Stocks dropped on Thursday as investors began to worry about the negative side of the artificial intelligence buildout, which threatens to disrupt the business models of whole industries and raise unemployment.

The Dow Jones Industrial Average shed 669.42 points, or 1.34%, to end at 49,451.98. The index was led lower by Cisco Systems, which slid 12% after the maker of networking hardware such as switches and routers issued disappointing guidance for the current quarter. The S&P 500 dropped 1.57% and closed at 6,832.76, while the Nasdaq Composite lost 2.03% and settled at 22,597.15.

Apple dropped 5% on Siri delays – SPI down 78 – COH and WBC results.

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The ASX 200 missed it by this much. Closed up 29 points to close at 9044 (0.3%). Banks were once again the stars of the show as the ANZ result kicked it higher, up 8.5% with the Big Bank Basket up to $306.63 (+4.8%) a new record close. Other financials were sold down hard as AMP results bombed with investors, the stock falling 26.7%, ZIP dipped 5.8% and CGF fell 6.0%. Insurers also under pressure again, QBE down 2.0% and MPL falling 2.2%. Industrials also fell in a heap, are we really at record highs? ALL down 3.9% and JBH losing another 1.0% with REITs under pressure again, GMG down 1.7% and SCG off 5.3%. ‘Old Skool’ platforms, again in the doghouse, REA down 3.3% and CAR hitting a speed bump off 5.3%. Tech stocks were horrible again. It continues to cascade lower, the All-Tech Index down another 6.7% with WTC falling 6.6%, XRO heading that way, down 8.4% and TNE off 6.9%. Healthcare checked into A&E as CSL fell another 6.9% with RMD dropping 2.6% and PME being sold down 23.9% on disappointing numbers.

In resources, gold miners mixed, lithium stocks better, PLS up 3.8% and MIN pushing 1.4% higher. BHP and RIO doing well on copper prices, uranium struggling, LOT down 7.2% and PDN up 0.7% on better results.

In corporate news, TPW were smashed down 32.6% on disappointing numbers and increased discounting. AMP dropped and ASX fell 1.7% after its better-than-expected revenue, wiped out by expenses. BRG saw record EBITDA and popped 1.7% higher.

On the economic front, Michele Bullock got a grilling from one Senator.

US futures Dow up 157 points and Nasdaq up 46.

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U.S. equities fell for another session on Thursday as investors took a risk-off stance, leading popular trades in technology and bitcoin to unravel.

The Dow Jones Industrial Average shed about 592.58 points, or 1.20%, ending at 48,908.72. The S&P 500 lost 1.23%, closing at 6,798.40 and landing in negative territory for the year. The Nasdaq Composite declined 1.59% and settled at 22,540.59. The 30-stock Dow was down nearly 700 points, or about 1.4%, at session lows, while the broad market S&P 500 and Nasdaq dropped 1.5% and 1.9%, respectively. 

Amazon dropped 9% after hours on results.

Alphabet was the latest of the “Magnificent Seven” companies to report earnings results. The company projected a sharp increase in artificial intelligence spending that spooked some investors, calling for 2026 capital expenditures of up to $185 billion. Shares lost 0.5%. However, shares of Broadcom climbed almost 1% following news of Alphabet’s spending plans, offering some hope for the artificial intelligence trade as the market deciphers its winners and losers.

SPI down 98 – Commodities fall – Bitcoin dumped.

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Wall St staged a recovery from opening lows to finish near flat in another volatile session. S&P 500 flat on average volume. Nasdaq up 0.13%. Dow underperformed. Down 310 points and down 1100 in two sessions after hitting record highs earlier in the week. Short-term rotation from growth to value didn’t last long. The weak open coming from the same narrative as yesterday – odds of a Fed December rate cut falling due to inflation concerns (no official economic data released). 50% to 45% this time (again, yawn). The drop was attributed to Jeffrey Schmid, saying inflation was too hot and is being driven by broader factors other than tariffs. Schmid was the only Fed member to dissent in favour of no change in October (Miran was the only one to dissent in favour of a 50bp cut). Nasdaq was down 1.9% at worst before the precipitous moment was again avoided and the dip bought. Volatility remains high. Above 20 points.

SPI down 17 - ELD results.

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ASX 200 bounces 75 points to 7421 (1.0%) in a solid yet unexciting day. Third weekly decline still and down 77 points on the week. Banks led the charge up with CBA hitting record highs up 0.7%. The Big Bank Basket up to $193.89 (+1.0%). MQG rallied 1.5% with insurers up as QBE rallied 0.5% and SUN up 0.9%. REITS found friends, GMG up 1.7% and SGP up 1.2%. Healthcare had a good bounce CSL up 2.2% and RMD rallying 2.2%. Industrials firm too, REA up 1.5% and ALL up 3.2%. TLC up 6.0% as Powerball hits $150m next week. Tech rallied in line with Nasdaq gains, The All-Tech Index up 2.0% with WTC up 2.9% and XRO rallying 4.8%. ZIP had a good day up 11.4% on a broker upgrade. Retailers mixed, JBH down 1.2% with PMV up 1.3%. Resources a mixed bag, oil and gas better, WDS up 1.6% with coal stocks lifted by WHC production up 3.8%. BHP flat, RIO up 0.9% and FMG up 2.0%. Lithium stocks mixed, PLS up 0.3% with gold miners finding buyers, even EVN up 1.9% as bargain hunters stepped in. In corporate news, MSB jumped 13.2% on FDA approval. Iron ore futures are better on some pre-holiday restocking, and Dalian Futures are up 1.2%. Asian markets mixed, Japan up 1.1%, China down 0.3% and HK down 0.2%. 10-year yields heading higher still up 4.29%

