Market Updates

ASX 200 fell 5 points to 7173 (-0.1%) in a day of consolidation. Plenty of corporate news around, from Chemist Warehouse's reverse takeover to MFG FUM and MGF deal. Plus, we saw a bid for PPT up 6.7%. Banks eased back slightly, with NAB down 0.4% and MQG down 1.4%, with the Big Bank Basket steady at $181.97. Insurers fell heavily as yields slipped to 4.28% in the 10s. QBE down 2.8%, and SUN down 1.8%. REITS mostly formed though GMG fell 0.7%. Healthcare eased back, with CSL down 0.4% and RMD off 0.6%. Industrials were lower, BXB down 1.0%, ALL off 1.2%, and TLS fell 0.3%. Tech mixed, All Tech Index up 0.4%. Resources were mixed again, iron ore miners better, RIO up 1.0% and FMG up 1.6%, with BHP lagging on some C-Suite changes. Lithium stocks pushed higher as PLS continued its rally up 5%. MIN up 1.7%, and IGO rallying 2.7%. Gold stocks struggling to gain traction, EVN trying to stabilise up 1.4%. Uranium stocks remained under pressure after BOE acquisition and placement. Oil and gas are remarkably stable, WDS up 0.4% and STO rising 0.7%. In more corporate news, 4DX readies $30m placement, rumours that WDS and STO have been exploring a merger. SWM announced its CEO was stepping down and GQG partners revealed FUM grew US$9bn. In economics, our trade surplus widened in October on exports driven by metal ores and minerals and a decline in imports. Asian markets eased again, with Japan down 1.2%, China off 0.2% and HK off 1.3%. Dow Futures down 26 points. NASDAQ Futures down one point. 

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Wall Street finished lower near worst levels, pulled back by mega-caps and energy stocks after signs of a cooling job market reinforced bets the Fed could start cutting rates early next year. The Dow Jones fell 70 points (-0.19%). Dow up 168 points at best. Dow down 100 points at worst. S&P 500 lost steam amid a slide in energy producers, down 0.39%, with 7 of the 11 sector indices lower led by energy -1.67% and tech -0.76%. The tech-heavy NASDAQ Composite slid 0.58%, and small caps Russell 2000 fell 0.21%. 10Y yields extended their decline down 5.9bps to 4.121%, while the 2Y yield edged slightly higher. ADP employment data provided fresh evidence of labour market weakness following yesterday’s JOLTS report. WTI Oil fell below $70 a barrel -4.13%, its lowest since early July, on demand concerns and increased supply shown in an EIA report. Among stocks, mega cap tech stocks showed weakness, with Google, Apple, and Microsoft losing between 0.6%-1%.

ASX to fall. SPI Futures down 34 points (-0.47%).

• Euro Area retail sales rose by 0.1% in Oct-23, falling short of the expected 0.2% increase.
• Copper fell For a third consecutive session, down 0.73%, touching a two-week low as the USD firmed.
• Dalian Iron ore rose 1.64% on positive economic data and persistently strong demand from China.  
• Golf firms 0.39% as treasury yields ease, stabilising after a rapid fall from a record high earlier this week.
• Lithium down again, off 4.61%.
• 10Y yield: US 4.121%, Australia 4.245%, and Germany 2.199%.
• Brent Crude and WTI sharply lower, down % and % respectively, hitting June lows following EIA reports of a larger-than-expected rise in US gasoline inventories, raised demand concerns.

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ASX 200 romped ahead by 117 points to 7178 (+1.7%). All is forgiven after the losses of yesterday, even lithium staged a significant comeback. This despite falls in international lithium stocks. AKE up 3.0%, PLS up 5.6% with some large blocks traded, MIN rose 4.2% with iron ore miners not even stirred by news from RIO on Simandou, RIO up 0.7% and BHP rising 1.5%. Base metals better, Gina will be happier as LTR rose 6.1% and CHN up 10.8% on access permits. Gold miners mixed with EVN dropping 13.0% on the placement and acquisition fallout. Looks overdone. NST up 1.0%, and oil and gas stocks rallied too. WDS up 1.1%, and BPT rising 1.4%. BPH continued to backfill down 9.6%. Banks shot up, with NAB leading the way, up 1.9% and CBA up 1.6%. The Big Bank Basket up to $182.15 (+1.6%), with MQG up 1.8%. REITs kicked, GMG up 1.8% and SCG up 3.7%. 10-year yields down to 4.3%. Other financials also doing well, PPT up 6.3% and MFG up 3.6%, with its latest FUM up despite outflows. Healthcare better, CSL rallying another 1.7% with RMD up 0.9%. Industrials firmed across the board, TLS up 1.9%, TCL up 0.7% and staples rallying hard, WOW up 1.9% and COL up 2.4%. Tech sparking higher, WTC up % and XRO up %. The All-Tech Index up 1.7%. In corporate news, EVN was the standout story, Chemist Warehouse is heading for a reverse takeover listing through SIG. EDV held an update with a hotel earnings target of $150m. WDS signed a sales deal with Mexican Pacific. On the economic front, GDP expanded 0.2% in the third quarter, less than the previous quarter’s 0.4% and consensus. Asian markets firmed, Japan up 1.8%, HK up 0.7% and China down 0.1%. Dow Futures up 64 points. NASDAQ Futures up 66 points. 

