US equities bounced back overnight recovering the previous session's losses buoyed by gains in tech stocks. The Dow added 126 points (+0.030%). Up 174 points at best. Down 80 points at worst. The S&P 500 is up 0.97%, within striking distance of its all-time high, and the NASDAQ gained 1.45%. Chipmakers led gains, with Nivida up 4.0% extending its five-day rally to 14%. Small caps eked out a small gain, Russell 2000 up 0.09%, and Wall Streets volatility gauge, the VIX dropped 5.39% from its highest level since August. US treasuries were little changed. 10Y yield down 1bps and 2Y yield down 2.8bps. WTI and Brent crude fell over 4% each on news of a possible ceasefire between Hezbollah and Israel. Iron ore and Dalian down sharply, off 5.95% and 2.27%, after investors unwound long positions to lock in profits after stimulus measures from China missed expectations.

ASX to rebound. SPI Futures up 15 points (+0.18%). REA AGM today.

COMMODITIES

• Iron ore rides a roller coaster as China stimulus-driven frenzy fades.
• Oil falls over 5% intra-day amid uncertainty over Israeli retaliation and lackluster China stimulus.
• Gold set for biggest drop in over a month as bets on large Fed rate cut recede.
• Aluminium nears two-week low as energy prices drop.
• EIA cuts US oil production for next year; now expects production to grow by just 320K bpd.
• Mali says Barrick Gold owes $500m in taxes, fines.

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