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US stocks closed higher on Thursday, propelled higher by AI-related optimism that bolstered chip stocks, notably Nvidia and Taiwan Semiconductor Manufacturing (TSMC). The Dow Jones rose by 202 points, or 0.54%, closing at 37,469 points. The S&P 500 gained 0.88%, while the NASDAQ advanced 1.35% to 15,055.81. TSMC's US-listed shares jumped by 9.79% after the semiconductor manufacturer projected a 2024 revenue growth exceeding 20%, driven by high demand for high-end chips utilised in AI applications. Nvidia (+1.9%) reached an intraday record high, emerging as the most-traded company on Wall Street, with over $24bn worth of shares exchanged. Other chip giants, including AMD, Broadcom, and Qualcomm, also experienced gains, contributing to the rally in the Philadelphia SE semiconductor index (+3.36%). Elsewhere, Apple gained 3.3% after BofA Global Research upgraded its stock to "buy," leading the S&P 500 information technology index to reach a new record high.

ASX to rise. SPI Futures up 72 points (+0.98%).

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ASX 200 fell for the fifth day down around 47 points to 7347 (0.6%). Losses across the board with local jobs data showing a slow down with the headline steady at 3.9%. Seasonal factors may be a issue. Banks held steady on jobs number. The Big Bank Basket pretty much unchanged. Insurers better on higher yields, MQG down 0.7%. REITs falling fast, GMG down 1.6%, SCG off 2.4% and SGP down 3.9%. Industrials falling away, REA down 2.5%, WOW off 0.3%, TLS falling 0.5% and tech sliding too. WTC off 0.4% and XRO down 0.4%. The All-Tech Index down 0.4%. Healthcare slid, CSL down 1.1% and RMD down 1.1%. Resources back on the nose again, BHP production numbers solid but nickel an issue, off 1.8%. FMG up 1.0% and lithium stocks heavy, PLS down 2.0% and LTR falling 10.7% as Albemarle threw in the towel. Gold miners were mixed after the Red Wedding yesterday, EVN managed a small rise of 0.3%, uranium stocks seeing some profit taking. In corporate news, EML bounced 22.2% on Irish news of TSCIL withdrawal. APM was thumped 40.8% on a profit warning. In economic news, Jobs data dominated, whilst in Asian, Japan was up 0.3%, HK up 0.6% and China down another 0.6%. 10-year yields at 4.26%.

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The Dow Jones Industrial Average declined 94.45 points, or 0.25%, to close at 37,266.67. This marked the third straight day of losses for the 30-stock index. The S&P 500 slid 0.56% to close at 4,739.21, and the Nasdaq Composite lost 0.59%, ending the session at 14,855.62.

Treasuries under pressure with curve bear flattening; 2Y back near 4.35%.
December retail sales came in stronger than expected with the control group +0.8% vs the +0.2% consensus.

ASX to fall. SPI Futures down 20 points (-0.27%). 

• Gold stumbles to a more than one-month low, down 1.05%, following strong economic data, USD and yields.
• Copper prices fell to their lowest level in over four weeks, down 1.02% on worries about China’s economy after disappointing data.
• Dalian Iron Ore fell 1.56% after weak economic data from China weighed on market sentiment.
• 10Y Bond Yields – US 4.106%, Australia 4.288%, and Germany 2.288%.
• Oil prices ended near flat, as severe cold disrupted some US oil production, helping offset poor growth data from China. Brent Crude up 0.39%, and WTI up 0.22%.

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ASX 200 falls another 22 points today to 7393 (0.3%) to a four-week low as banks start to slip. Late rally helping slightly. The Big Bank Basket dropped to $191.54 (0.4%). CBA leading the fall down 0.6% with WBC off 0.7%. MQG lost 0.6% though insurers better on higher yields. 10-year yields back to 4.20%. REITs slid too, GMG off 0.1% and SCG down 1.0%. Healthcare a little higher CSL up 0.4% and RMD up 1.1%. Industrials held relatively firm, supermarkets still under a little pressure, WOW down 0.1% and COL off 0.1% too. Tech slightly better and utilities bouncing off bottom, Retail stocks on the nose, LOV down 2.2%, PMV down 1.7% and SUL down another 2.3%. JBH lost 2.5%. In resources, the Three Amigos held firm, gold miners were smashed as EVN disappointed the true believers, Red Lake turned into the Red Wedding and the stock collapsed 17.3% on production numbers. The rest of the sector fell in sympathy. AUD bullion prices hardly changed but NST down 4.4% and NEM lost 5.1%. Lithium stocks depressed, PLS down 1.9% and S32 headed south by 3.5%. Oil and gas in trouble, WDS down 1.4% and STO off 0.7%. In corporate news, TLC has a new chair, WA1 raising money at 1000c. On the economic front, Chinese GDP grew at 5.2% last year. National Australia Bank now expects the Reserve Bank to remain on hold until November, before the central bank starts cutting from the current cash rate of 4.35%. Meanwhile in Asia, everyone is bearish China and down she went again, off 0.7% and HK down 2.8%. Japan unchanged.

