Market Updates

ASX 200 dropped 82 points to 7415 (1.1%) in a perfect storm as major stocks all saw sellers appear. No lead-in from the US, but futures are pointing to a weaker start all the same. The ‘Three Amigos’ saw selling as Iron ore prices fell again in Asia, BHP off 1.4% and FMG copping a 2.2% loss. RIO reported production numbers and reaffirmed guidance falling 1.3%. Lithium stocks mixed, PLS up 1.1% and IGO continued its own halving falling 1.8%. Gold stocks also found willing sellers, EVN down 3.4% and NST falling 1.9%. Uranium stocks came to a halt, PDN off 1.5% and DYL up 1.0%. Oil and gas stocks also on the nose, WDS down 1.6% and STO off 1.8% with coal stocks also easing. Banks saw some long overdue profit taking, CBA down 0.6% and WBC and NAB down 0.7-0.8% with the Big Bank Basket down 0.7% to $192.54. Other financials slid, MQG off 0.8%. REITS eased and industrials sold down. Retail under pressure, SUL down 2.6% and JBH off 1.4% with LOV down 5.2%. Tech eased with the All-Tech Index down 0.7%. Supermarkets are not quite so super as ACCC muscling up. WES down 1.0%, WOW off 1.5% and COL off 2.0%. 10-year yields bounced back to 4.14%, sending rate-sensitive stocks lower. In corporate news, DTL to beat profit guidance up 1.5%, HUB fell 2.1% on its FUA number and we had RIO production numbers. On the economic front more pessimistic consumer sentiment numbers. In Asia, Japan down 0.7%, HK falling yet another 1.9% and China down 0.4%.

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US markets closed last night.

The pan-European STOXX 600 ended 0.5% lower, as government bond yields across the region perked up after ECB’s chief economist pushed back against rising expectations for rate cuts.

ASX 200 SPI Futures down 21 points.

• Copper closed up 0.56% at $8,381 after falling as far as $8,308.
• Zinc jumped 1.57% after Nyrstar said it will suspend zinc smelting operations at its Dutch plant in Budel in the second half of January.
• Base metals mixed, pressured by a rising dollar. Nickel -0.61%, Aluminium -0.83%, Lead +0.81%, and Tin -0.94%.
• Gold advanced 0.40% on safe-haven demand on rising tensions in the Middle East.

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Wall Street closed mixed overnight, with the Dow Jones closing 118 points lower (-0.31%), while the S&P 500 and NASDAQ remained mostly unchanged. Markets grappled with the impact of corporate quarterly results and softer-than-expected PPI data. BofA (-1.1%) and Wells Fargo (-3.3%) fell as their results fell short of estimates, while JPMorgan, despite posting upbeat results, lost 0.7%. UnitedHealth fell 3.36%, and Delta Airlines sank 8.9% after adjusting its 2024 earnings forecast downward. Tesla also saw a 3.7% drop following the announcement of a production halt in its Berlin plant due to conflicts in the Red Sea. Citigroup, gained 1% after revealing plans to reduce its workforce by 10%.

ASX SPI Futures up 5 points.

• Base metals broadly slipped on a firmer dollar. Copper -0.38%, Nickel -0.58%, Aluminium -0.69%, Zinc +0.70%, Lead -1.30% and Tin up 1.61%.
• Gold rallied 0.96% on safe-haven buying following an escalation in conflict in the Middle East.
• Iron ore off 1.17%. China iron ore imports in 2023 hit a record high, up 6.6% YonY.
• Brent Crude up 0.80%, and WTI advanced 1.09% as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the US and Britain on Houthi targets in Yemen.
• 10Y Bond Yields – US 3.945%, Australia 4.078%, and Germany 2.153%.

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ASX 200 limped into the weekend down 8 points to 7498 to finish the week relatively unchanged. Quiet with low volumes again. US PPI and Chinese CPI in focus. Banks 'sagged' with the Big Bank Basket down to $193.63(-0.1%). NAB down 0.2% and ANZ falling 0.6%. MQG slid 0.2%, with insurers a little better, SUN up 0.8%. REITS mixed with GMG down 0.3% and SGP up 1.1%. In the industries, supermarkets are under pressure as the government pushes for price cutting. The rest of the industrials also drifting lower, TLS off 0.3% and BXB down 0.9% with tech under a little pressure, XRO off 0.8% and utilities falling too. ORG down 0.7% (Ex-Div) and APA down 1.9%. In resources, the ‘Three Amigos’ were a little mixed, FMG up 1.2%, with BHP down 0.2%. Lithium stocks mixed, PLS down 1.1% and MIN off 1.4%. Gold miners were slightly higher, and oil and gas stocks better as the UK and US launched an attack against the Houthis in Yemen. Crude rallying around 2%. Uranium stocks on a charge as the price hit a fresh post Fukushima high, DYL the standout.  In corporate news, NXL warned of higher legal fees falling 12.9%, HLS fell 7.6% after a downgrade by Morgan Stanley. SYR rallied 1.9% as cold weather hit Louisiana.  There was nothing locally on the economic front; Chinese CPI fell 0.3%, and PPI fell 2.7%. In Asian markets, Japan up 0.4%, China down 0.1% and HK unchanged. 10-year yields, 4.07%. Dow Futures down 25 points. NASDAQ Futures down 16 points.

