Market Updates

ASX 200 rose 24 points to 7253 as iron ore drives the market from negative to positive. Quiet conditions with Chinese stability helping sentiment. Iron ore hit US$100 in Singapore pushing BHP up 2.1%, FMG up 2.2% and RIO up 3.5%. Base metals rose slightly, S32 up 3.0% and MIN doing well up 2.4%. Lithium stocks found some buyers but conviction remains low. Gold miners under a little pressure as USD rises, NCM down 0.1% and NST off 0.5%. Energy stocks mixed with WDS off 0.4% and STO up 1.1% on its BKW deal. Old king coal a very mixed soul, WHC down 1.8% and YAL up 0.4%. Banks were flat with CBA down 0.4% dragging the Big Bank Basket to $188.52. Other financials drifted off, MQG down 0.3% and ASX off 4.7%. Industrials slightly weaker in thin trade. WES fell 0.3%, ALL down 0.8% and REITS slipped slightly, GMG down 1.2%. Healthcare was firm led by CSL. RHC up 0.9% on its AGM and FPH doing well on its results up 9.8%. Tech stocks going nowhere, XRO up 1.0% and the index unchanged. In corporate news, CKF dropped like a hot bucket of chicken down 19.8% on inflation biting margins. Some presentations around in CIA and AGY and in economic news, consumer confidence is picking up a little after the budget. Asian market calmly better after the weekend of protests in China. HK up 3.9%  10 year yields steady at 3.61%.

HEADLINES

• Winners: FPH, ACL, AGY, PBH, MAD, NAN, BGL, SYR
• Losers: CKF, RNU, LFG, OBL, MGH, GNC
• Positive sectors: Iron ore. Banks. Healthcare. Lithium.
• Negative sectors: Industrials. REITs. Oil and Gas.
• High 7254 Low 7201 
• Dalian iron ore up in Asia.
• Big Bank Basket: Closed up at $188.52 
• All-Tech index: Unchanged.
• Gold steady at $2614
• Bitcoin: Steady at US$16,267
• Aussie Dollar: Higher at 66.99c
• 10-Year Yield: Steady at 3.61%
• Asian markets: Japan down 0.5%. HK up 3.9% China up 3%
• US Futures: Dow up 70 Nasdaq up 54.

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US Markets were closed overnight for the Thanksgiving Holiday and will close early tonight. SPI Futures are up 12 points (+0.17%), following gains in Europe on the hopes that the US Federal Reserve will begin to slow the pace of its rate rises soon. European markets all finished higher, with the Stoxx 600 +0.46%, FTSE +0.02%, German DAX +0.78%, and France +0.42%. The ASX 200 is poised to end the week 1.6% higher.

The oil price steadied overnight, climbing 0.57%, as the EU considers a higher-than-expected price cap on Russian oil. Goldman Sachs believes that the higher price cap being considered could reduce the risk of retaliation from Moscow. Talks to finalise the deal were supposed to be completed yesterday but were delayed.

In Asia, Chinese stocks finished lower as the battle against COVID continues. Officials are pushing forward with their aggressive tactics to slow the spread, ordering lockdowns and movement curbs with daily cases nearing 30,000. Official comments from Wednesday indicate that the PBOC will allow banks to reduce capital reserves to stimulate growth. 

In commodities, it was a mixed bag. Base metals were mostly higher, with nickel, lead and tin all up over 1%. Dalian iron ore slipped as COVID continues to run through China, while US futures climbed 1.3%. Brent crude steadied and rose 0.57% as the Russian oil price cap talks continued. Volatility in the coal price continued, falling 3.46% overnight. The Aussie Dollar rose 0.52%, now fetching US67.66c. 

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ASX 200 traded quietly in a very narrow range closing up only 10 points to 7242 (0.1%). Banks were a little on the nose today with the Big Bank Basket easing to $187.76 (0.3%) Other financials also eased back with MQG down 0.4% with insurers flat lining. Healthcare was firmer with CSL up 0.4 % after its new $3.5m drug brought upgrades from brokers. The rest of the sector was flat. Industrials mainly flat with squirts of green own TCL up 0.4% KGN up 7.9% and REA doing ok, up 2.9%. REITs also better as bond yields fell slightly. Resources were once again the driving force with BHP up 1.4% and FMG up 0.5% with base metals and lithium stocks a little flat but gold miners enjoying a good run despite AUD bullion going no where. Oil and gas stocks under pressure on crude falls. WDS down 1.4% and STO falling 1.6%. Coal stocks sold off today not helped by WHC falling 6.7% on CEO selling down his holdings for tax issues. In corporate news, KGN AGM today saw gains though HVN eased slightly after its own AGM. CLX rallied hard up 27.5% on profit guidance last night and IVZ fell 20.6% on additional elevated gas shows. Nothing on the economic front as we digest the FOMC minutes last night. Asian markets mixed with Japan playing catch up rising 1.1%. 10 -year yields slipping back to 3.58%.