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The Dow Jones Industrial Average fell Tuesday as bond yields ticked higher and Wall Street pored through the latest batch of fourth-quarter earnings. Boeing took a hit on a broker downgrade falling nearly 8%.

The Dow declined 231.86 points, or 0.62%, to close at 37,361.12. The S&P 500 slipped 0.37% to end at 4,765.98, and the Nasdaq Composite dropped 0.19% to 14,944.35.

ASX SPI Futures up 5. AUD takes a hit as US Bond yields rise.

• Oil little changed as stronger dollar counteracts Red Sea disruptions.
• Gold dips over 1% as dollar, yields rise on hawkish remarks by Fed's Waller.
• US oil output due to drop in February, for fifth straight month EIA says.
• Iron ore investors mine irrational exuberance.
• Copper's dollar-induced dip offset by China stimulus hopes.
• Australia sends biggest copper concentrate shipment to China since 2020.

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ASX 200 dropped 82 points to 7415 (1.1%) in a perfect storm as major stocks all saw sellers appear. No lead-in from the US, but futures are pointing to a weaker start all the same. The ‘Three Amigos’ saw selling as Iron ore prices fell again in Asia, BHP off 1.4% and FMG copping a 2.2% loss. RIO reported production numbers and reaffirmed guidance falling 1.3%. Lithium stocks mixed, PLS up 1.1% and IGO continued its own halving falling 1.8%. Gold stocks also found willing sellers, EVN down 3.4% and NST falling 1.9%. Uranium stocks came to a halt, PDN off 1.5% and DYL up 1.0%. Oil and gas stocks also on the nose, WDS down 1.6% and STO off 1.8% with coal stocks also easing. Banks saw some long overdue profit taking, CBA down 0.6% and WBC and NAB down 0.7-0.8% with the Big Bank Basket down 0.7% to $192.54. Other financials slid, MQG off 0.8%. REITS eased and industrials sold down. Retail under pressure, SUL down 2.6% and JBH off 1.4% with LOV down 5.2%. Tech eased with the All-Tech Index down 0.7%. Supermarkets are not quite so super as ACCC muscling up. WES down 1.0%, WOW off 1.5% and COL off 2.0%. 10-year yields bounced back to 4.14%, sending rate-sensitive stocks lower. In corporate news, DTL to beat profit guidance up 1.5%, HUB fell 2.1% on its FUA number and we had RIO production numbers. On the economic front more pessimistic consumer sentiment numbers. In Asia, Japan down 0.7%, HK falling yet another 1.9% and China down 0.4%.

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US markets closed last night.

The pan-European STOXX 600 ended 0.5% lower, as government bond yields across the region perked up after ECB’s chief economist pushed back against rising expectations for rate cuts.

ASX 200 SPI Futures down 21 points.

• Copper closed up 0.56% at $8,381 after falling as far as $8,308.
• Zinc jumped 1.57% after Nyrstar said it will suspend zinc smelting operations at its Dutch plant in Budel in the second half of January.
• Base metals mixed, pressured by a rising dollar. Nickel -0.61%, Aluminium -0.83%, Lead +0.81%, and Tin -0.94%.
• Gold advanced 0.40% on safe-haven demand on rising tensions in the Middle East.

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Wall Street closed mixed overnight, with the Dow Jones closing 118 points lower (-0.31%), while the S&P 500 and NASDAQ remained mostly unchanged. Markets grappled with the impact of corporate quarterly results and softer-than-expected PPI data. BofA (-1.1%) and Wells Fargo (-3.3%) fell as their results fell short of estimates, while JPMorgan, despite posting upbeat results, lost 0.7%. UnitedHealth fell 3.36%, and Delta Airlines sank 8.9% after adjusting its 2024 earnings forecast downward. Tesla also saw a 3.7% drop following the announcement of a production halt in its Berlin plant due to conflicts in the Red Sea. Citigroup, gained 1% after revealing plans to reduce its workforce by 10%.

ASX SPI Futures up 5 points.

• Base metals broadly slipped on a firmer dollar. Copper -0.38%, Nickel -0.58%, Aluminium -0.69%, Zinc +0.70%, Lead -1.30% and Tin up 1.61%.
• Gold rallied 0.96% on safe-haven buying following an escalation in conflict in the Middle East.
• Iron ore off 1.17%. China iron ore imports in 2023 hit a record high, up 6.6% YonY.
• Brent Crude up 0.80%, and WTI advanced 1.09% as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the US and Britain on Houthi targets in Yemen.
• 10Y Bond Yields – US 3.945%, Australia 4.078%, and Germany 2.153%.