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Stocks ended Thursday near the flat line after a fresh round of inflation data reflected an uptick in consumer prices for December. The Nasdaq Composite closed at the flat line, settling at 14,970.19. The Dow Jones Industrial Average eked out a gain of 15.29 points, or 0.04%, to close at 37,711.02. The S&P 500 edged lower by 0.07% to end at 4,780.24. Earlier in the session, the broad market index briefly traded above its record closing high of 4,796.56.

ASX SPI Futures down 34 points.

• Base metals firmed on a weaker dollar. Nickel +0.37%, Aluminium +0.02%, Zinc +0.12%, Lead +1.58%, and Tin +0.49%.
• Gold dipped to a one-month low, before finishing up 0.23%
• Iron ore recouped losses overnight, up 0.50% after falling for five consecutive sessions, helped by the latest support for the property market and renewed hope of monetary easing in China.
• WTI gained 0.81%, and Brent Crude rose 1.30% after Iran seized an oil tanker off the coast of Omen, raising the possibility of escalating conflict in the Middle East.
• 10Y Bond Yields – US 3.981%, Australia 4.082%, Germany 2.194%.

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Stocks closed higher Wednesday, with investors awaiting the release of fresh U.S. inflation data and earnings.

The S&P 500 gained 0.57% to end at 4,783.45, while the Dow Jones industrial Average added 170.57 points, or 0.45%, to close at 37,695.73. The Nasdaq Composite advanced 0.75% to settle at 14,969.65.

ASX SPI Futures up 13 points.

• Copper up 0.33% on arbitrage buying and a softer dollar.
• Dalian Iron Ore down 2.12%, for a fifth consecutive session, nearing a three-week low on muted demand by a weaker steel market and lack of fresh stimulus from China.  
• Base metals mixed. Nickel +0.80%, Aluminium -0.44%, Zinc -0.50%, Lead +1.48%, and Tin +0.72%.
• Gold eased 0.28%, ahead of inflation data, although a softer dollar kept a floor under prices.
• WTI -1.19%, and Brent Crude is down 1.04% following a surprise jump in US crude stockpiles raising concerns about demand in the largest oil market.
• USD Index down 0.16%, and Aussie dollar up 0.24% to 66.98 US cents.

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ASX 200 finished flat at 7502. Xmas apathy took over despite a rally on Wall Street. Inflation numbers tonight but not expecting much. Banks were flat with the Big Bank Basket down to $189.53(-0.1%). The $190 level has been resistance in the past. Financials also slipped. MQG down 0.5% with insurers drifting slightly lower, QBE off 0.4%. REITs powered ahead with GMG up 0.7% and SCG rising 0.3%. 10-year yields once again under some pressure at 4.03%. Chinese yields hit a 30-year low. Industrials sagged, TCL down 0.4%, WES off 0.3% and TLS falling 0.3%. Tech slightly better with NXT up 0.5% and WTC moving 0.9% higher. Old Skool Platform stocks tickled higher with REA up 0.5% and SEK doing well. Retailers mixed. Always so. KMD fell again, LOV up 0.4% with APE bouncing back 2.4%. In resources, CXO collapsed 21.2% on a strategic review as lithium prices have been trashed this year. PLS up 3.0% and LYC up 2.9% on China rare earth moves, iron ore miners still firm FMG up 1.1% on a new high. Gold miners flat and oil and gas better. Plenty going on in the M&A space, PBP up 15.5% on a bid, A2B also getting a bid up 19.9% and ASB jumped 7.2% on a new US Navy contract. MIL raced 73.4% ahead with a bid too. Nothing on the economic front. US inflation numbers tonight another piece in the jigsaw. Asian markets better with Japan up 0.2%, HK up 1.3% and China up 0.7%.

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Stocks rose on Thursday, with the S&P 500 recovering from its worst day since September as the year-end rally resumed.

The Dow Jones Industrial Average gained 322.35 points, or 0.87%, to 37,404.35. Meanwhile, the

Nasdaq Composite advanced 1.26% to 14,963.87.

The S&P 500 added 1.03% to 4,746.75. That places the broad market index about 1% from its closing high and 1.5% from its intraday record.

ASX to open higher. SPI Futures up 35 points (+0.47%).
 
Gold bounced 0.5% ahead of PCE data tomorrow.
Brent Crude down 0.26%, and WTI off 0.87% after Angola said it would exit OPEC.
Copper gained 0.17% after US economic growth was revised down, raising expectations for interest rate cuts early next year and pushing the USD lower.
Base metals finished mixed. Nickel +0.51%, Aluminum +0.22%, Zinc -0.66%, Lead -0.63%, and Tin -0.12%.
10Y Bond Yields – US 3.931%, Australia 4.097%, and Germany 2.022%.

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