US equities took a breather overnight as treasury yields kicked higher, the USD hit a two-year high, and profit-taking following the post-election rally pressured markets lower. The Dow closed near session lows, off 382 points (0.86%). Up 113 points at best. Down 406 points at worst. The S&P 500 ended its biggest five-day rally in a year, finishing 0.29% lower and the NASDAQ edged 0.09% lower with Tesla losing 6.1% after an almost 45% rally. Small caps lost ground, with the Russell 2000 slipping 1.77% after closing at a three-year high on Monday. Treasury yields jumped overnight, the 2Y yield rose 8.8bps its largest one-day rise since early October, and the 10Y yield gained 11.7bps. Bitcoin approaches $90k level, up 1.82% and the Aussie dollar fell 0.64%. In Fed speak, Kashkari said monetary policy is “modestly restrictive” with borrowing costs slowing inflation and the economy but not by a lot. Barkin notes that the Fed funds rate is out of sync with the economic backdrop and needs recalibration.

ASX SPI Down 81 - CBA comes in at 1Q $2.5bn in line.

COMMODITIES

• US oil industry urges Trump to ditch Biden climate policies.
• Oil prices hold near 2-week low after OPEC cuts demand view, dollar rises.
• Copper slides to two-month low on disquiet over Trump and China.
• OPEC again cuts 2024, 2025 oil demand growth forecasts.

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ASX 200 dropped another 11 points to 8256 (-0.1%) as the bifurcation between banks and resources continued. Resources again on the nose, BHP off 1.8% and RIO falling 1.6% with FMG holding up after yesterday’s drubbing. Gold miners also saw across the board selling as hot money left bullion and chased bitcoin towards US$90k. EVN down 3.5% with NEM off 4.6% and GMD down 1.3%. Lithium stocks perked up a little, PLS up 5.7% with MIN better by 1.9% too. Uranium was not a happy place as PDN announced production issues plaguing Langer Heinrich, the stock dropped 28.9%. Oil and gas steady. Banks were a little mixed, NAB ex-dividend today with ANZ up 1.3% ahead of its XD tomorrow. Insurers better, QBE up 0.4% and IAG up 1.3% with financial generally doing well. REITs better too, SGP +1.0%.  Industrials also firmed with tech in demand, WTC up 1.8% and XRO up another 1.0%. The All-Tech Index rose 1.8%. Retail better too, JBH up 2.4% and SUL up 2.5%. In corporate news, ALL sold a US mobile gaming business, VUL announced funding from the German government up 12.7%,  PTM saw a second strike and have allowed Wilsons in the data room. On the economic front, consumer sentiment has risen as inflation has fallen. Asian markets mixed as usual, with China down 0.1%, HK down 1.7% and Japan down 0.2%. 10Y yields steady around 4.56%. Dow Futures down 58 points. NASDAQ Futures flat.

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ASX 200 dropped another 11 points to 8256 (-0.1%) as the bifurcation between banks and resources continued. Resources again on the nose, BHP off 1.8% and RIO falling 1.6% with FMG holding up after yesterday’s drubbing. Gold miners also saw across the board selling as hot money left bullion and chased bitcoin towards US$90k. EVN down 3.5% with NEM off 4.6% and GMD down 1.3%. Lithium stocks perked up a little, PLS up 5.7% with MIN better by 1.9% too. Uranium was not a happy place as PDN announced production issues plaguing Langer Heinrich, the stock dropped 28.9%. Oil and gas steady. Banks were a little mixed, NAB ex-dividend today with ANZ up 1.3% ahead of its XD tomorrow. Insurers better, QBE up 0.4% and IAG up 1.3% with financial generally doing well. REITs better too, SGP +1.0%.  Industrials also firmed with tech in demand, WTC up 1.8% and XRO up another 1.0%. The All-Tech Index rose 1.8%. Retail better too, JBH up 2.4% and SUL up 2.5%. In corporate news, ALL sold a US mobile gaming business, VUL announced funding from the German government up 12.7%,  PTM saw a second strike and have allowed Wilsons in the data room. On the economic front, consumer sentiment has risen as inflation has fallen. Asian markets mixed as usual, with China down 0.1%, HK down 1.7% and Japan down 0.2%. 10Y yields steady around 4.56%. Dow Futures down 58 points. NASDAQ Futures flat.