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ASX 200 limped into the weekend down 8 points to 7498 to finish the week relatively unchanged. Quiet with low volumes again. US PPI and Chinese CPI in focus. Banks 'sagged' with the Big Bank Basket down to $193.63(-0.1%). NAB down 0.2% and ANZ falling 0.6%. MQG slid 0.2%, with insurers a little better, SUN up 0.8%. REITS mixed with GMG down 0.3% and SGP up 1.1%. In the industries, supermarkets are under pressure as the government pushes for price cutting. The rest of the industrials also drifting lower, TLS off 0.3% and BXB down 0.9% with tech under a little pressure, XRO off 0.8% and utilities falling too. ORG down 0.7% (Ex-Div) and APA down 1.9%. In resources, the ‘Three Amigos’ were a little mixed, FMG up 1.2%, with BHP down 0.2%. Lithium stocks mixed, PLS down 1.1% and MIN off 1.4%. Gold miners were slightly higher, and oil and gas stocks better as the UK and US launched an attack against the Houthis in Yemen. Crude rallying around 2%. Uranium stocks on a charge as the price hit a fresh post Fukushima high, DYL the standout.  In corporate news, NXL warned of higher legal fees falling 12.9%, HLS fell 7.6% after a downgrade by Morgan Stanley. SYR rallied 1.9% as cold weather hit Louisiana.  There was nothing locally on the economic front; Chinese CPI fell 0.3%, and PPI fell 2.7%. In Asian markets, Japan up 0.4%, China down 0.1% and HK unchanged. 10-year yields, 4.07%. Dow Futures down 25 points. NASDAQ Futures down 16 points.

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Stocks ended Thursday near the flat line after a fresh round of inflation data reflected an uptick in consumer prices for December. The Nasdaq Composite closed at the flat line, settling at 14,970.19. The Dow Jones Industrial Average eked out a gain of 15.29 points, or 0.04%, to close at 37,711.02. The S&P 500 edged lower by 0.07% to end at 4,780.24. Earlier in the session, the broad market index briefly traded above its record closing high of 4,796.56.

ASX SPI Futures down 34 points.

• Base metals firmed on a weaker dollar. Nickel +0.37%, Aluminium +0.02%, Zinc +0.12%, Lead +1.58%, and Tin +0.49%.
• Gold dipped to a one-month low, before finishing up 0.23%
• Iron ore recouped losses overnight, up 0.50% after falling for five consecutive sessions, helped by the latest support for the property market and renewed hope of monetary easing in China.
• WTI gained 0.81%, and Brent Crude rose 1.30% after Iran seized an oil tanker off the coast of Omen, raising the possibility of escalating conflict in the Middle East.
• 10Y Bond Yields – US 3.981%, Australia 4.082%, Germany 2.194%.

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Stocks closed higher Wednesday, with investors awaiting the release of fresh U.S. inflation data and earnings.

The S&P 500 gained 0.57% to end at 4,783.45, while the Dow Jones industrial Average added 170.57 points, or 0.45%, to close at 37,695.73. The Nasdaq Composite advanced 0.75% to settle at 14,969.65.

ASX SPI Futures up 13 points.

• Copper up 0.33% on arbitrage buying and a softer dollar.
• Dalian Iron Ore down 2.12%, for a fifth consecutive session, nearing a three-week low on muted demand by a weaker steel market and lack of fresh stimulus from China.  
• Base metals mixed. Nickel +0.80%, Aluminium -0.44%, Zinc -0.50%, Lead +1.48%, and Tin +0.72%.
• Gold eased 0.28%, ahead of inflation data, although a softer dollar kept a floor under prices.
• WTI -1.19%, and Brent Crude is down 1.04% following a surprise jump in US crude stockpiles raising concerns about demand in the largest oil market.
• USD Index down 0.16%, and Aussie dollar up 0.24% to 66.98 US cents.

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ASX 200 finished flat at 7502. Xmas apathy took over despite a rally on Wall Street. Inflation numbers tonight but not expecting much. Banks were flat with the Big Bank Basket down to $189.53(-0.1%). The $190 level has been resistance in the past. Financials also slipped. MQG down 0.5% with insurers drifting slightly lower, QBE off 0.4%. REITs powered ahead with GMG up 0.7% and SCG rising 0.3%. 10-year yields once again under some pressure at 4.03%. Chinese yields hit a 30-year low. Industrials sagged, TCL down 0.4%, WES off 0.3% and TLS falling 0.3%. Tech slightly better with NXT up 0.5% and WTC moving 0.9% higher. Old Skool Platform stocks tickled higher with REA up 0.5% and SEK doing well. Retailers mixed. Always so. KMD fell again, LOV up 0.4% with APE bouncing back 2.4%. In resources, CXO collapsed 21.2% on a strategic review as lithium prices have been trashed this year. PLS up 3.0% and LYC up 2.9% on China rare earth moves, iron ore miners still firm FMG up 1.1% on a new high. Gold miners flat and oil and gas better. Plenty going on in the M&A space, PBP up 15.5% on a bid, A2B also getting a bid up 19.9% and ASB jumped 7.2% on a new US Navy contract. MIL raced 73.4% ahead with a bid too. Nothing on the economic front. US inflation numbers tonight another piece in the jigsaw. Asian markets better with Japan up 0.2%, HK up 1.3% and China up 0.7%.

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Stocks rose on Thursday, with the S&P 500 recovering from its worst day since September as the year-end rally resumed.

The Dow Jones Industrial Average gained 322.35 points, or 0.87%, to 37,404.35. Meanwhile, the

Nasdaq Composite advanced 1.26% to 14,963.87.

The S&P 500 added 1.03% to 4,746.75. That places the broad market index about 1% from its closing high and 1.5% from its intraday record.

ASX to open higher. SPI Futures up 35 points (+0.47%).
 
