Market Updates

ASX 200 hits new records up 24 points to 8418 (0.3%). Some profit taking creeping in, but US Treasury appointment helping sentiment. Banks paused for breath with CBA up 0.7% and ANZ slipping 1.3% with the Big Bank Basket down to $264.99 (). Financials and insurers though better, SUN flat and ASX rallying 1.8%. REITs rallied hard on easing 10-year yields, GMG up 1.5% and SCG up 2.8%. Healthcare too in demand, CSL bouncing 1.7% with PME AGM providing a solid backdrop, up 2.7%. Industrials too stronger, WES up 1.9% and retail doing well, JBH up 0.4% and LOV rallying 2.4% on broker comments. Tech better, WTC up 0.8% and XRO up 0.9% with the All-Tech Index up %. Resources back in the doghouse as iron ore prices remain under pressure in Asia, RIO down 0.4% and base metals and lithium off too. PLS down another 3.8% with gold miners under the hammer too, NST off 1.6% and EVN down 1.0%. Oil and gas mixed and coal eased, WHC off 2.5%.  In corporate news, some M&A activity in small caps with SWF agreeing to a revised BFG bid, BTH getting another bid, SGF getting a good NBIO from PEP. IPO CCL hit the bourse and fell 7.6% on debut. Good to see that code back! Nothing locally on the economic front, China kept one- year rates unchanged. Asian markets mixed, Japan up 1.5%, China down 0.5%, HK down 0.4%

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Wall Street closed out the week on a positive note with all three major indices booking weekly gains following strong PMI data. Small caps outperformed the large indices, the Russell 2000 rose 1.80% closing at a one-week high and finishing 4.3% higher for the week. Blue chips also performed well. The Dow added 426 points (+0.97%) closing near session highs. Up 454 points at best. S&P 500 rose 0.35% and the NASDAQ gained 0.16% despite losses in Alphabet down 1.6% adding onto Thursday's 4% drop following the DoJ’s argument that the company has monopolised online search. Nvidia too lost 3.2% in a choppy trading session. For the week, Dow +1.96%, S&P 500 +1.68%, and NASDAQ +1.73%. Business activity in the US hit a 31-month high in November, as S&P Global's Composite PMI rose to 55.3 from 54.1 in October, reflecting optimism over lower interest rates and pro-business measures by President-elect Trump. USD Index jumped 0.41%, Bitcoin is trading within striking distance of $100k, sitting at $99k, and US treasuries ended the session mixed, with the 10Y easing a touch.

ASX SPI up 52 - Gold in focus - AGMs continue

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ASX 200 finished the week up 71 points at a new 8394 record. Up 1.3% for the week. All sectors firing with the banks pushing up yet again. CBA up another 1.8% and NAB up 1.3% with the Big Bank Basket at $265.19 (+1.4%). MQG up 1.0% and financials better, SOL up 1.0% and ASX up 1.4%. REITs firmed, GMG up 0.5% and SGP up 1.2%. Industrials solid as a rock, WES up 1.8% and TLS up 0.3% with CSL bouncing back again, PME doing what it does best up 3.4%. BXB another day in the green up 0.5% with retail finding support. Black Friday sales kicking off, JBH up 1.6% and LOV rebounding from early losses, up 1.4%. ALL fell 1.7% and LNW up 3.6%. Resources were slightly higher, BHP up 0.9% and FMG up 1.1%. Gold miners are better again as bullion rose on increased geo-political risk, NST up 1.9% and EVN up 1.0%. Lithium and rare earths remain in the "Chateau de Chien". PLS down 6.8% and LYC off 1.0%. Oil and gas stocks are in demand, WDS up 2.2% and uranium pushing higher, PDN up 5.9%. In corporate news, another 25 AGMs today, WTC fell 12.4% on a profit downgrade, and MP1 fell 9.5% after reaffirming its earnings outlook. KGN fell 2.7% on its earnings update. No significant economic updates locally. Asian markets mixed again, with Japan up 0.7% with China and HK down over 1%. 10Y yields steady at 4.55%.

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The Dow gained 461.88 points, or 1.06%, to finish at 43,870.35. The S&P 500 added 0.53% to close at 5,948.71. The Nasdaq Composite eked out a 0.03% gain to end at 18,972.42.

Amazon slumped 2.2%, while Alphabet declined nearly 5%, falling for a second session on antitrust fears. Snowflake was one bright spot in the sector, popping nearly 33% after the company.

Bitcoin also hit a fresh milestone, hitting a fresh intraday all-time high.

ASX SPI up 74 Points – AGMs in focus – LOV – A2M - WTC

COMMODITIES

• Gold climbs to over 1-week high on safe-haven demand.
• Copper slips on uncertainties over China, Ukraine war, Trump policies.
• Oil rises 2% on supply worries as Russia-Ukraine war escalates.
• Resolute Mining's CEO and two executives released by Mali government.

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ASX 200 lost 3 points to 8323 in rudderless trade as AGMs dominated. Plenty of volatility underneath the surface. The banks as always in demand with WBC the star today, the Big Bank Basket rose to $261.54 (+0.2%). Financials were mixed, GQG cratered 19.3% on its exposure to the troubled Adani group as news emerged on charges in the US overnight. Insurers slightly firmer. REITs were mixed with GMG coming under a little pressure as details of the new data centre IPO DigiCo emerged, offering alternatives.

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US equities mixed in fairly quiet Wednesday trading, though ended near best levels.

