Market Updates

The Australian sharemarket fell after a weak US lead and oil declined to its lowest level in almost five years. That is good for inflation though. 

The S&P/ASX 200 closed down 13.7 points, or 0.2% at 8585.20 as a sell-off in the energy sector on weaker oil prices was offset by a strong rally in mining stocks. The All Ordinaries slipped 0.1%. Industrials were weak and tech once again sold down hard. Banks eased back too.

Lithium stocks soared on JP Morgan upgrades and gold miners flying high. Gold in AUD hits $6550.

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The S&P 500 fell for a third session Tuesday as traders digested the delayed release of the November jobs report. The broad market index dropped 0.24% to settle at 6,800.26, while the Nasdaq Composite gained 0.23% to end at 23,111.46. The Dow Jones Industrial Average declined 302.30 points, or 0.62%, to close at 48,114.26.

U.S. crude oil also came under significant pressure on Tuesday, falling to its lowest level since early 2021.

Earlier Tuesday, November’s jobs report came in better than expected, showing an increase of 64,000 jobs for the month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones predicted that nonfarm payrolls would grow by 45,000 in the period.

However, the BLS reported that October shed 105,000 jobs. The unemployment rate also increased to 4.6%, which was above the Dow Jones forecast for 4.5%, raising concerns about the state of the U.S. economy.

SPI down 3 - TWE in focus on US and China downgrade.

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The ASX 200 slipped another 36 points to 8598 (0.4%) as we wait for US data and Futures turned negative. Asian markets also under pressure as the AI trade sees air leaving. Banks slipped, CBA steady, WBC down 1.1% with the Big Bank Basket down to $271.96 (), other financials falling, ASX down another 2.9% with GQG off 3.1% and MQG bucking the trend up 0.2%, Insurers were firm, SUN up 0.8% and MPL rising 0.4%. REITs slid lower, GMG  down 0.1% and VCX falling 1.6%. Tech stocks in trouble again, WTC down 3.0% and XRO off 2.0% with the All-Tech Index down 1.6%. Retail fell, JBH down 1.0% and healthcare also under pressure. PME down 3.3% and COH falling on deaf ears, off 1.4%.

Resources tried hard to hold up, gold miners saw profit taking again, NST down 2.4% and NEM off 0.6%. BHP and RIO went sideways, FMG dropped 2.8% and oil and gas stocks fell hard on crude prices, WDS down 2.3% and STO off 2.1%. Uranium stocks under pressure again on the AI trade. PDN off 4.8% and WHC falling 1.2%.

In corporate news, REA fell 1.7% on news Google is entering the housing ad space. SXE rose 2.5% on a new order, DRO soared 22.2% on a $50m order from Europe. SGR unchanged after Steve McCann resigned. ORI up 2.8% after its AGM

On the economic front, ANZ- Roy Morgan Consumer sentiment  eased and two major banks predicted rate rises for February.

Asian markets fell hard on AI fears, Japan down 1.3%, HK down 1.9% and China off 1.4%.

US futures were down, Dow down 160 and Nasdaq down 168.

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The ASX 200 started off the week down 62 points to 8635 (0.7%). Miners bore the brunt of the selling after a stellar week last week, with BHP down 2.9% and RIO falling 2.4% on lower iron ore and copper prices.  Gold miners too in profit taking mode after solid gains on Friday. GMD fell 5.4% and NEM off 0.9%. Lithium miners were also in profit taking mode as PLS fell 3.9% and LTR off 6.4%. Uranium stocks dropped hard as the AI trade in the US was called into question again, and thus the energy trade. NXG fell 4.5% and PDN down 4.7% with BOE off 8.2%. The banks were relatively calm as CBA fell 0.6% with the other three higher. The Big Bank Basket eased to $272.41 (-0.1%). Other financials eased, ASX under pressure following the ASIC reforms, GQG up 1.1% and SOL falling 1.2%. Insurers were generally better. Healthcare mixed as CSL stumbled 2.5% lower, TLX falling another 4.2%. REITs mixed, industrials mixed too. TLS down 0.8% and TPG up 1.8% with tech trying to find a base, WTC down 0.7% and XRO up 0.6%. The All-Tech Index up 0.04%. Retailers also found some bargain hunters, JBH up 2.3% and APE recovering 1.0%. 

In corporate news, TWE in a trading halt pending outlook statement. EOS jumped 28.9% on an US$80m order from South Korea. 4DX rose 9.9% on news of approvals in Canada. WGX announced plans to spin off non-core assets and FMG announced plans to buy the remaining shares in Alta Copper. 

Nothing locally on the economic front but Japanese factory sentiment improved opening the way to a rate rise this week. China announced its weakest retail numbers since Covid. 

Asian markets eased on US falls, Japan down 1.4%, HK down 0.9% and China off 0.2%.

US futures were better, Dow up 160 and Nasdaq up 52.

10-year yields steady at 4.72%.

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Wall St had a nasty fall overnight as Broadcom results drove an uptick in AI ROI concerns and hawkish Fed speak drove up bond yields. S&P 500 down 1.1%. Closing near the low on average volume. Dow down 370. Nasdaq down 1.7%. Its worst session since the Nvidia results drop on 20 November. All about Tech as Broadcom down 11.4% compounded the 10.8% Thursday night fall in Oracle. 

