The ASX200 has started the week in fine form, with a gain of 37 points, or 0.45%, bringing the index to a close at 8,347.40. With U.S markets closed for Martin Luther King Jr. Day, and the inauguration of Donald Trump as the President of the United States, local markets have been pushing on, with the All Ords also seeing strong gains of 0.43% on the day.
Donald Trump, gearing up for his inauguration speech, had a positive conversation with Xi Jinping, the President of China, despite previously making threats regarding tariffs on US imports. Trump has indicated that he intends to resolve multiple issues with China, aiming to create a more peaceful and safe global environment. This diplomatic exchange possibly contributed to the optimism in the market, boosting investor sentiment.
Although the markets displayed an overall upward trend, the energy sector went the other way, falling by 0.56% on the day.
Investors are keenly watching for upcoming policy announcements from the new US administration, particularly concerning energy. With incoming President Trump expected to sign a wave of executive orders on the opening day of his leadership, there could be sentiment shifts in various sectors in the days that follow.
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