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The Dow gained 304 points, or 0.69%, to 44,293.69. The Dow’s rise brought the index above 44,000 for the first time. The S&P 500 added 0.1% to end the day at 6,001.35 and also earned a record close by surpassing 6,000 for the first time. However, the Nasdaq Composite hovered near the flatline, up 0.06% to 19,298.76.

Tesla soared more than 9%, also adding to its postelection gain. But it was an exception among large technology stocks, with Apple slipping nearly 2%. Peers Microsoft and Amazon were roughly 1% lower each. Small caps advanced, with the Russell 2000 climbing 1.47%.

ASX to inch up. SPI Futures up 4 points (+0.05%). NAB Ex Dividend - Resources under pressure - CBA 1Q tomorrow.

COMMODITIES

• Gold drops over 2% as dollar strengthens; investors await Fed policy cues.
• Oil falls on Chinese stimulus disappointment, supply outlook.
• Copper hits seven-week low on stronger dollar, weak Chinese credit data.
• Chile's Codelco offers copper to Chinese clients at a premium of $89/t.

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ASX 200 fell 29 points to 8260 (-0.4%). Big iron ore miners were the target today as prices fell in Asia on stimulus disappointment. BHP off 4.1% and FMG down 7.3% with the Three Amigos trading at $179.22. Base metals and lithium stock on the nose too, S32 down 2.6% and PLS slipped 0.7%. MIN down 4.0% as pressure continues to build on the board. Gold miners steadied, NST Up 1.3% and NEM up 0.1%. GMD rose 4.0% on new drilling results. Oil and gas slipped slightly, STO down 0.9% and WDS off 0.2%. Coal eased and uranium stocks saw small losses. In the industrials, Tech did well, WTC up 2.2% and XRO rallying 1.7% as the All -Tech Index rose 0.8%. Healthcare too in the green as CSL rose 0.7% and RMD up 1.9%. WOW, COL followed EDV lowered on a trading update. Banks mixed, WBC lost 0.4% with NAB slightly firmer. The Big Bank Basket up to $253.92 (0.1%). Financials were slightly higher as were REITs bouncing back from last week’s sell off. In corporate news, RSG confirmed some of its executives had been detained in Mali. The stock lost 32.8%. HMC up 4.1% on plans to launch a $4bn IPO for data centres. SGP upgraded its outlook and moved 2.2% higher. Nothing on the economic front today. Asian markets lost ground, Japan unchanged, HK down 2.1% and China off 0.1%. 10-year yields pushed slightly higher to 4.57%.

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Wall Street ended the week higher supported by solid consumer sentiment data and bets that Trump’s pro-growth agenda will fuel corporate America. The S&P 500 rose 0.38% hitting its 50th record high this year and breached over 6,000 during trade before ending the week 4.66% higher, its best weekly performance since November 2023. The Dow Jones ended 260 points higher (+0.59%) and traded over 44,000 for the first time supported by gains in Salesforce +3.60% after reports the company was hiring 1k workers to promote its AI Agentforce tool. Up 428 points at best. Meanwhile, the NASDAQ booked marginal gains and secured its fourth consecutive session win, up 0.09% ending the week up 5.74% its second-best week in 2024. Small caps Russell 2000 advanced 0.71% closing out the week up 8.51% its largest weekly percentage gain since April 2020. In economics, US consumer sentiment rose to a seven-month high of 73 in November, exceeding the forecast of 71. US treasuries mixed. On the longer end of the curve, the 10Y yield is down 2.7bps, while the 2Y yield gained 5.9bps.

ASX SPI down 36 - Iron Ore falls on new Chinese stimulus - IFL - SGP - NEM

COMMODITIES

• Chile's Codelco copper production rises in September, Escondida dips.
• Gold logs biggest weekly fall in over five months on dollar strength.
• Oil settles down 2% on receding hurricane risk, lacklustre China stimulus.
• Copper pulls back on disappointment over China's fiscal support.
• Iron ore falls ahead of China unveiling fresh fiscal stimulus.

