Market Updates

• US markets found some solid ground after a slow start. The Dow Jones finished up a modest 32 points (+0.10%) but most importantly, it didn't give back any of the 1200 point gain the night before. Building foundations. At worst, down 321, at best, up 103. The S&P 500 gained 38 points (+0.95%) in its best week since June. While the NASDAQ rose a further 209 points (+1.88%) to round out its best week in two years. In Europe, the STOXX 600 was unchanged, the German DAX, France and Italy saw some gains, but the UK FTSE, Spain, and Greece finished lower. 
• SPI Futures are up 42 points (+0.59%) this morning, which follows the 2.79% gain yesterday. 
• The Nasdaq Golden Dragon Index rose 6.6% on Friday, extending a 7.6% gain in the previous session and capping its best two-day performance since March 17.
• Commodities also found favour following the news out of China (quarantine periods reduced by 2 days) with rallies across the board. Base metals pushed higher, aluminium, zinc, and tin were all up over 5%, with big gains in copper, nickel, and lead. Oil prices continued to rally, Brent crude was up 2.92%, and WTI was up 3.03%. BHP and RIO raced ahead overseas, with gains of around 6.5% each in the US. Other resources stocks also had a good night, Alcoa was up 8.74%, Anglo-American was up 6.99%, and Vale was up 11.55%.

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• ASX 200 finished the week in style up 194 points at 7158 (2.8%) to a five-month high. Up around 3.8% for the week. Everything was up with the exception of the insurers which suffered as rates fell, banks were well sought as the Big Bank Basket hit $185.88 (+1.6%). Fund managers leveraged to the market also doing well, MFG up 9.8%, MQG up 5.6% and PNI up 12.5%. Industrials bid well too, Healthcare firm, CSL up 3.4%, RHC up 4.7% and PME up 11.5% some of the standouts. Telcos better, TLS up 1.0%, tech in demand with the All-Tech Index up 5.8%. WTC bouncing 10.4%, XRO up 8.3%. CPU a rare weaker stock down 2.9% on falling rates. 10-year yields falling to 3.64%. Staples finding friends again and will continue to do so, WOW up 1.6% and COL better by 2.3%. Resources very strong, BHP up 3.8%, FMG up 5.8% and S32 up 5.7%. Gold miners raced higher, NCM up 3.5% and NST rallying another 3.3%. Lithium slightly left out but LYC up 3.9%. Energy stocks mixed, coal down and oil and gas better led by WDS up 1.4%. In corporate news, AX1 rose 17.5% after a positive AGM, JRV fell 17.6% after a placement weighed on the stock, APX rallied 8.7% on a substantial shareholder notice. Nothing on the economic front. Meanwhile, in Asia, Japan up 2.8%, HK up 5.5% and China up 2.1%, US Bond markets closed tonight for Veterans Day. Dow Futures up 63 points and Nasdaq Futures up 17 points.

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• ASX 200 SPI futures up 190 points.
• The Dow Jones Industrial Average jumped 1,201.43 points, or 3.7%, to 33,715.37. The S&P 500 jumped 5.53% to 3,955.94 in its biggest rally since April 2020. The Nasdaq Composite surged 7.35%, also its best since April 2020. 
• October’s CPI rose 0.4% for the month and 7.7% from a year ago, its lowest annual increase since January and a slowdown from the 8.2% annual pace in the prior month.
•  Economists were expecting increases of 0.6% and 7.9%, according to Dow Jones. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, also less than expected.
• Base metals better. Gold up nearly 3%.
• Oil up 1.1% Iron ore fell 1% in Asia yesterday.
• AUD up to 66.3c USD Index fell 2.1%
• BHP ADRs up 3.6%. 