Gold bounced 0.5% ahead of PCE data tomorrow.
Brent Crude down 0.26%, and WTI off 0.87% after Angola said it would exit OPEC.
Copper gained 0.17% after US economic growth was revised down, raising expectations for interest rate cuts early next year and pushing the USD lower.
Base metals finished mixed. Nickel +0.51%, Aluminum +0.22%, Zinc -0.66%, Lead -0.63%, and Tin -0.12%.
10Y Bond Yields – US 3.931%, Australia 4.097%, and Germany 2.022%.

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ASX 200 falls only 34 points to 7504 (0.5%). We performed better than SPI suggested as US futures rallied a little. Volume and news was a little light on as we approach the Xmas break. Banks eased back slightly with the Big Bank Basket down to $189.72(-0.3%). ANZ slightly higher after AGM comments, MQG slid 0.9% and other financials eased, GQG down 5.0%. REITs eased too as bond yields fell to 4.01%. Industrials were mixed with TCL up 0.9%, BXB up 1.0% and staples a little weaker. Nothing significant. Healthcare in a similar vein, CSL eased 0.5% with RMD up another 0.7%. In resources, lithium stocks under pressure as Macquarie downgraded underlying lithium prices, PLS fell 3.4%, LTR down 8.3% on a royalty issue. Gold miners slipped a little, NEM down 1.6% and oil and gas off too. In corporate news, In corporate news, SFR has issued an update on the Motheo copper mine. TIE maintains its unanimous recommendation for holders to reject Zhaojin's offer. RPL fell 2.2% after it successfully concluded the acquisition of PM Capital Ltd, as previously announced. Meanwhile, BUB has secured $17m for its US expansion efforts. Nothing on the economic front except a jump in household wealth by 2.3% in Sept quarter. Asian markets fell on US falls, Japan down 1.6%, HK down 0.2% and China up 0.5%.

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The Dow Jones Industrial Average slid 475.92 points, or 1.27%, to 37,082.00. The Nasdaq Composite was lower by 1.50% to 14,777.94. Both indexes ended a nine-day advance, and they had their worst session since October. The S&P 500 declined 1.47% to 4,698.35, marking its worst day since September.

ASX SPI Futures down 73 Points.

• All sectors in the S&P 500 finished in the red, with consumer discretionary falling the sharpest, down 1.28%.
• Base metals finished mixed. Nickel +0.66%, Zinc +0.58%, Lead +0.27%, and Tin +0.16%.
• Copper fell 0.17% after touching its highest levels in more than four-and-a-half months on restocking in China before a stronger dollar weighed on the market.  
• Aluminium fell for a second consecutive session, down 1.04% after rising over 8% in the past week.
• Dalian iron ore rebounded 1.14%, supported by low inventories and expectations of a flurry of restocking for winter.
• 10Y Bond Yields – US 3.853%, Australia 4.352%, and Germany 1.967%.
• Gold fell 0.48%.
• USD Index gained 0.32%, and the Aussie dollar fell 0.46% to 67.30US cents.

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ASX 200 up another 49 points to 7538 (0.7%). Another day another push towards 7600. Across the board gains with banks in demand again, ANZ up 0.7% and WBC up 1.0%. The Big Bank Basket trading at $190.21(0.5%). MQG kicked 0.9% higher with GQG doing very well up 1.5%. Insurers slightly better, REITS in demand, SCG up 1.0% and SGP up 1.6%.  Industrials better again, WES up 1.0%, WOW up 0.8% and TLS up 1.8%. Tech a little mixed, WTC down 1.3% and XRO up 0.2% with the All-Tech Index up 0.2%. Retailers in demand, PMV up 0.3%, SUL up 1.7% and LOV doing well up 2.5%. Xmas is coming. Not for KMD which warned on sales falling 8.0%. Resources better, iron ore stocks seem to be running out of juice, FMG down 0.8% and BHP up only 0.4%. Lithium stocks rebounding a little, IGO up 2.3% and MIN rising 0.5%. Gold miners better again, GMD up 2.3% and NST rallying 1.6%. Oil and gas stock in the green, WDS up 0.6% and KAR up 2.0%. In corporate news, CHN CEO called for a ban on short selling, ORI dropped 2.5% on a Canadian acquisition, Terra for $560m. PXA fell 11.8% on a Smoove update and TCL saw some board changes. Nothing on the economic front, In Asia China left rates unchanged, Japan up another 1.6%, China down 0.5% and HK up 1%. 10-year yields steady at 4.05%

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Wall Street finished higher overnight near best levels, extending its rally while shrugging off warnings from Fed officials trying to rein in rate cut expectations. The Dow nabbed another all-time closing high, up 252 points (+0.68%). Dow up 257 at best. The S&P 500 rose 0.59% and is now within one percentage point of its all-time closing high. The NASDAQ 100 hit another all-time high, and the NASDAQ Composite advanced 0.66%. US small caps Russell 2000 rose 1.97%, rising over 11.7% in December so far. Bond yields dipped slightly despite Atlanta Fed President Bostic predicting the Fed would only cut rates twice in 2024, well below market expectations for at least five cuts. Among stocks, Boeing gained 1.2% after German airline Lufthansa revealed it ordered 40 737-8 MAX jets, Meta advanced 1.6%, trading at levels not seen since Sep-21, and Amgen rose 1.1% on broker upgrades.

ASX to open higher. SPI Futures up 35 points (+0.47%).