• Copper fell 3% on the LME as profit taking crept in after a record breaking week. Supply disruptions, weak USD and strong demand took the metal within touching distance of the $12,000 mark. USD index flat overnight, down 0.6% for the week.
• Gold rose but silver fell after also hitting record highs in the previous session. Silver’s appeal as both a store of wealth and having manufacturing applications has seen it rise 100% this year vs gold up 60%.

SPI down 51 - TWE Trading halt.

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The ASX 200 finished the week on a very firm note up 105 points to 8697(1.2%). Up 0.7% for the week. Across the board gains, with banks surging as CBA rose 2.1% and NAB up 1.8% after its AGM. The Big Bank Basket rose to $272.70 (+1.8%). Other financials also did well, MQG bouncing 2.7% and insurers too better. QBE and SUN up over 1%. REITs bounced, GMG up 0.8% and VCX up 2.4% with healthcare too also doing well, CSL rallying 2.9% with SIG up 1.4%. Industrials better but not flying. Retail saw some shoppers out and about, JBH up 2.7% and MYR up 4.4% with losses in LOV and TPW continuing. Tech remained a sub-optimal place to be, TNE down 1.6% with XRO continuing to fall, down another 0.5% with the All-Tech Index off 0.2%.

Resources again was the place to be. Gold miners soared as brokers started to amend forecasts for metal prices higher as 2026 comes into view. NST up 2.9%, GMD up 7.6% and NEM rising 5.7%. BHP and RIO also strong on copper exposure, and uranium stocks gained ground. PDN up 4.8% and DYL rising 4.9%. Lithium stocks were a little depressed.

In corporate news, former ANZ CEO is suing the bank for his lost $13.5m bonus. ASB dropped 3% on news that Jim Chalmers will allow Hanwha to increase its stake to near 20%. 4DX jumped 8.8% on an options deal and BMC Minerals debuted.

Nothing on the economic front.

Asian markets pushed higher, Japan up 1.7% with HK up 1.4% and China up 0.1%. 

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The Dow Jones Industrial Average and S&P 500 reached new heights on Thursday, as a Federal Reserve interest rate cut followed by disappointing Oracle results prompted investors to move out of high-flying tech stocks and into names that can benefit from a growing U.S. economy.

The 30-stock Dow rose 646.26 points, or 1.34%, to finish at 48,704.01, a fresh closing high. The index also scored a new record intraday high, supported by a rise in Visa shares after the name was upgraded at Bank of America. The broad market S&P 500 traded up 0.21% to settle at 6,901.00, which was also a closing record. However, the Nasdaq Composite pulled back 0.25% to finish at 23,593.86. 

SPI up 88 – Resources in focus – NAB AGM

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The ASX 200 started in fine form after the Fed rate cut, but finished up only 13 points to 8592 (0.2%) as enthusiasm waned after the jobs data and US futures losses. A mixed picture across the market, CBA fell 0.7% as the other three rose, the Big Bank Basket unchanged at $267.77. MQG bounced 1.4% and other financials mixed. Healthcare stumbled into casualty, CSL dropped 1.6%, RMD down 2.3% and TLX dropped 2.1%. Retails also under pressure again, JBH off 1.5% and APE dipping 3.9%. PMV fell hard too off 5.2%. Tech remained under a cloud, WTC down 2.2% and XRO falling another 1.3% with 360 off 2.2%. The All-Tech Index fell another 1.4%. REITs made up some lost ground as bond yields fell on jobs data.

In resources, iron ore miners pushed higher, FMG up 0.4% and RIO up 1.8%, with BHP up 1.3%. Gold miners were mixed, RMS rose 6.7% on broker comments, NEM also doing well, up 2.1%. Lithium stocks, a little depressed, and rare earths under pressure again. LYC down 0.9% and ARU off 8.2% as a large block trade went through the market. Uranium stocks slightly positive.

In corporate news, IAG fell 1.2% after the ACCC knocked back its RAC QLD acquisition. AMP settled a class action and rose 1.1% with ORG up 0.4% on further expansion at Eraring. On the economic front, the jobs data came in below expectations although the headline rate at 4.3% remained unchanged.

Meanwhile in Asia, Japan down 0.8%, HK flat and China down 0.6%. 10-year yields dropped to 4.72%. Nasdaq futures down 1.2%. Dow down 0.5% on Oracle. European markets set to open weaker.

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The Dow Jones Industrial Average jumped on Wednesday after the Federal Reserve decided to cut interest rates once again this year and as traders bet more easing was ahead next year.

The 30-stock average gained 497.46 points, or 1.1%, to close at 48,057.75. The S&P 500 advanced 0.7% to end the day at 6,886.68 and briefly traded above its previous record closing high of 6,890.89. The Nasdaq Composite increased 0.3% to 23,654.16. The Fed approved another quarter percentage point cut at the conclusion of its two-day policy meeting. The cut, which marks its third in a row, brings the federal funds rate to a range of 3.5%-3.75%.

SPI futures are up 76 points. The ASX to rise strongly.

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