The ASX 200 is set to continue its record-breaking rally on Monday, as rising iron ore prices boosted investor appetites for mining companies.
By 7 am AEDT (8 pm GMT) futures indicated the S&P/ASX 200 would open 21 points or 0.2% higher on Monday.
The market’s upward momentum has been fuelled by optimism surrounding U.S. President-elect Donald Trump’s proposed economic policies, including tax cuts and reduced regulatory burdens.
The nomination of Scott Bessent as Treasury Secretary has further strengthened expectations of balanced trade policies, tempering fears of aggressive tariffs.
Trump’s policies also contributed to a 5.7% surge in the S&P 500 during November, marking its best monthly performance this year.
Meanwhile, the ASX gained 3.4% in November, its strongest month since July.
Iron ore futures in Singapore climbed 1.3% to $US104.40 a tonne on Friday, marking a second consecutive weekly gain for the key steel-making material.
The rebound is attributed to speculation that Beijing may introduce additional fiscal stimulus to offset potential U.S. tariffs of up to 60% on Chinese goods.
Ahead in Monday's session, investors will be closely monitoring building approvals and retail sales data.
On the bond markets, 10-year and 2-year yields were at fresh multi-week lows of 4.316% and 3.956%, respectively.
