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1.Market Observations

17 Dec 2016 (AFR) – ASX weekly wrap: Santa rally runs out of puff as Fed dominates

(17 December 2016, AFR, p33, by Jessica Sier and Zac Crellin)

‘In a week dominated by the United States Federal Reserve’s decision to raise interest rates for just the second time in a decade, the local Santa rally ran out of puff. Investors on Wall Street shrugged off the rate rise, driving key indices to record highs during the week, but the optimism didn’t flow through to the ASX, or to shares around the region. The Fed’s only interest rate hike of 2016 came with a boost to the number of increases expected next year, from two to three, which boosted the US dollar against most major currencies, pushing bond yields higher and weighing on local sentiment.’

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