Market Updates

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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Dow +0.42%, S&P 500 +0.56%, NASDAQ +0.83%, and Russell 2000 +0.35%. Eurozone inflation rose to 2.3% in November, as expected. Black Friday sales boost retail and tech stocks. Meta faces a 551m euro complaint, trial in October 2025. STOXX 600 +0.35%, FTSE 100 +0.07%, CAC 40 +0.78%, and DAX +1.03%.

US equities closed out a shortened trading session higher as treasury yields came off multi-month highs. The S&P 500 and Dow Jones booked record closing highs advancing 0.56% and 0.42% respectively. Gains in tech and retail stocks boosted the indices in response to Black Friday sale discounts. Adobe Analytics estimated consumers spent a record $10.8bn in online purchases +9.9% YonY. Apple, Amazon and Nvidia up over 1% each, while Target, Hasbro and Macy’s rose between 1.7%-1.9%. The NASDAQ rose 0.83%, and small caps Russell 2000 gained 0.35%. For the week, Dow +1.39%, S&P 500 +1.06% and NASDAQ +1.13%, and for the month Dow +7.54%, S&P 500 +5.73% and NASDAQ +6.21%. Treasury yields dropped amid thin holiday trading. 10Y yield off 7.2bps and 2Y yield down 6.0bps. USD Index fell 0.31%, the Aussie dollar gained 0.31%, and Bitcoin rose near 3%, trading above $97k again. The probability of a 25bps December rate cut from the Fed remains unchanged at 66%.

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ASX 200 drifts 8 points lower to 8436 (0.1%). Banks eased again with CBA unchanged with NAB and ANZ off around 1%. The Big Bank Basket fell to $262.13(-0.3%).  MQG dropped 0.6% with insurers down too. REITs slipped with SCG off 1.1% and VCX off 1.8%. Utilities slipped with ORG off 0.3% and industrials mixed again, TCL off 1.4% and SGH bouncing back 0.7% with REH up 0.6%. Tech mixed with WTC up 1.8% and XRO off 1.2% and the All-Tech Index %. REA and CAR eased back and retail mixed, JBH down 0.3% and LOV up 0.7%. Iron ore miners rose, BHP up 1.3% and FMG up 1.6% and the gold miners rose led by NST up 0.8% and NEM up 1.5%. Lithium in the doghouse still. PLS unchanged and LTR down 1.4%. In corporate news, SHV went nuts for a while before cracking and falling 5.4%. RSG paid another tranche of money to the Mali government. Whilst on the economic front, economists raced each other to push out rate cuts further in 2025. Asian markets mixed as usual, Japan down 0.4%, China up 2% and HK up 1.3%. 10-year yields steady at 4.36%.

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US markets closed overnight.
European markets better.
SPI down 27.
RBA Changes Passed.

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ASX 200 pushed 38 points higher to fresh highs of 8444. Up 0.5%. Banks back in charge with the Big Bank Basket up to $263.13 (0.7). CBA up 0.6% and NAB up 0.9%. Other financials also strong, MQG up 0.4% and insurers firm, QBE post its update rising 1.2%. IAG up 3.6% on acquisition news, ASX bouncing back too. REITS steady. Industrials are also steady but uninspiring. WOW up 0.5% and ALL up 0.3% with healthcare stocks doing very well, PME up 8.7% on a new $330m contract. CSL up 1.6%. Iron ore miners better, BHP up 0.7% with gold miners under a little pressure in places. SPR up % on drill results. In energy, STO continue to fall, PDN down 5.0% and WDS up 0.1%. In corporate news, AVJ caught a bid from PE, SGR held its AGM and fell 7.1% to all-time lows, as new CEO urged patience. MGH in a capital raise and WJL in the sights of the ACCC on pricing. FPH fell 2.1% on profits growing less than hoped. Guidance an issue. HUM rattled on lower dividend warning. In economic news, Private new capital expenditure (capex) rose 1.1% in September quarter 2024. Asian markets mixed, China down 0.8%, HK down 1.3% and Japan up 0.7%. 10-year yields down to 4.36%.

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The S&P 500 shed 0.38% to 5,998.74, snapping a seven-day winning streak. The Nasdaq Composite lost 0.6% to end at 19,060.48. The Dow Jones Industrial Average slipped 138.25 points, or 0.31%, to finish at 44,722.06, reversing course after trading up more than 140 points at session highs.

