change to the 0.1% record low cash rate.
WTI currently US$100.37 a barrel
Brent crude oil US$107.25 a barrel
Spot gold US$1917.24 an ounce
Read more: APAC Week Ahead
Read more: UK/Europe Week Ahead