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US markets rallied overnight with further evidence suggesting the Fed will soon slow rate rises came to light. The Dow Jones was up 96 points (+0.28%), closing at its highest level since April 21. At worst, it was down 93 points, and at best, it was up 164 points. The NASDAQ rose 0.99%, and the S&P 500 was up 0.59%. In Europe, the Stoxx 600 +0.6%, FTSE +0.17%, German DAX +0.04%, and France +0.32%. SPI Futures are up 5 points (+0.07%) following a 51-point rise yesterday. The ASX 200 is up 1.1% for the week.

• US Treasury yields dropped as Fed minutes suggests lower rate hikes.
• ‘Substantial’ majority of Fed officials see rate hikes slowing ‘soon’.
• US weekly jobless claims at three month high.
• US business activity weakens further.
• NY Fed s analysts say bank deposit rates lag changes in Fed policy rate.
• Euro zone downturn eases slightly. Offers hope for milder recession.
• Oil slides 3% on Russian price cap talks. US gasoline inventories build.
• G7 looking at Russian oil price cap of $65-$70 per barrel.
• Oil price Would have immediate impact on Russian revenue. Russian tanker fleet too small to bypass cap.
• Germany plans 33% windfall tax on gas, coal and oil firms.
• China widens COVID curbs, iPhone factory unrest adds to economic worries.
• Russian missile barrage forces Ukraine to shut nuclear power plants.
• Copper demand to rise on surging EV and power investment.
• BHP sees 2-3 years of elevated costs, near-term copper oversupply.
• Crypto exchanges enabled online child sex abuse profiteer on darknet.
• FTX was run as ‘personal fiefdom’, faces hacks, missing assets.
• Bank regulators tell Citigroup to take urgent action to fix resolution plan.
• Credit Suisse flags hefty loss as rich clients leave.
• News Corp merger with Fox opposed by big shareholder.
• Soccer - Japan stun Germany with come from behind 2-1 win. Spain 7-0 v Costa Rica.

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 ASX 200 rose 51 points to 7232 (0.7%) in disappointing trade really. Early signs of kicking on evaporated and we gave a little back, iron ore in China slipped over 2% but that didn’t hurt BHP up 1.0% and RIO up 0.5%. Base metals held firm with S32 up 2.0%, LYC up 1.8% and MIN doing well up 1.9%. Gold miners rallied despite little movement in bullion, NST up 2.2% and NCM better by 2.4%. Energy both old and new, was the place to be, lithium stocks mixed, AKE up 1.5% and CXO rising 2.1%, WDS up 0.9% and coal stocks soaring as WHC rose 5.6% with YAL up 3.8%. Big Banks were also better yet again, CBA hitting records, up 0.5%, the Big Bank Basket up to $188.18 (1.1%). MQG joined in today up 1.6% and insurers also firm. Industrials positive, REITS a little better and healthcare ahead with CSL up on upgrades and news. Techno slipping as WTC crashed 6.7% on its AGM statement. All-Tech Index down 0.5%. In corporate news, CXL rose 7.8% on its CEMEX announcement, CHN up 6.5% on a drill report and QAN dominated as it raised guidance by $1bn in just six weeks, rising another 5.3%. PNV slipped back 8.9% on its capital raise and GNG fell 6.5% on its AGM report. Nothing to write home about on the economic front. Japan closed for Thanksgiving. China seeing more lockdowns and the index easing back slightly. 10-year yields back to 3.58%

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US markets rallied overnight as Fed officials indicated that they will continue to raise rates, but they’re open to slowing the pace of hikes. The Dow Jones rallied throughout the session, finishing up 398 points (+1.18%). At worst it was up 110 points, and at best it was up 415 points. The S&P 500 gained 1.36%, and the NASDAQ climbed 1.36%. In Europe, Stoxx 50 +0.5%, FTSE +1%, CAC +0.4%, DAX +0.3%. SPI Futures are up 62 points (+0.86%), following a 42-point rise yesterday.

HEADLINES

• Stocks soar as investors expect Fed to slow pace
• Retailers rally into holiday season after earnings blowouts
• FTX collapse ensnares creditors big and small all over the world
• Carvana’s unwinding triggers cascade of warnings on Wall Street
• U.S. Supreme Court clears way for lawmakers to get Trump's tax returns
• Harsh winter looms as Russian attacks hobble Ukraine's power capacity
• Best Buy forecasts smaller drop in sales ahead of holiday season
• Europe to be hit hardest in global slowdown – OECD
• EU executive proposes gas price cap at 275 euros/MWh
• China set to fine Ant Group over $1bn, signalling revamp nears end-sources
• Ronaldo to leave Manchester United after criticism of club
• Australia loses to France in World Cup 4-1

