Market Updates

US equities kicked off the week on a positive note ahead of the busiest week of corporate earnings with 169 companies set to report this week. The Dow added 273 points (+0.65%), shrugging off losses in Boeing -2.8% after the company launched a stock offering that could raise up to $22bn.

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ASX 200 closes up 10 points at 8222 as caution creeps in. Quarterlies causing some serious volatility but banks under a little pressure with the Big Bank Basket down to $245.14 and CBA off 0.8%. ANZ eased after some accounting changes, other financials also slipped slightly. ASX down 0.4% after its AGM, insurers slightly higher, SUN up 0.9%. REITS slid, GMG off 0.6% and SGP down 0.4%. Industrials a mixed bag of lollies. Tech better led by WTC up 0.9% and XRO up 2.5% with COL and WOW easier. TLS flat with CSL off 0.6%. Resources were slightly firmer. MIN finding some support after an update on the inquiry now due a week away. BHP, RIO and FMG rallied on iron ore prices bouncing in Singapore. PLS up 3.3% with LYC also doing ok. Gold miners were a sitting target for profit takers, NST fell 5.5%, EVN down 1.9% and NEM bouncing back slightly, up 2.6%. Uranium stocks saw short sellers resume, PDN were ditched post the quarterly and a Fission update, off 15.3%. BOE and DYL followed suit, coal better but oil and gas stocks eased after oil fell 4% on muted Israelis response. In corporate news, TPW fell 0.8% on slowing retail spending, MTS down 2.5% after extending a supply contract in QLD. Nothing significant locally on the economic front. Asian markets mixed again, Japan rose % on election result, China and HK down around 0.2%. 10-year yields higher at 4.48%.

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US equities ended mixed Friday as the Dow dropped 259 points (-0.61%), the NASDAQ  rose 0.56%, and the S&P 500 remained flat. Financial stocks came under selling pressure amid concerns over New York Community Bancorp's weak guidance, causing its shares to fall 8.2%, with Bank of America and Wells Fargo also lower, down 1.8% and 1.4% respectively. Tech stocks, however, were buoyed by anticipation of earnings next week, with Microsoft, Alphabet, and Meta rising modestly. Telsa gained 3.34% building on its 22% rally the day before and Nvidia rose 0.8% overtaking Apple as the most valuable company. For the week only the NASDAQ saw a gain, rising 0.15%, Dow down 2.68% and the S&P 500 eased nearly 1%.

ASX SPI down 2.

COMMODITIES

• Chile's Codelco suspends operations at copper refinery after worker's death.
• Brazil seals $30bn compensation deal with BHP, Vale over 2015 dam collapse.
• Rio Tinto signs MOU with China's Nanjing Steel on decarbonisation.
• Gold firms as Mideast woes, election uncertainty lift prices.
• Oil settles up, weekly gain 4% as investors weigh Middle East risk and US election.
• Zinc slides as inventory arrivals ease supply fears.
• Dalian iron ore climbs after 3-day slide, posts weekly gain.

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The ASX 200 limped into the weekend up only 5 points to 8211, closing out the week down 0.87%. Banks solid again with CBA up 0.4% and the Big Bank Basket at $246.82 (+0.3%). Insurers were mixed, REITs slid, SGP down 1.2% and GPT off 0.6%. Industrials also weaker, Defensive supermarkets sold off, WOW and COL off with WES down 2.5%.

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US equities ended mixed, with the S&P 500 and NASDAQ gaining 0.21% and 0.76%, buoyed by gains in Tesla rallying 21.9%, its biggest rally since May 2013, following strong earnings and bullish forecasts. The Dow lost 141 points (0.33%) posting its fourth consecutive day of losses, its longest losing streak since June. Up 8 points at best. Down 323 at worst. Small firms Russell 2000 ticked 0.23% higher, and the VIX eased 0.83%. US treasuries eased a touch. 10Y yield fell 3.4bps to 4.21%, and 2Y yield ended flat at 4.08%. USD Index fell 0.38% while Bitcoin kicked 2.47% higher. On the economic front, US unemployment claims fell by 15k, and the S&P Global US Composite PMI rose to 54.3 in Oct-24, signalling solid business activity growth at the start of the fourth quarter.