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 ASX 200 falls 35 points to 6964 (0.5%) ahead of US CPI tonight. Banks eased back as NAB saw downgrades post results, falling 2.1%, the Big Bank Basket down to $182.93 (1%). MQG fell 1.0% and insurers slid slightly as bond yields fell to 3.72% in the 10s. Plenty going on with PPT, PDL one up one down. MFG fell another 3.2% as it continues to head lower. Industrials were mixed, CSL up 1.1% on an upgrade, COH better by 1.5% but others slightly lower. REITs better on lower yields, Staples continue to find bargain hunters with EDV, COL and WOW all doing ok. Resources slipped as China locked down more areas due to CV19. BHP fell 1.5%, FMG off 2.0% and base metals and lithium stocks falling away. PLS down 3.3% and MIN off 1.1%. Gold miners were mixed, DEG up 2.1% and NCM down 1.3%. Energy stocks weak, WDS down 2.3% and STO fell 1.6% with WHC dipping another 3.3%.

ORG bucked the trend as Brookfield lobbed a 900c bid into the equation, in other corporate news, NWS rallied 8.7% on better Q1 numbers, XRO fell hard by 10.9% on margin and growth issues, PPT got another bid at 3300c rising 14.8% whilst PDL fell 10.9% on a delay. CPU gained 4.1% after better AGM update and A11 fell 4.0% after a presentation at the Noosa Mining Conference. On the economic front, no big news but US CPI in focus. Asian markets weaker and 10-year yields fell to 3.72%. Bitcoin craters. Finding some support.

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• The Dow Jones fell into the close, finishing down 647 points (-1.95%), snapping a three-day winning streak to finish near lows. Never trading in positive territory at best, it was down 96, at worst, it was down 682. An unexpected swing in the midterms spooked US markets, with uncertainty creeping back in for investors. The NASDAQ lost 263 points (-2.49%). The S&P 500 was down 80 points (-2.08%). In Europe, Stoxx 50 -0.3%, FTSE -0.1%, CAC -0.2%, and DAX -0.2%. SPI Futures are down 61 points (-0.87%) this morning.
• The US mega-cap tech rout has continued. Amazon, down 4.27% overnight, has become the first public company in the world to lose US$1 trillion in market value. Tesla stocks fell 7.17% overnight as Musk sold US$4bn worth of shares. Netflix was down 3.34%, and Disney fell 13.16%. Meta, on the other hand, heading in the right direction, was up 5.18% as it announced it would cut around 11,000 jobs to further invest in the Metaverse.
• In commodities, oil continued to fall overnight as US crude inventories rose alongside China's COVID struggle. Brent crude fell 3.06%, and WTI fell 3.57%. Base metals were mostly lower, but nickel managed to climb 3.07% and lead added 1.20%. BHP and RIO were down 2.34% and 1.97% in ADR terms. And gold dropped a little overnight, down 0.68%, after an astonishing run yesterday. 

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 The ASX 200 closed up 40 points (+0.6%) to 6999, adding to yesterday’s 25-point gain. It was gold’s time to shine today, as miners rallied hard with NCM up 6.9%, NST up 6.8% and EVN up 9.3%. Other resources remained in good shape, with BHP up 2.1%, RIO up 2.4% and FMG up 3.0%. The banks evened out. CBA, ANZ, and WBC finished marginally higher, but NAB failed to keep up, down 0.9%, as it reported falling NIM. The Big Bank Basket was up 0.1% to $184.70.  Energy was mixed. Oil stocks did okay despite a falling oil price overnight. WDS was up 0.5%, STO was 0.9%, and ORG was up 0.7%. But coal stocks took a bit of a hit, as WHC reported negative impacts weather impacts, down 8.5%. Technology stocks lagged, the All-Tech Index was down 1.5% and the worst sector. REA fell 4.3% on its results despite lifting revenue and commenting that listings are positive. Industrials were mostly lower, WOW and COL were down around 0.5%. Healthcare stocks were mixed, CSL and SHL were both down 0.4%, but RMD rose a touch, up 0.1%. In corporate news, HLO fell 11.5% as QAN sold its $33m stake in the company.  WHC fell 8.5% on a bad weather update. NWS dropped sharply, down 11.2%, as it reported a 1% fall in revenue. In China, inflation fell more than expected to 2.1% YoY in October. Asian markets are opening lower. European futures are mixed. Dow Futures are down 17 points, and NASDAQ Futures are up 33 points. US midterm results are starting to come out. 