• Base metals finished broadly higher, with the exception of Aluminium, which fell 0.92% as LME aluminium inventories continue to rise. Nickel +1.40%, Zinc +1.61%, Lead +1.07%, and Tin +1.63%.
• Gold rose 0.63% as the US greenback and treasury yields slipped.
• Copper up 1.49%, as supply concerns fuelled by mine closures and a sliding dollar triggered buying.
• Dalian iron ore up 0.10% despite dampening demand, buoyed by low inventory levels and restocking.
• 10Y bond yields – US 3.929%, Australia 4.090% and Germany 2.022%.
• USD Index fell 0.40%, and the AUD rose 0.82% to 67.6US cents.

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The ASX is set for a very tough open after Wall Street went down heavily and dragged the ASX futures down with it. It was the biggest one day fall for the SP500 and Nasdaq for over a month. It’s a similar story to the ASX yesterday with the prospect of rate cuts becoming fainter. In the US, the odds of a cut were 70% last week. Their only 47% now. The Nasdaq was down 2.2% and the SP500 1.66%. Volume lifted back to 20.8 bn shares after the recent lull, and the VIX jumped 16% to hit 20 again. Some notable movers were Nvidia, which fell 3.6%, Telsa off 6.6% and Intel down 5.2%. Bitcoin was down 3% too.  

SPI futures down 136 points. ASX set to open lower. 

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ASX 200 up 63 points to 7489 (0.8%) in another strong across the board rally. RBA minutes helped, BoJ staying pat helped and takeovers helped. Solid gains across the board. The Banks continue to march higher, CBA up 0.6% and WBC charging 0.8% ahead. The Big Bank Basket up to $189.23 (+0.5%)). MQG kicked and insurers firmed, QBE bouncing 3.9%, SUN up 2.2%. REITs also in demand, GMG up 2.0% and SCG better by 0.3%. Industrials grinding higher, TCL up 1.7% WES up 1.3% and ALL up 2.0%. QAN slipped slightly down 1.7% with Tech better, WTC up 1.1% and XRO rallying 1.6%. Healthcare also better, CSL up 0.6% and RMD finding buyers up 0.6%. In resources, iron ore miners hitting highs despite Singapore iron pre slipping again. BHP up 0.6% and FMG up 1.1% putting Krug on Twiggy’s table. Gold miners slightly positive, NST up 1.4% with lithium stocks mixed. LTR up 11.3% as shorts worry about Gina and Albemarle teaming up perhaps. AZS up 1.7% as SQM and Gina teamed up with a $1.7bn bid. Oil and gas stocks better on Red Sea issues, WDS up 1.7% and BPT finishing 3.2% higher. In corporate news, AKE shareholders say yes, here at least, AGL up 0.6% on plans for its 500MW battery plant. GEM surged 13.6% on a marked improvement in the second half, PFP buying 3 funeral business, and ORG up 3.2% after getting its hands on another GBP280m investment in Octopus (UK). On the economic front, RBA minutes out, considered a rate rise but as we know didn’t raise rates. Somewhat sidelined now, ANZ-Roy Morgan survey out, slight improvement, Japan kept policy on hold for the third or fourth decade. Japan up 1.1%, HK continues to slide down 0.6% with China unchanged. 10-year yields down to 4.11%.

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US equities kick off the week on a positive note, continuing its seven-week bull run. The Dow closed flat, up one point. Up 88 points at best. Down 20 points at worst. The S&P 500 gained 0.45% as more than $40bn of mergers and acquisitions hit the wire, following months of disappointing volumes. The NASDAQ Composite is up +0.61%, and the NASDAQ 100 gained 0.64% to close at a record high for a second consecutive session. Wall Street’s fear gauge the VIX up 1.3%, hovering around 12, but within striking distance of recent multi-year lows. Mounting attacks by militant groups on ships in the Red Sea pushed oil prices higher over supply concerns, which in turn boosted energy stocks. US treasuries edged higher after Fed officials pushed back against market pricing of interest rate cuts. Among stocks, US Steel Corporation jumped 26.09% on reports that Japanese Nippon Steel secured a deal to buy the company for $14.9bn in cash. Meanwhile, Apple fell 0.9% after announcing a halt in Apple watch sales in the US due to patent rights violations.

ASX to rise. SPI Futures up 6 points (+0.8%).

• Base metals mixed. Nickel -3.79%, Zinc +0.32%, Lead -1.37%, and Tin -1.78%.
• Copper down 0.94% on demand concerns from China.
• Aluminium up 1.94% after stocks in LME-approved warehouses jumped more than 13% on Friday, indicating a surplus of the metal in transport.
• Gold up 0.43% on dip buying.
• 10Y Bond Yields. US 3.945%, Australia 4.123% and Germany 2.073%.