ASX SPI up 15 - Quarterlies and QAN.

COMMODITIES

• Oil prices ease on possible new Middle East ceasefire talks.
• Gold climbs on safety rush, supply threat bolsters palladium price.
• Newmont forecasts flat 2025 production, sees costs at similar levels.
• Biden administration approves ioneer's Nevada lithium mine.
• Goldman Sachs raises 2025 aluminum, copper price outlook.
• Global zinc market deficit widens in August, ILZSG says.

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The ASX 200 finished a quiet session down 10 points to 8206 (-0.1%) again rallying off early lows as banks were back in fashion. CBA up 1.2% with the Big Bank Basket up to $246.15 (+1.0%). Financials firmed, QBE bounced back up 0.6% and GMG up 0.3% although REITs flat generally. Healthcare was mixed as CSL bounced a little.

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Both the S&P 500 and the Dow had their third straight day of losses this week.

The 30-stock Dow plunged 409.94 points, or 0.96%, ending the day’s session at 42,514.95. The S&P 500 lost 0.92%, closing at 5,797.42.

The Nasdaq Composite lost 1.6%, ending at 18,276.65.

Tesla up 10% after hours on better than expected results.

• SPI down 16 - Quarterlies and AGMs dominate

COMMODITIES

• Oil slips 1% on large build in US crude stocks; market watches Middle East.
• Gold's record rally pauses due to stronger dollar, higher yields.
• Aluminium climbs as raw material shortage triggers fund buying.
• Newmont misses profit estimates on higher costs, weaker Nevada output.
• BHP says claim it put profit over safety 'unjustified' in Brazilian dam collapse case.
• US crude stockpiles jump as imports climb, gasoline builds as refineries ramp up, EIA says.

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The ASX 200 finished a quiet session giving up early modest gains to close up 10 points at 8216. A mixed session, banks are holding firm with the Big Bank Basket up to $243.79 (+0.3%) with insurers easing as QBE fell 0.4% under an ASIC spotlight.
 
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The S&P 500 ended the session lower by 0.05%, closing at 5,851.20. It was the broad market index's first back-to-back loss since early September. The 30-stock Dow slid 6.71 points, or 0.02%, ending at 42,924.89 and posting a second straight losing day. The Nasdaq Composite outperformed with a gain of 0.18% to 18,573.13.

McDonalds in Trouble with E - Coli outbreak

ASX SPI up 23 - Gold and Silver shine

COMMODITIES

• Gold scales record peak as US election jitters drive safe-haven rush.
• Oil rises as Middle East war rages and global supplies tighten.
• Iron ore retreats as mounting concerns on weakening steel demand weigh.
• Aluminium rallies on record high raw material prices.
• Dam disaster deal should curb lawsuits against Vale and BHP, sources say.

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ASX 200 fell hard 139 points to 8206(1.7%) as selling hit all sectors. 10-year bond yields rose again, with interest rate-sensitive stocks suffering the most. The Big Bank Basket fell to $242.99 (-2.0%). CBA off 2.2% and NAB down 2.1%. REITS under pressure, GMG down 2.7% and SCG off 2.5%. Healthcare is suffering, CSL is down 2.9% and PME is dropping by 4.0%. Industrials were weaker across the board; retail fell despite better-than-expected consumer confidence numbers. JBH down 2.7% and SUL off 2.2%. ALL down 2.1% and LNW slipping again, off 2.0%. WES fell 2.3%. QAN remained in flight up 1.2% and tech stocks were mixed, WTC rose 2.8% as CEO issues subsided. Resources were a mixed bag of lollies. Iron ore stocks eased, BHP off 1.2% with FMG down 1.6% but some winners in the gold space, WGX up 0.9% and BGL rising 0.6%. MIN remain in the seller’s sights down 4.3% with energy stocks easier, PDN down 1.9% and WDS off 1.4%. In corporate news, AD8 disappointed with its trading update, falling 6.1%, VEA warned of softer retail conditions and TCL fell 1.6% despite guidance reaffirmed. On the economic front, consumer confidence rose. Asian markets were a little mixed, HK up 0.5%, China up 0.5% and Japan down 1.3%. 10-year yields rose again, up to 4.42%.

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