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 Another strong rally in the US as the Dow climbed 335 points (1.02%). At worst, up 4, and at best, up 528. The NASDAQ gained 52 points (+0.49%), and the S&P 500 rose 21 points (+0.56%). It was the third winning session for US stocks ahead of the midterm results. In Europe, Stoxx 50 +0.8%, FTSE +0.1%, CAC +0.4%, DAX +1.2%. SPI Futures are up 34 points (+0.49%), as we look to test the 7000-resistance level again.

Catch up on the latest news with Marcus Padley’s Pre-Market Podcast. 

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 ASX 200 closed up 25 points to 6959 (0.4%) in very tight trade. Volumes down too. Banks bounced back as WBC ran 2.0% and the Big Bank Basket rose to $184.49 (1.2%). MQG up 0.9% with insurers flat and MFG slightly higher despite Hamish selling down another parcel on a block trade. Industrials slightly higher as staples rallied, EDV, COL, WOW and WES all better, REITs better despite 10-year yields scything through 4%. Tech marooned with the Al Tech Index unchanged. Resources were mixed as lithium stocks continued to power up, PLS up 4.4%, CXO up 3.8% and MIN rising 5.0%. Iron ore stocks eased with gold miners seeing some small gains. NCM up 0.2% and NST up 1.2%. Oil and gas fell, WDS down 1.2% and STO with a reduced production forecast falling 5.3%. Coal stocks not in a merry place at all, WHC down 5.5% and NHC off 7.8%. Incorporate news, MPL was threatened with a data dump on the Dark Web by a RaaS (Ransom as a Software) provider, falling 1.8%. JHX was sideswiped as US and local housing slowing dramatically and fell 13.8%. SGM also in the seller’s spotlight on its update on lower scrap volumes, down 9.7%. A2M rose 4.0% on the kick off of its buyback. TLC 4% better on an update. No good news on the economic front with both consumer sentiment and business sentiment falling again. In Asia, Japan up 1.4%, HK unchanged, China down 0.8%. 10-year yields better again above 4%.

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ASX 200 SPI Futures up 24 points.

• The Dow Jones Industrial Average traded higher by 423.78 points, or 1.31%, to 32,827.00. The S&P 500 gained 0.96% to 3,806.80. The Nasdaq Composite rose 0.85% to 10,564.52, after trading between gains and losses earlier in the session. All three major averages notched a second straight positive day.
• Of the 11 S&P 500 sector indexes, eight rose, led by communication services which was up 1.83%, followed by a 1.73%  gain in energy.
• VIX down 3.4%
• USD Index falls again. AUD 64.77c
• Oil down 0.7%. Gold unchanged.
• Base metals ease slightly. Lead up 2.1%
• Iron ore up 2.3% BHP down 0.5% in ADRs
• Midterms loom in US.
• JHX announces no dividend but US$200m buy back.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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ASX 200 closed up 41 points at 6934 (+0.6%) in a quiet day as banks fell and resources rose. A solid day for resources which despite no easing in China, managed to do well. Asian markets better too helping. BHP up 5.0%, RIO up 3.8% and FMG rallying 4.9%. Gold miners were back in fashion despite no movement at all in AUD bullion pricing. NCM up 4.2% and NST rising 6.1% with second liners doing well, DEG up 6.2% and RMS ahead by 6.6%. Lithium stocks were modestly higher with LYC doing well up 3.0% and IGO up 2.2%. Energy stocks mixed as WDS gained 2.6% and STO flat. Coal stocks a little flat after CRN fell 7.1% on no merger with Peabody announcement.  Banks were the weak spot today, ANZ and MQG ex dividend didn’t help but WBC underdelivered falling 3.9%. The Big Bank Basket falling to $182.33 (-2.1%). Insurers held up, MPL rose 0.4% after saying it would not pay a ransom. Healthcare was mixes, CSL better but RMD dropping 3.3%. Industrials flat, tech eased as CPU fell 0.7%, WTC down 5.8% and XRO dropping 2.1%. REITs slightly better.

In corporate news, WBC results today, ARU rose 13.1% on a binding offtake agreement, IMU fell 2.5% in a European patent being granted and ECX fell 5.9% on results and a new CEO.

Nothing on the economic front as COP 27 kicks off in Egypt. In Asia, Japan up 1.1%, China up 0.3% and HK charging ahead by 3.1%.

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