Market Reaction to Albanese's Second Term

Australia's stock market experienced a slight downturn on Monday, following the re-election of Prime Minister Anthony Albanese. This marks a historic moment as Albanese becomes the first Australian leader in over two decades to secure consecutive terms.

Albanese's Vision for Australia

In his victory speech, Albanese emphasized the importance of Australia's self-reliance and announced that the country would not retaliate against the newly imposed 10% tariff on Australian goods by US President Donald Trump. He also shared that he had a "warm and positive" conversation with Trump post-election.

Regional Market Overview

Trading was subdued across the region, with major markets in Japan, South Korea, Hong Kong, and mainland China closed for local holidays. The S&P/ASX 200 saw a decline of 0.77%, while the United States dollar weakened by 0.60% against the Japanese yen.