Dow +0.32%, S&P 500 (0.00%), Nasdaq (0.11%), Russell 2000 +0.03%

• Nvidia down 1% after hours on results 

ASX SPI up 11 - 30 AGMs today - MIN the most interesting

COMMODITIES

• Gold gains for third consecutive day on escalating Russia-Ukraine tensions.
• Oil settles down on strong US supply, losses capped by Ukraine escalation.
• Copper climbs in calmer markets, dollar caps gains
• Exxon Mobil signs non-binding lithium supply deal with LG Chem.
• Chile mining group SQM's net profit slips on lower lithium prices.
• Dalian iron ore rises on resilient steel demand, China stimulus hopes.
• Weak demand may prompt OPEC+ to stick with production cuts for longer than anticipated.
• US crude, gasoline inventories rise, distillates draw down, EIA says.

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ASX 200 lost 48 points to 8326 (-0.6%) as nerves set in ahead of Nvidia and lack of follow-through from the move yesterday. Geo-politics weighing slightly as gains evaporated. Banks steady with WBC off 1.1% and the Big Bank Basket unchanged at $260.91. Insurers eased, MQG off 0.5% and NWL falling 3.3% on an update.

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 The Nasdaq popped 1.04% to finish at 18,987.47, while the S&P 500 gained 0.4% to end at 5,916.98. The Dow Jones Industrial Average dipped 120.66 points, or 0.28%, to settle at 43,268.94.

ASX SPI down 6. AMC in focus on huge merger deal. NCK warns on delays - Boss Energy, Charter Hall, Downer EDI, Mount Gibson Iron and Pacific Smiles all host AGMs.

COMMODITIES

• Gold hits 1-week high as Russia-Ukraine tensions boost rush to safety.
• Oil steadies as Sverdrup field restart counters geopolitical concerns.
• Iron ore at one-week high on softer dollar, pre-holiday stocking.
• Peru copper output edges down 1% in September.
• Norway's Sverdrup oil output rises to two-thirds of capacity.
• LME aluminium up as market adjusts to China's plan to end tax rebate.
• LME lead stocks jump to highest level in 11-1/2 years after inflows.

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ASX 200 soared to new record highs before falling into the close, up 74 points to 8371 (+0.9%) as both the banking sector and the resources pushed ahead. The Big Bank Basket hit a new record up to $260.88 (+1.2%). CBA led the charge with a 1.7% gain and insurers also doing well. QBE up 1.4% and SUN rallying 2.1%. Other financials also in demand, PNI up 1.1% and HMC doing well rising 1.6%. SQ2 stands out again by up 6.3%. REITs too piling on the points, GMG up 1.1% and SCG rising 0.6%, 10Y yields falling to 4.57%. Industrials also in a good place, WES up 0.9% with WOW and COL recovering, QAN up 0.8% and SGH a star, up 3.2%. Retail recovered somewhat, JBH up 0.6% and PMV putting on 1.0% with LOV still under a little pressure. ALL up 1.6% though LNW down 2.5%. Tech rallied hard as WTC put on 2.4%, TNE soared 10.0% on better results, the All Tech Index up 2.7%. Even dull utilities were in demand, ORG up 1.0% and AGL up 0.9%. In resources, early weakness gave the buyers reasons to nibble a little, BHP down 0.1% and RIO down 0.4 % with gold stocks doing well on bullion rises, NST up 4.0% and NEM up 2.0% after a sale of a gold project. Oil and gas better, STO announced a shift in focus and rose 0.3%. Lithium stocks still on the nose with PLS down 5.2% and uranium stocks firm but unspectacular. In corporate news, SYA announced a merger with PLL, CLG had an NBIO from PE, KMD warned of tough times, and MIN company secretary is moving to a compliance and governance role. On the economic front, RBA minutes were released, current settings appropriate. Asian markets mixed again, Japan up 0.7%, HK rose 0.2% and China off 0.5%.

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US equities finished mixed overnight, as the S&P 500 and NASDAQ gained 0.39% and 0.60% respectively recovering some losses ahead of Nvidia’s quarterly earnings on Wednesday. The Dow dipped 55 points in a range bound trading day. Up 61 points at best. Down 147 points at worst. The tech sector found buyers with Apple up 1.3%, Netflix up 2.8% and Tesla rose 5.6% on reports that Trump's team is exploring regulatory easing for self-driving cars. Market sentiment remains cautious following Powell’s comments on holding off rate cuts last week while attention has shifted to Trump's cabinet picks. US treasuries edged lower, 10Y yield off 2.4bps and the 2Y yield lost 1.9bps. USD Index fell 0.44% after hitting a more than one-year high last week, and Bitcoin topped $91k.

Consumer discretionary has rallied around 10% in November, making it the best-performing S&P 500 sector during the period.  Tesla is up around 36% since the election!

ASX to inch higher. SPI Futures up 9 points (+0.11%).

• WTI jumped 3.16% following news that production at Norways Johan Sverdrup oilfield had been halted adding to earlier gains from an escalation of the Russia-Ukraine war.
• Gold up 1.89% following six consecutive days of losses after the USD’s rally halted.
• Copper up 0.71% on a weaker USD, but gains were limited by uncertainty about US tariffs and China stimulus.
• Lead surprised, rising 1.64% despite a 27% jump in LME inventories and aluminium dropped 1.69% on some profit-taking after rallying 5.54% on Friday following China’s announcement that it would cancel tax rebates for exports of aluminium.
• Uranium up 0.61% and Iron ore gained 1.90%.

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