Market Updates

 ASX 200 closes off lows, up 2 points to 8423. Quiet trade with resources recovering somewhat. BHP down only 0.3% with FMG off 1.2%. Lithium stocks remained under pressure with PLS off 4.4% and MIN down 1.6%. Gold miners slightly better, NST up 1.0% and GMD up 1.9%. Energy stocks lower again with WDS down 1.1% and PDN falling 2.0%.  Banks were mixed, CBA rose 1.5% with ANZ down 3.6% as CEO retires and successor named. The Big Bank Basket up to $261.01 (+0.5%). Insurers weaker, QBE off 1.3% and platforms stocks easing back. SQ2 continues to push higher. Industrials mixed, RMD up 2.3% and FPH rising 1.7% with REITs slipping with the exception of GMG recovering 3.4% from the bungled sell-down last week. Tech a little mixed, XRO up 0.4% and the All-Tech Index off 0.1%. In corporate news, PTM fell 14.4% on news RPL had pulled out of discussions. 360 dropped 8.3% as directors sold small parcels. GQG released positive FUM and rose 6.3% despite cancelling buyback for US tax reasons. In economic news, Chinese CPI rose only 0.2% and Japanese GDP was revised down to -0.1%. Asian markets mixed with Japan off 0.2% and HK and China down 0.5%. 10-year yields steady around 4.21%.

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 The S&P 500 advanced modestly early and mostly held those gains into the closing bell in New York for its 57th record closing high this year. Breadth, however, continues to lag with just four of the 11 industry sectors rising.

The S&P 500 is on track to hit 30% gains this year. The consumer discretionary sector outperformed, boosted by gains in Lululemon (+15.9%). The sportswear maker raised full-year forecasts. The Dow Jones ended 123 points lower (-0.26%) weighed down by losses in UnitedHealth (-5.0%). The VIX fell 4.9% to 12.83, its lowest level since mid-July and Bitcoin jumped back above the $100k mark.

Market sentiment overall was driven by the latest jobs data. The US economy added 227,000 jobs last month, mostly in line with expectations, and the three-month average came in at 173,000, confirming expectations that the labour market is cooling, at a moderate pace.

SPI down 25 - ANZ CEO to Retire - Regal pulls out of Platinum discussions,
RBA Tomorrow.

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 ASX 200 has closed out the week in the red, down 54 points to 8421 (-0.6%). For the week down 0.14%. Almost all sectors closed in the red today, Utilities the expectation thanks to gains in APA up 1.4% after receiving a positive regulatory decision from the Australian Energy Regulator. Iron ore giants mixed. RIO and FMG slid over 0.5% each while BHP gained 0.3%. Lithium stocks dragged their feet, PLS fell 2.6% hitting a 52-week low, LTR lost 3.9%, while MIN gained 1.0%. Energy stocks were not so energic today, WDS fell more than 2%, STO off 1.2% and STX down 2.4%. REITs pared earlier gains, ending the session in the red, despite GMG rising 0.9%. WOW down another 1.0% as strikes continue and JBH rose 0.7% hitting a 52-week high. Aussie dollar down 0.4% to 64.27c and treasury yields eased a touch.

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US equities ended higher overnight with all three major indices closing in the green. Boosted by positive commentary from Powell and solid results from Salesforce. The Dow finished near session highs, up 309 points (+0.69%). Up 368 at best. The S&P 500 gained 0.61% booking its 56th closing record high in 2024, and the NASDAQ outperformed advancing 1.29%. Salesforce +11.0% hitting all-time intraday highs after beating estimates for Q3 revenue, helping rally the tech sector.

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ASX 200 ended 33 points lower (-0.4%) coming off record highs. The Aussie dollar took a big hit today, down 0.7% to 64.37c. In Asia markets are mixed, with China and Japan down 0.1% and 0.2%, while Hong Kong's Hang Seng gains 0.1%. Treasuries mixed 2Y yield off 3.8bps and 10Y yield flat. The Dow and NASDAQ Futures up 0.3% each.

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The S&P 500 inched higher Tuesday, eking out another record close.

