Market Updates

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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The S&P 500 rose solidly on Tuesday in a broad rally for stocks as traders awaited the results from a high-stakes U.S. presidential election.

The benchmark index gained 1.23% to close at 5,782.76. The Nasdaq Composite advanced 1.43% to 18,439.17. The Dow Jones Industrial Average climbed 427.28 points, or 1.02%, and settled at 42,221.88.

Banks, which would stand to benefit from deregulation under GOP control, were slightly higher.

ASX SPI up 61 points.

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ASX 200 finishes down 33 points to 8132 (0.4%). Quiet trade on Cup day with the RBA leaving rates on hold as expected. Banks eased back slightly, CBA down 0.4% with WBC seeing some modest downgrades falling 1.5%. The BigBankBasket dropped to $ (). MQG still seeing selling off 1.8%. REITs mixed, GMG down 0.6% and CHCup 0.7%. Healthcare too coming under a little pressure, CSL off 0.8%, RMD down 0.2%. Industrials and tech eased back, TLS down 0.3% and REA down 1.3%. In resources, BHP and other iron ore stocks flat on better-than-expected Chinese data and hopes for more stimulus. PLS rose 1.7% with MIN up 4.1% bouncing after the drubbing yesterday. Gold miners slid, VAU down 2.6% and WGX down 2.5% ahead of election. Oil and gas stocks down despite a rise in crude with uranium stocks finding a little support. In corporate news, DMP updated the market with disappointing Japanese and French pizza sales, CEO Don Meij also set to retire, down 6.3%. LIC rose 7.7% as HMC took a stake. HVNwill have to wait until May to see what its fine is for misleading customers. On the economic front, Judo Bank Services PMI rose to 51.0 in October. Asian markets all positive, Japan up 1.3%, China up 2% and HK up 1.2%. 10-year yields 4.56%.

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