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ASX 200 lost 16 points to 7426 (0.2%) in lacklustre trade dominated by M&A activity in LNK, ABC and PSQ. Monday M&A day ahead of Xmas break. Banks drifted lower with the Big Bank Basket unchanged at $188.20. Insurers suffered as yields fell again, QBE down 0.6% and SUN off 1.8%. Fund managers lower with REITs under pressure, GMG up 0.1% and VCX down 2.4%.  Industrials weaker, TLS off 0.9% with staples easing, WES down 0.5% and WOW down 0.7%. Tech held up on lower rates, WTC up 0.1% with the All-Tech Index up 0.2%. Resources mixed, PLS up 1.3% and AKE running 1.7% higher ahead of the vote this week, Iron ore miners mixed, Oil and gas faltered, WDS down 0.3% and STO falling 1.6%. Gold miners flat and coal mixed. In corporate news, LNK had a bid from Mitsubishi, up 27.0%, ABC saw the Barro Group bid 320c in cash, up 31.3% and PSQ also saw a NBIO rally 18.0%. ZIP fell 2.4% on a funding package. TAH up 23.1% after saying it would keep its Victorian wagering and betting business. SGP fell 3.6% after announcing a deal to buy 12 LLC communities. Nothing substantive on the economic front. Asian markets weaker, Japan down 0.9% China down 0.2% and HK off 1%%. 10-year yields fell again to 4.07%.

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US markets closed mixed after a day of high-volume trading. The Dow Jones gained 57 points (+0.15%), a record-high close for the third session in a row. Up 2.92% for the week marking a ninth straight winning week. The S&P 500 finished flat, NASDAQ +0.35% and Russell 2000 -0.77%. The S&P 500 and NASDAQ registered a seventh straight week of gains, up 2.50% and 2.85%, its longest winning streak since 2017. The session also marked the expiry of quarterly derivatives tied to stocks, index options and futures, known as “triple witching”. US treasuries finished little changed, short-dated 2Y yields did rise, up 6.1bps after fed officials dampened expectations of an imminent rate cut in Q1 next year. Quite on the corporate front, but in economics, the S&P Global PMIs highlighted a strong service sector, though manufacturing fell short of expectations.  

ASX SPI Futures down 74 points.

• Gold fell 0.81%.
• Copper prices dipped 0.44%, on a strong dollar.
• Based metals mixed. Nickel +1.24%, Aluminium +1.52%, Zinc +1.65%, Lead +0.27% and Tin -0.67%.
• US Treasuries were little changed to modestly lower following latest Fed comments. 10Y yield down 0.6bps to 3.911%, 2Y yield up 6.1bps to 4.445%.

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ASX 200 finished up 65 points at 7443(0.9%) in another strong day but well off highs as some profit taking creeping in. Big caps in focus. The iron ore miners shooting the lights out, BHP close to all-time highs up 2.4%, RIO up 2.2% and FMG giving Twiggy a very happy Xmas up 1.4%. Lithium stocks saw short covering across the board as lithium carbonate prices rally in China. PLS up 3.4% and MIN up 2.1% with IGO rallying 6.1%. Gold miners not so hot despite bullion rallying, NEM up 2.2% and EVN up 0.3%. Oil and gas stocks rebounded WDS up 1.4% and STO better by 3.2%. Coal stocks also better, WHC up 0.8% and uranium at 15-year highs giving PDN a flip higher. Up 2.1%. Banks too in demand still, CBA up 0.5% and ANZ the star up 1.2%. The Big Bank Basket up to $188.28(+0.7%). Financials doing well, even ZIP up 17.8%. MQG continues its rally up 0.5% with insurers steadying. REITs a little mixed DXC down 3.6% on a revaluation of properties. GMG slipped 1.8%. Healthcare better with CSL up 0.7%. Industrials pausing a little, TCL in demand on yields falling, up 1.9%. Tech a little flat, the All-Tech Index up 0.4%. In corporate news, AMP down 1.6% after it has provided an update on its $1.1bn capital management program, revealing a return of $750m since Aug-22. ABC has shared news on the Kwinana Upgrade Project and provided a trading update, projecting the 2023 underlying EBITDA to fall within the $310 - $315m range. Stock up 8.6%. HLS fell 0.7% on an  announcement that ACL intends to withdraw its offer. No surprise there. In economic news, NAB chair says Australia will avoid a recession. PMIs out. In Asian markets, a positive reaction to more stimulus from the PBoC, Japan up 1.2% China up 0.7% and HK up 3.0%. 10-year yields back to 4.14%.

****Quadruple Witching in the US tonight. Around US$3.1 trillion of derivatives to expire. Last major liquidity event for 2023. Will add to the volatility. US markets experiencing serious jump in volumes****

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Wall Street closed modestly higher overnight, extending weekly gains in the final hour of trade. The Dow added 158 points (+0.43%) to hit an all-time high. Up 197 points at best. Down 39 points at worst. S&P 500 and NASDAQ are both up over 3% for the week so far, advancing 0.26% and 0.19%, while the Russell 2000 is up over 7% for the week, adding another 2.72% overnight. The VIX pulled away from almost four-year lows, up 2.4%, as piles of derivative contracts tied to stock indexes are due to expire tomorrow, which may amplify instability. Benchmark 10Y yields dropped 10.7bps to 3.917%, and the greenback tumbled against a basket of world currencies, USD Index down 0.87%. Meanwhile, retail sales data unexpectedly rose last month, and initial jobless claims came in below forecasts. Though data did little to change rate cut expectations. Among stocks, Adobe fell 6.35% after giving lukewarm revenue forecasts for 2024, and Intel gained 1.37% after announcing new chips for PCs and data centres.

ASX to open higher. SPI Future up 48 points (+0.65%).