The broad market index added 0.05%, ending at 6,049.88. The Nasdaq Composite advanced 0.40% to close at 19,480.91, hitting a new intraday record as Apple rose to a fresh 52-week high. Both the S&P 500 and the tech-heavy Nasdaq posted new closing records. The Dow Jones Industrial Average underperformed, losing 76.47 points, or 0.17%, to settle at 44,705.53.

ASX SPI down 30 - PME placement - AIA sell down - GMG sell down

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ASX 200 rose 47 points to a new record of 8495 (0.6%). Gains across the board with the solid bank sector remaining the bedrock. ANZ up 1.1% and NAB up 0.8%. CBA lost 0.3% with the Big Bank Basket up to $262.70 (0.2%). MQG kicked 1.2% higher and other financials joined the fun, ASX up 0.5% with NWL bouncing 3.7%. Insurers firmed and REITS in the green. GMG up 1.0% and SCG up 0.3%. Industrials continued higher, WES remains a standout up 0.9% with BXB also in demand, up 1.6% with ALL putting on 1.9%. Tech also doing well, with XRO up 1.5% and 360 up 3.8%. WTC missed the memo down 1.4% with the All-Tech Index up 1.3%. Resources were a little mixed, FMG jumped 2.1% with PLS up 2.9% and MIN doing well again up 2.6%. Gold miners were mixed as NST fell %, dragging DEG down too. VAU up 1.5% on takeover speculation. Oil and gas better, WDS up 0.5% and KAR up 0.7%. Uranium mixed, PDN up 1.6% and BOE down 2.2%. In corporate news, CKF downgraded the outlook, falling 4.3%. SDF rallied 2.7% on an all clear from irregularities, ZIP fell 0.6% as founder Diamond sold down and resigned. In economic news, consumer confidence jumped and the current account deficit came in higher than expected. Asian markets were better, Japan up 2.3% and China flat but HK up 0.1%. 10-year yields 4.31%.

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The S&P 500 booked its 54th record closing high overnight, up 0.24%, while the NASDAQ rose nearly 1% led by gains in mega-cap tech stocks. Microsoft +1.8%, Meta +3.2% and Alphabet +1.5%. The Dow lost 129 points (-0.29%). Up 91 points at best. Down 200 points at worst. Small caps Russell 2000 ended just below flatline and Wall Street's “fear gauge” the VIX dipped 0.67%. In economics, US ISM Manufacturing PMI rose to 48.4 in November beating expectations of 47.5, indicating a softer contraction in the manufacturing sector. In Fed speak, Bostic's commentary was uncertain, stating price stability and employment were broadly healthy, but continued positive data was not assured. Waller is leaning towards a rate cut in December given current data but reiterated that the Fed could consider holding rates steady to collect more inflation. Treasury yields were little changed, while the USD Index gained 0.60% and the Aussie dollar dropped 0.58%. December FOMC meeting is 15 days away with the odds of a 25bps cut at 74.5% rising from 66% in the previous session, according to the CME FedWatch tool.

ASX SPI up 62 - ZIP Chair Resigns - CKF Downgrades

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ASX 200 closes up 12 points at 8448 (0.1%) in lacklustre trade. Banks were mixed with the Big Bank Basket flat at $262.13. Insurers eased back as yields eased to 4.32%, QBE down 0.3% and MPL off 0.3% on NSW hospital changes.  REITs were mixed, GMG down 0.4% and CHC falling 1.4% as funds locked in some of the year's gains. Industrials mostly stronger, WTC up 1.1% on the new White deal with Isaacs. XRO rose 0.4% and the All-Tech Index unchanged. Retail is a little mixed on better than expected retail sales, PMV up 0.5% and HVN up 0.4%. In resources, iron ore stocks pushed higher with BHP up 0.4% and FMG up 0.3%. Gold miners were hit hard as NST announced a takeover of DEG. NST fell 5.3% and DEG up 29.6%. GOR rose 0.4% as a 18% holder of DEG. Energy stocks rallied, WDS up 1.2% and PDN up 0.8%. In corporate news, MTS rallied 2.2% on better than expected 1H results. NWL fell 5.0% as it announced $100bn FUA. On the economic front, retail sales jumped 0.6% in October. Housing approvals picked up too, total approvals up 4.2% lifted by units and apartments. Asian markets firmed, Japan up 0.7%, China up 0.7% and HK up 0.2%.10-year yields fell to 4.32%.

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