Investors are expected to take some profits following a historic rally by the Australian sharemarket as they question whether the outlook for corporate profits stacks up against lofty stock valuations, and brace for the Federal Reserve’s high-stakes gathering at Jackson Hole, Wyoming this week.
Futures indicate the S&P/ASX 200 will drop 0.6 per cent at the opening bell on Monday. The benchmark index closed at a record 8938.6 on Friday, clinching a fifth consecutive record high in a feat analysts described as “unprecedented” for the past decade.
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