Market Updates

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ASX 200 rose strongly holding above 700 closing up 58 points at 7007 (+0.8%). Resources are back in fashion as FMG led the iron ore miners higher up 2.7%, with BHP and RIO also doing well. Lithium had a rare day in the green, PLS up 0.9% and MIN up 3.1%. Gold miners slightly higher, Base metals are also better, with IGO up 1.8% and SFR rallying 2.5%. Oil and gas stocks rose as crude prices bounced, WDS up 2.6% and STO up 2.5%. Coal stocks also in demand. Industrials were solid, CSL up 0.7% and FPH rallying 1.6%. Staples better, WOW up 0.4% and EDV rising 0.8%. Tech too in demand, XRO up 1.3% and WTC  up 1.7%. The All-Tech Index rallied 0.8%. Banks flat with the Big Bank Basket up to $176.02(+0.2%) as NAB went Ex Dividend. MQG better, and Insurers doing well, SUN up 3.3% and QBE up 1.8%. In corporate news, CBA results today up 1.0%, with TLS confirming guidance down  2.0% and OFX dropping 10.5% in profit numbers. ALQ up 8.5% on better-than-expected numbers despite lowering dividend and guidance. ORG eased 3.2% after AustraliaSuper upped its stake. On the economic front, consumer sentiment dropped on November rate rise. Asian markets mixed, Japan up 0.5%, China +0.1% and HK down 0.1%. 10Y yields rose to 4.66%. Dow Futures down 6 points. NASDAQ Futures up 24 points. 

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Wall Street finished mixed overnight in a quiet day of trade as markets wait for crucial inflation data tomorrow. The Dow Jones gained 55 points (+0.16%). Up 123 at best. Down 77 at worst.  The S&P 500 fluctuated near its key 4,400 mark before edging lower 0.08%, while the NASDAQ fell 0.22% on cautious trading with CPI results tomorrow, as well as PPI and retail sales data later in the week. Treasury yields are stable, with the 10Y yield flat, down 0.8%, the USD Index fell 0.19%, and Oil prices firmed on the OPEC+ monthly report. Among stocks, Nvidia +0.6% announced updates to its H100 AI processor, and HP gained 0.58% on broker upgrades from Citigroup.

ASX to open higher. SPI Futures up 68 points (+0.98%).

• Bullion prices ticked higher overnight, up 0.45% ahead of US inflation results this week.
• Base metals are broadly higher. Copper -0.60%, Zinc +% Nickel +1.26%, Aluminium +0.09%, Lead %, and Tin +0.53%.
• Iron ore rose for its fourth consecutive day of gains, up 0.23%, buoyed by optimism over Chinese property market sector-related stimulus.
• WTI and Brent Crude oil gained more than 1% after the OPEC+ monthly report eased worries about waning demand in China and the US.
• 10Y yield: US 4.63%, Australia 4.66%, and Germany 2.71%.

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 The ASX 200 falls 28 points to 6949 (0.4%) in a quiet start to a big week. ANZ results dominated with a small sell-off after missing some targets and dividend franking levels. The Big Bank Basket dropped to $175.71(0.2%) with ANZ down 3.0%. The other three held firm, MQG slid 2.6% as it went ex-dividend. Other financials slipped, GQG off 0.4% and PAC down 6.3% on a takeover update. Industrials drifted lower, REA down 2.1%, XRO slipping 1.4% and QAN lower by 1.1%. Healthcare little changed, CSL unchanged and RMD off 0.1%. In resources, iron ore still the place to be.. just. BHP up 0.3% and lithium once again in the toilet, PLS down 0.9%, IGO off 1.8% and AKE tumbling 3.1%. Gold stocks also in trouble, with NST off 2.6% and EVN down 1.6%. Oil and gas easing back too. In corporate news, ELD ran hard on results up 18.3% and a squeeze with BLD up 5.1% on a decent upgrade. 4DX had a great day on US reimbursement news up 70.7%. TPG fell 11.7% as the Vocus deal fell apart. ORG declares a special dividend if deal goes through. In economic news, Marion Kohler (RBA), said that the “next stage in bringing inflation back to target is likely to be more drawn out than the first”. Asian markets flat, Japan unchanged, HK down 0.1% and China off 0.5%. 10-year yields up slightly to 4.67%. European markets set to open weaker. Oil down 0.9% in Asia.

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The Dow lifted near 400 points, the S&P 500 retook the 4400-point mark and the Nasdaq 100 is poised to have risen 10% from its late October low. The catalyst: a surge in demand for tech stocks, both megacaps and others. Helping market sentiment was a steadier US Treasury market. After yields tumbled on Wednesday and surged on Thursday, they were little changed on Friday. 