• US PCE Prices +0.2% MonM as expected.
• Bonds sold off over economic concerns.
• Dell tumbles 11.35% on quarterly forecasts.
• FTC opens antitrust investigation of Microsoft.
• STOXX 600 -0.19%, FTSE 100 +0.20%, DAX -0.18%, CAC 40 -0.72%.

ASX SPI up 21 - AVJ Bid - IAG buys RACQ Insurance.

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Dow advanced 123.74 points, or 0.28%, to close at 44,860.31, reversing course after dropping more than 300 points at session lows. The S&P 500 added 0.57% to 6,021.63. Both the Dow and S&P 500 notched new intraday and closing records. The Nasdaq Composite jumped 0.63% to 19,174.30.

Tariff talk dominated. Volumes below normal as Thanksgiving approaches.

Minutes from Fed released - The central bank said it anticipates interest rate cuts in the future, but to only expect them “gradually.”

ASX SPI up 38 - AGMs to continue

COMMODITIES

• Oil settles down after Israel agrees to ceasefire deal with Lebanon.
• Gold steady as safe-haven demand faces mixed geopolitical signals.
• Copper slips as Trump releases details of China tariffs.
• Iron ore rangebound amid China rate cut hopes, Trump tariff plans.
• OPEC+ discusses further delay to oil output hike.
• Trump plans no exemption for oil imports under new tariff plan.
• TotalEnergies suspends Adani Green investment, awaiting clarity on bribery case, says CEO.
• Japan Prime Minister Ishiba calls on Biden to approve Nippon-US Steel deal, sources say.
• Four Barrick Gold employees arrested in Mali, miner says.
• Saudi Arabia agrees metals deals worth over $9bn.

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ASX 200 fell 58 points to 8359 (-0.7%) on Trump tariff plans and banks saw a large sell-off with the Big Bank Basket down to $257.85 (-2.7%). CBA led the market lower down 3.6% as investors woke to the extraordinary gains from the big four this year. WBC, ANZ and NAB slid half as much. MQG rose 0.8% on some rotation, insurers slid as bonds fell, QBE off 2.1% and SUN off 2.2%. ASX dropped 4.3% as it outlined plans for the CHESS replacement in 2029. REITs firm on lower rates, GMG up 0.9% and SCG up 1.4%. Industrials mixed, WES fell 0.8% and TLC up 0.4% and SGH up 1.0%. Retail slightly firmer, SUL up 0.9% and DMP up 4.2%. Healthcare mixed, CSL down 0.3% and PME up again, SHL up 2.6% with some positive broker comments. Resources were weaker, gold miners falling as bullion was dumped, NST down 2.4% and NEM down only 0.5% despite ex-dividend after a sale of another project. Oil and gas stocks were dumped with WDS down 3.8% and STO off 4.2% with uranium easing.  In corporate news, EML up 29.2% after earnings rose 46% in Q1. RHC up 3.5% after saying it had a positive start to FY25. On the economic front, Trump announced his first executive decision will see Mexico and Canada hit with a blanket 25% tariff and China to get an additional 10%. Asian markets mixed, China up 0.5%, HK up 0.4% and Japan down 1.6%. 10Y yields 4.44%. Dow Futures up 16 points. NASDAQ Futures up 26 points.

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Dow rose 440.06 points, or 0.99%, to 44,736.57. The broad S&P 500 gained 0.3% to end at 5,987.37. Both hit new all-time highs in the session, while the Dow also notched a fresh record close. The Nasdaq Composite ticked up 0.27%, finishing the day at 19,054.84.

The 10-year Treasury yield dropped more than 14 basis points in Monday’s session.

U.S. markets are closed Thursday due to the Thanksgiving holiday and close early on Friday, so trading volume is likely to be light this week.

ASX  to rise. SPI Futures up 18 points (+0.21%).

COMMODITIES

• Gold tumbles 3% on reports of Israel-Hezbollah ceasefire, US Treasury pick.
• Copper bounces on bargain hunting and risk appetite.
• Iron ore rises on firmer steel outlook, but trade tensions cap gains.
• Newmont to sell Eleonore gold mine for $795mn, advancing asset divestment plan.
• Trump preparing wide-ranging energy plan to boost oil drilling and gas exports.
• Anglo agrees to sell Australian coal mines for up to $3.78bn to Peabody Energy.

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