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US equities ended mixed while treasury resumed their rally following fresh economic data reinforced bets the Fed will cut rates in Q1 of next year. The Dow Jones fell 80 points (-0.22%). Dow down 194 points at worst. S&P 500 ended marginally in the red, down 0.06%, and the NASDAQ gained 0.31%. Treasuries fell after job openings data hit its lowest since March 2021. 10Y yields down 8.2bps breaching 4.2% levels, and the 2Y yield fell 4.6bps to 4.587%. Key non-farm payrolls report out Friday, which will offer more insight into the health of the labour market. Bitcoin is up 4.8%, Gold eased 0.48%, and the Aussie dollar fell sharply, down 1.03% to 65.51US Cents. Among stocks, the tech sector outperformed as treasuries dipped Nvidia and Apple gained over 2% each, while Amazon and Telsa rose over 1% each.

ASX to rise. SPI Futures up 27 points (+0.38%).

• Base metals down.  Zinc -1.84%, Aluminium -1.03%, Lead -2.03%, and Tin -0.56%.
• Nickel fell 2.88%, continuing its downward trend on expectations of excess supply.
• Copper is down 1.46%, hitting its lowest level in two weeks after Moody’s cut its outlook on China’s credit rating.
• Dalian Iron ore fell 0.91% on lingering fears over China’s supervision of the markets to ensure price stability.
• Oil prices lower, hovering around five-month lows on a stronger USD and demand concerns. Brent Crude -1.32% and WTI -1.07%.
• 10Y yield: US 4.180%, Australia 4.315%, and Germany 2.249%.

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ASX 200 fell 63 points to close at 7062 (0.9%) on weaker international leads and falling commodity prices. RBA left rates unchanged again, but limited ASX reaction.  Resources hit hard with iron ore miners under pressure, BHP down 1.3% and FMG off 0.9%, Lithium stocks remain depressed with IGO falling 6.7%, PLS down 8.5% and MIN copping a 4.3% fall. Gold miners retreated from the heady times of yesterday with NST down 4.0% and NEM slipping 2.7%.  EVN raising $525m for an acquisition. Oil and gas stocks also fell hard as crude failed to launch, WDS down 2.7%, STO off 0.9% and coal stocks also down. Industrials held up in places, WOW and COL showed modest gains, WES fell only 0.6% despite its lithium exposure, tech saw profit taking, WTC down 1.0% and XRO off 1.0% with the All-Tech Index down 0.8%. Healthcare better with RMD up 1.8% as the recovery continues. Banks eased back slightly with the Big Bank Basket down to $179.29c. MQG fell 0.7% and insurers eased back again. In corporate news, ORG returned after the cunning Plan A was rejected by Aussie Super and rallied 2.2%, CMM dropped 8.4% on some director selling, same with 360 falling % and MSB returned from its 150th capital raise and dropped 18.0%. MPL up 0.3% on an agreement to increase stake in My Health. On the economic front, the much-anticipated Xmas present from Michele was delivered with a pause in rate rise. Not much movement on this AUD slid around 0.5% and 10-year yields at 4.41%. Asian markets weaker with Japan down 1.1%, China off 0.8% and HK down 1.8%.

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The Dow Jones Industrial Average shed 41.06 points, or 0.11%, to close at 36,204.44. The S&P 500 dropped 0.54% to 4,569.78. The Nasdaq Composite declined 0.84% to 14,185.49 as investors sold Big Tech shares, which have led the market’s gains this year.

November was the best month for the 30-stock Dow since October 2022. The S&P 500 and Nasdaq Composite both enjoyed their biggest monthly gains since July 2022.

ASX to fall. SPI Futures down 38 points (-0.53%).

