Australian stocks are poised to open higher, though modestly so in the context of what has turned into a dismal fourth quarter, and as such a disappointing year, for local investors.
ASX futures were up 22 points or 0.4 per cent on Saturday, following a mixed close on Wall Street which saw the Dow slip 0.3 per cent and the S&P 500 edge 0.1 per cent lower as a semblance of relative calm emerged.
Monday’s session, however, is set to bookend a reality check year. The S&P/ASX 200 has tumbled 6.8 per cent this year through Friday, and even a December 31 rally won’t be able to put much more than a mere dent into that.
Friday’s close of 5654.32 though is 719 points or 11.2 per cent from the index’s 2018 peak of 6373.50 reached in late August. The brunt of the losses, or near 9 per cent, have been during the final three months of 2018.