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Team Veye | 27-Feb-2024

ASX Market Update:

Australia's stock market is up marginally on Friday, tracking the overall positive overnight signals from international markets. The S&P/ASX 200 benchmark is still above 7,600 on account of strong gains in technology stocks that closely followed those of their NASDAQ counterparts and a promising picture for demand for chips used in artificial intelligence products.

The latest domestic data indicating that Australia's private sector activity expanded in February for the first time in the previous five months also caused traders to react vigorously.


Market Outlook:

It is anticipated that global growth will be below average and that inflation will decline to meet the targets set by central banks in many economies. In 2024, the average GDP growth of Australia's principal trading partners is anticipated to decelerate, thereby impeding the growth of demand for Australian goods and services. Central banks   generally forecast that inflation in advanced economies will fall over the next year or so to be consistent with their targets because of upside risks.

The valuations of ASX stocks have gone through the roof, even with questionable fundamentals in some. Despite the rich valuations, the stocks are unstoppable and trending higher with caution. But does this mean that one should dump all his holdings?


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