• Base metals were broadly lower as the USD strengthened. Copper -2.2%, Nickel -2.11%, Zinc -2.4%, Aluminium -1.02%, Lead -1.55%, and Tin +0.88%.
• 10Y yield: US 4.263%, Australia 4.464%, and Germany 2.344%.
• Brent Crude and WTI fell % and % overnight, nearing four-month lows as markets took a wait-and-see attitude about plans by OPEC+ to cut production in Q1 2024.

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ASX 200 rose 52 points to 7125 (0.7%) in a very solid day although off highs. Gains in most sectors with the Banks up again CBA up 0.9% and NAB up 0.8% with the Big Bank Basket at $179.61(0.7%). MQG rose 0.7% with other financials doing well, ASX up 0.6% and SUN up 0.4% on ACCC hopes. QBE dropped 3.2% with other insurers easing back. REITs higher again, GMG up 1.4% and SCG up 1.5% with healthcare also firm, CSL up 0.5% and RMD bounce continues up 1.5%. Industrials looking good, TCL up 0.4%, WOW and COL firmed despite inquiries proposal into price gouging. WES rose 1.0% with tech better led by WTC up 1.9% and XRO up 1.7%. Iron ore miners and gold the stand outs in resources, BHP up 1.7% and RIO firing 1.6% higher. Gold hit an all-time high with NEM doing well up 2.9% and NST up 3.7%. Lithium stocks remain depressed but uranium in demand DYL up 6.4% with PDN up 1.9%. Oil and gas under pressure, WDS down 1.6% and STO off 1.2%.

In corporate news, ORG Plan A was voted down as expected, the stock halted down 3.9%, MTS up 1.1% after 1H results, PGH unchanged as its offer was extended and ORA is now officially the owner of Saverglass.

In economic news, The value of new owner-occupier loan commitments for dwellings rose 4.9%in October 2023. Asian market were weaker with Japan down 0.6%, China down 0.3% and HK down 0.6%. 10-year yields at 4.46%. Gold at all-time highs.

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All three major US indices advanced overnight, with the Dow finishing near best levels up 295 points (+0.82%), up 314 points at best. S&P 500 achieved its highest close for the year, up 0.59%, and the NASDAQ rose 0.55% starting December on a positive note following Powell’s latest comments bolstering the view that policy rates have peaked. Powell, despite expressing the Fed's readiness to tighten further if necessary, noted that policy is currently in "well into restrictive territory," leading to a decline in bond yields, with the 2Y yield down by 15bps and the 10Y yield down by 12.9bps. Gold and base metals experienced an uptick due to a weaker dollar, while oil prices continued their decline post the OPEC+ meeting on Thursday. Among stocks, Alibaba slipped 1.2% on broker downgrades, and Paramount jumped 9.8% after reports Apple have discussed bundling their streaming services at a discount.

ASX SPI Futures up 65

• Base metals are higher across the board. Nickel +2.59%, Aluminium +0.64%, Zinc +2.20%, Lead +0.05%, and Tin +2.62%.
• Copper rose to an almost four-month high, gaining 2.09%.
• Brent Crude down 2.0%, and WTI fell 1.89% on Friday after a volatile trading week following the latest rounds of OPEC+ production cuts and sluggish global manufacturing activity.
• 10Y yields: US 4.213%, Australia 4.400%, and Germany 2.359%.

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ASX 200 fought from early big falls to close down only 14 points to 7073 (-0.2%). Banks flat, the Big Bank Basket at $178.32 (-0.3%). MQG slid 0.8%, with other financials pulling back slightly. Insurers held in, with SUN up 0.2% and MPL up 2.0%. REITs mixed, GMG up 1.3% and VCX down 2.1%. Healthcare flat, Industrials saw some losses in staples, WOW off 1.0% and COL down 1.0%, with WES off 0.9%. Tech eased, XRO down 1.9% and WTC falling 1.0% with the All-Tech Index off 0.5%. In resources, Iron ore slightly better, BHP up 0.1% and FMG up 0.8%. Lithium stocks falling again, PLS off 0.8% despite a new substantial shareholder, gold miners mixed, NEM up 0.9% and NST down 2.3%. Oil and gas slid on OPEC Plus news, WDS down 0.5%, and STO off 0.1%. In corporate news, MSB tapped shareholders yet again, it must be Xmas after all, PMV posted record Black Friday sales rising 2.8%. COL got the ACCC thumbs up to purchase Sapputo’s milk facilities. In economic news, Chinese manufacturing PMI came in better-than-expected at 50.7. In Asia, not much happening, Japan +0.3%, China down 0.5% and HK down 0.8%. 10-year yields 4.499%. Dow Futures up 19 points. NASDAQ Futures down 34 points.

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