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ASX 200 ended the week sprinting 69 points higher to 8295 (+0.8%). A good 2.2% rise for the week. It has been a momentous week, money being put to work in the ASX. Resources buoyed by China hopes. BHP, RIO and FMG all better despite iron ore in Singapore falling 2.6%. Gold miners recovered as bullion pushed up again, NST up 1.8% and NEM up 1.2%. Uranium stocks ran out of ‘oompf’ on Cameco production downgrade and oil and gas stocks eased. Lithium stocks mixed, PLS eased 1.0% with LTR up 2.5% despite the royalty ruling. Industrials and banks the driving force. Healthcare recovered, CSL up 0.7% and RMD up 1.1%. Tech better, WTC up another 1.8%, XRO rising 1.2% with the All-Tech Index up 1.0%. Retail better, JBH up 3.9% with PMV up 1.9% and DMP bouncing 1.3%. Travel stocks also finding friends, with FLT up 0.8% and CTD rising 2.5%. Banks were solid. CBA leading again up 1.4% with WBC, the Big Bank Basket up to $253.24 (+1.4%). Record highs. ANZ results were a little underwhelming but nothing either way, expect some modest downgrades, as we saw with NAB and WBC. MQG flat with other financials better. In corporate news, NEU jumped another 15.1% on strong US Daybue sales, REA up 0.3% on results, NWS off 2.1% on a revenue surge on Real Estate exposure. MYX rallied 15.1% on M&A hopes. Nothing on the economic front, apart from the Fed! Asian markets better, China heading for its best week in a month. Japan -0.1%, China down 0.5% and HK down 0.9%.

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The S&P 500 gained 0.74% to close at a record high of 5,973.10. The Nasdaq Composite advanced 1.51% to reach 19,269.46 — its first close above 19,000. The Dow Jones Industrial Average was little changed, ticking down less than one point to 43,729.34. All three indexes hit intraday record highs during the session.

Fed cuts rates 25bps. Very calm press conference. Powell will not resign if asked.

ASX SPI up 100. Commodities bounce on USD falls and rate cut – ANZ cuts dividend.

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ASX 200 rose 27 points with a late surge to 8226 (0.9%) in an interesting reaction to a soaring US market. Resources actually held up with BHP up 0.9% and FMG up 3.3%. Lithium stocks also better led by PLS up 3.4%. MIN up another 3.3% despite the ASIC inquiry becoming official. Gold stocks were in trouble as stop losses kicked in, NST down 6.3% with EVN off 6.5%. Oil and gas stocks marched ahead, WDS up 3.2% and STO up 2.4%. Uranium losses were modest. Banks firmed at the close, NAB flat on results, WBC down 2.3% as it went XD. The Big Bank Basket up to $249.81(%). Insurers popped higher, QBE at 4.8% and IAG up 2.8% on higher yields. MQG rallied 1.6% as US Investment banks soared on more M&A possibilities. REITs slid as yields rose. GMG dropped 2.4% despite broker upgrades. Healthcare eased, RMD down 2.2% and CSL off 0.8%. Industrials mixed as investors assess the landscape. WES off 0.1%, JBH down 0.9% and SVW up 2.7%. WTC slightly firmer, up 2.0%. The All-Tech Index up 0.9%. In corporate news, SIG got the right prescription from the ACCC on the Chemist Warehouse, rising 24.9%, NEC got hit with a protest vote and NHF was up 1.9% after a trading update. In economic news, RBA chief made some comments on tariffs having little effect on our economy. Chinese export data came in much better than forecast. Asian markets were little changed, HK up 1.2%, China up 0.7% and Japan down 0.3%. An uneasy calm. 10-year yields at 4.64%.

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Wall Street rallied hard overnight reaching record highs after Trump secured the US presidency. All three major indices ended at record levels with markets expecting lower taxes, deregulation and a Trump that weighs in on everything from stocks to the USD. The Dow soared 1,508 points (+3.57%) ending near session highs. Up 1,557 points at best. The S&P 500 registered its one-day percentage gain since November 2022, jumping 2.53% notching its 48th record high this year. Financials were the top-performing sector pushing the S&P 500 Bank Index up 10.68%, its biggest daily jump in two years. The NASDAQ advanced 2.95% and the Russell 2000 rallied 5.84% hitting a three-year high as domestic stocks are seen to likely benefit from easier regulation, lower taxes and less exposure to import tariffs. Wall Street’s fear gauge the VIX plummeted 20.28% to a six-week low, trump trade Bitcoin gained 9.28% and the USD Index firmed 1.65%


ASX to rise. SPI Futures up 31 points (+0.38%).

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