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 ASX 200 continued to push higher in quiet trade finishing up 42 points at 7181 (0.6%). Coordinated positivity in banks and resources saw the index close in on the 7200 level. The Big Bank Basket topped $187.10 (0.5) with CBA close to an all time high. NAB in favour too up 0.5% with QBE better by 2.7% on broker upgrades. MQG missed the memo down 0.9% with MFG up 0.4%. Healthcare better as CSL up 0.1% and FPH rising 2.5%. REITs did well too, GMG up 0.2%, SCG up 1.4% and VCX rising 0.8% despite recent CEO woes. Industrials firm but unspectacular. Tech stuck in the slow lane with the All Tech Index up 0.3%. Resources though were back in demand despite more CV19 cases in China. BHP rose 1.2%, RIO up 1.0% and MIN doing well up 2.8%. Lithium stocks were firm but again unspectacular, PLS up 3.4% and LTR roaring 2.5% better. Energy stocks though in demand with WDS going great guns up 2.9% and coal stocks rallying hard on higher coal prices. WHC up 7.8% and NHC up 7.3%. Gold miners uneventful. In corporate news, TNE rose 5.1% on some impressive numbers, VUK up 10.6% on results and buy back update, AXE chopping higher on qubit news, up 21.8%. BST was worse with its AGM update falling 13.6% and 360 returned from a capital raising falling close to the placement price of 630c. Nothing on the economic front, Phil Lowe speaks tonight his specialist subject. How to forecast inflation and interest rates correctly. Meanwhile Asian markets mixed on CV news, Japan up 0.7% HK down 0.4% and China up 0.8%. 10 -year yields steady at 3.60%.

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US markets slipped overnight as Chinese COVID concerns, and the expectation for Fed interest rate hikes continued to dominate headlines. The Dow Jones dropped 45 points (-0.13%), closing in the middle of its trading range. At best it was up 119, at worst it was down 187 points. The NASDAQ was down 122 points (-1.09%). The S&P 500 fell 18 points (-0.45%). In Europe, Stoxx 50 -0.4%, FTSE -0.1%, CAC -0.2%, DAX -0.4%. SPI Futures are up 32 points (+0.45%), with RBA governor Philip Lowe set to speak about “price stability, the supply side and prosperity” at the Annual CEDA Dinner in Melbourne tonight.

•  China COVID cases weigh on the Wall Street; Disney jumps 6%. 
• Disney brings back Bob Iger as CEO in bid to boost growth
• Saudi denies oil output hike discussion, says OPEC+ may cut if needed
• Real impact of Fed hikes likely bigger than what target rate implies, Daly says
• Goldman Sachs Strategists Say Bear Market Will Last in 2023
• Activist investor asks News Corp to spin off unit instead of merger with Fox
• Chinese carmakers target more European sales with five-star EVs
• Indonesia quake kills over 160, search for survivors continues
• Global stocks, oil prices slip as rising COVID cases prompt Chinese lockdowns.
• China COVID cases rise, hard-hit Beijing’s tightens entry rules.
• Beijing’s reports 316 new local COVID cases, enforces inbound travel rules.
• Iron ore retreats on China COVID flareups, India’s export tax move.
• India scraps export taxes on low-grade iron ore.
• New China COVID curbs push copper (down 2.1%) to two-week low.
• Saudi denies oil output hike discussion, says OPEC+ may cut if needed.
• Oil rebounds from early 5% plunge after Saudis deny OPEC+ output report.
• ECB’s Lane makes a case for smaller rate hikes ahead.
• Australia considers credit card laws for BNPL lenders.
• England beats Iran 6-2 in the World Cup, "It's coming home" - Henry Jennings 

Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.

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ASX 200 fell 13 points to 7139 (0.2%) in another quiet day of trade. Once again banks strong, resources weaker. BHP fell 2.3% with RIO off 2.3% as Turquoise Hill becoming an issue with the takeover, FMG dropped 3.8%. Lithium stocks steadied but no huge rally, MIN down 0.2%, PLS up 0.1% with LTR up 3.1% and CXO up 0.4%. Oil and gas stocks slipped on the falls in crude, WDS down 1.4% and STO off 1.0% with coal stocks better on coal price rise, WHC up 3.2% and NHC rising 1.9%. Gold miners doing little. The Big Bank Basket rose to $186.14 (0.8%). Insurers slipped as QBE updated the market falling 0.6%, MQG down 1.0% and fund managers dipped with MFG down 2.7%. Healthcare mixed, CSL up 0.9% and SHL eased 1.1%. Industrials mixed, technology fell, XRO down 3.7% with the All-Tech Index down 1.7%. In corporate news, SFR rose 1.5% on its rights issue, HLS fell 4.2% on media speculation on day hospital sale. 360 to raise $50m, NHF looks to be a winner from MPL fallout. Nothing on the economic front. In Asia, China continues to grapple with CV19 with the first death in six months, HK slipped 2%, China down 1.3% and Japan flat. 10-year yields down slightly at 3.58%

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