• All 10 S&P 500 sectors ended in positive territory, led by a 2.20% gain for the tech sector.
• The NASDAQ posted 61 new highs and 353 new lows.
• Base metals fell sharply across the board. Copper -1.21%, Nickel -3.29%, Aluminium -1.20%, Zinc -1.69% Lead -0.32%, and Tin +0.69%.
• Gold fell 1.13%, slipping for a second consecutive week as safe-haven demand eased and an increasingly hawkish stance from the Fed added to the downside.
• Oil prices gained overnight as Iraq voiced support for OPEFC+ oil cuts. Brent Crude +2.10%, and WTI +2.32%.
• 10Y yields: US 4.618%, Australia 4.632%, and Germany 2.715%.

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ASX 200 finishes the week down 38 points to 6977 (-0.6%). Quiet trade ahead of the weekend. Broad-based losses across most sectors, except iron ore and gold. Banks eased back with yields pushing higher, CBA down 0.8%, and NAB suffering from some downgrades falling 1.7%. The Big Bank Basket slipped to $176.11 (-1.1%). MQG eased 0.4%, and SUN down 1.6%. REITs mixed GMG, holding up with a 0.1% gain. Industrials eased, but no real damage, tech mixed, XRO continuing to fall on downgrades down 0.5% with WTC up 0.5%. The All-Tech Index down 0.9%. Iron ore stocks still holding very firm, our own magnificent three, BHP up 0.7% and FMG up 1.3%. Lithium stocks depressed again, PLS down another 5.9%, with MIN falling 2.6%. Gold miners also down and dirty, NEM continuing to fall, down 0.5%. NST slipped 1.9%. Oil and gas stocks down WDS off 2.2%, and coal eased. In corporate news, NWS fell % after 1Q results, REA off % after similar results. MIN fell 2.6% after it pounced on some of PNR’s assets, AVH rose 16.7% on quarterly report. In economic news, SOMP today from RBA, inflation adjustments. In Asian markets, Japan down 0.1%, China down 0.5%, and HK off 1.6%. 10-year yields 4.63%.

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Wall Street finished in negative territory overnight, snapping an eight-day winning streak after Treasury yields jumped as Fed Chair Powell stated that it is too early for the central bank to definitively announce the conclusion of its rate hike cycle, despite not presenting a case for further rate increase. The Dow finished 220 points lower, near worst levels (-0.65%). Dow up 55 points at best. Dow down 253 points at worst. While the S&P 500 and the NASDAQ lost 0.81% and 0.94%, respectively. US treasuries jumped, 10Y yield up 12.4bps and 2Y yield up 9.7bps. A weak 30Y note auction also weighed on market sentiment, raising concerns about the market’s ability to absorb new debt. The USD Index rose, pressuring commodity prices, and the VIX gained 6.9%. On the corporate front, Disney gained 6.7% after its earnings topped forecasts, while Arm Holdings fell 5.2% on weak forecasts, and Telsa fell 5.4% after HSBC analysts rated its stock to the equivalent of sell with a target price 30% lower than its current valuation.

ASX to slip. SPI Futures down 5 points (-0.07%).

• Base metals are broadly lower, pressured by a rising USD. Copper +0.1%, Zinc -0.57%, Nickel -1.77%, Aluminium -0.97%, Lead -0.21%, and Tin -0.26%.
• Gold firmed following Powell’s hawkish speech, up 0.45%.
• 10Y yields: US 4.638%, Australia 4.641%, and Germany 2.661%.
• Oil prices flat, finishing just below $80 a barrel after a sell-off earlier this week. Brent Crude up 0.05%, and WTI up 0.65%.

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ASX 200 up another 20 points to 7015 (+0.3%), off highs but holding up. Banks continue to find buyers with NAB volatile post results, WBC Ex-Dividend with the Big Bank Basket up to $178.05 (+0.6%). MQG kicked 1.5% higher, with insurers doing well too, SUN up 0.7% with SOL up 1.5%. REITs mixed, SCP and VCX down. Industrials holding up relatively well, Tech in a hole made by XRO with WTC down 2.7% following XRO after results and a bad reception, falling 12.2%. Healthcare better with CSL better, up 1.8%, but RMD falling back 3.6%. Resources were better as iron ore stocks recovered, BHP up 0.6% and FMG kicking 1.5%. Lithium finding some support from depressed levels, PLS up 1.1%, and gold miners slipping lower. NEM having another bad day off 4.3%, down 10% this week post the merger. Oil and gas eased, WDS down 1.8% and coal better, WHC up 1.0%. In corporate news, ORI rose 2.8% on better-than-expected results. NAB results were solid, ZIP fell 5.1% after AGM comments. CGF up 1.9% on an agreement with Apollo. On the economic front, business turnover increased. Chinese CPI slipped on pork price falls. Asian markets mixed, Japan up 1.2%, China off 0.1% and HK down 0.3%. 10-year yields down to 4.53%. Dow Futures up 3 points. NASDAQ Futures down 14 points. 

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