• Base metals rallied following a fall in the US greenback. Copper +2.95%, Nickel +2.76%, Aluminium +3.12%, Zinc +2.60%, Lead +1.77% and Tin +2.46%.
• Oil prices extend yesterday’s gains, boosted by a weaker dollar and the IEA lifting its oil demand forecast for next year. Brent Crude +2.95% and WTI +3.07%.
• Dalian iron ore slipped 2.70% after the market digested a lack of new stimulus measures and data that showed weaker-than-expected bank lending last month.
• 10-year yield: US 3.917%, Australia 4.100%, and Germany 2.121%.
• Gold prices touched a 10-day high overnight, up 0.65% as the USD and treasury yields fell for a second consecutive session.

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ASX 200 powers to a 5-month high of 7378 up 120 (1.7%) as the Fed delivers in time for a very happy Xmas. A leap this morning on the open following the dot plots and the Q&A session. Bond yields tumbled with the Australian 10-year yield back to 4.12%. Financials, REITs rallied hard, the Big Bank Basket at $187.00(+1.1%), CBA leading the charge higher but MQG had a great day up 3.5% together with other financials. Insurers slid a little on lower yields, but REITs took off too. GMG up 3.0% and SCG up 3.9%. Industrials and tech doing well, TCL rallying another 1.4% on lower rates, TLS up 1.8% and tech giants XRO and WTC all doing nicely nicely. The All-Tech Index up 2.1%. Healthcare in a strong place, CSL up 1.6% and RMD up 1.9%. Resources played catch up, iron ore majors in demand. All-time highs across the board, RIO, FMG and BHP if you add back the WDS. Gold miners soared after a couple of down days. NST rebounding 8.1% and GMD up 5.1%. Lithium stocks were the stand out as a short squeeze and perhaps a change in sentiment dragged the buyer back in. PLS up 8.6% and LTR rallying with LRS the standout. Oil and gas doing ok on a slightly higher oil price, WDS up 0.5% and KAR up 1.6%. In corporate news, some takeover action in small caps, VHT up 41.3% and WSP under siege with a 57c offer. GMD bought some gold projects off Kin Mining. VEA got the nod to acquire the OTR group, AWC jumped 8.7% on WA approvals, PAN called in the administrator. On the economic front, unemployment rose slightly to 3.9% with an increase in 61500 jobs created. Asian markets mixed, Japan down 0.9%, China up 0.3% and HK bouncing 1.1%. 10-year yields 4.11%

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ASX 200 rose another 23 points to 7258 (0.3%) in another solid day. Once again banks led us higher with the Big Bank Basket up to $185.04 (+0.8%). WBC leading the charge. MQG had a good day up 1.5% but insurers slid with IAG down 3.2% and SUN off 1.0%. REITs were mixed, GMG bouncing nicely, SCG down %. Healthcare also picking up, CSL up another 1.1% and RMD doing ok, up 1.2%. Tech stalled and industrials a little flat, WOW down 0.7% and EDV down 1.0%. TCL picked up 0.2% on lower rates. Resources once again dominated by iron ore stocks with FMG up 1.3% to an all-time high, BHP rose 0.7% and RIO up 0.8%. Lithium stocks flat, gold miners under pressure again, NST down 1.1% and NEM off 2.8%. Sentiment turned full circle in a week. Oil and gas stocks fell, WDS off 1.1% and STO down 0.1%. Not even a merger could save them today. In corporate news, SIG returned to trade up 40.00% having raised $400m to fund operations and get the Chemist Warehouse deal done. AIZ fell 2.5% on a downgrade. On the economic front, the Albanese government released the MYEFO, no real surprises and no real stimulus or help for those suffering from cost-of-living pressures. In Asian markets, Japan up 0.3%, China off 0.9% and HK off 0.7%. 10-year yields fell back to 4.27%.

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US equities closed mostly higher overnight, finishing near best levels after inflation data did little to alter views for the timing of a rate cut by the Fed next year. The Dow Jones advanced 173 points (+0.48%). Dow up 191 points at best. Dow down 32 points at worst. The S&P 500 hit a fresh year-to-date high.

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ASX 200 pushed on to a three-month high on a low volume day. Up 36 points to 7235 (+0.5%). Banks up, with CBA up 0.4% and ANZ rallying 0.8%, with the Big Bank Basket up to $183.67 (+0.5%). MQG up 0.4%, with insurers slightly weaker, QBE down 0.2%. REITs firmed, GMG up 0.7% and VCX up 2.6%, with industrials also in demand, BXB up 1.6% and WOW doing well up 1.8%, with JBH up 0.6%. Tech also in demand, with XRO leading the charge of broker optimism. WTC up 2.68% and the All-Tech Index up 1.2%. Healthcare better too, COH up 2.4% on a broker upgrade. CSL improved 0.7%, and RMD gaining 1.3% on a positive court ruling. In resources, Iron ore miners mixed, FMG up 1.6% with BHP flat and RIO weaker. Lithium stocks once again sold off, PLS down 2.8% and LYC tanking 4.6% gold miners were mixed, NST down 0.2% and NEM up 0.1%%. Oil and gas stocks firm, coal up with WHC up 1.8%. In corporate news, SIG returns to trade tomorrow, IPL has a new CEO, and on the economic front, a positive Q&A from RBA chief helped sentiment. Asian markets trading with a positive bias, Japan down 0.2%, HK bouncing 0.9%, and China up 0.1%. Dow Futures up 10 points. NASDAQ Futures up 20 points. 

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Overnight on Wall Street, stocks edged up ahead of the Federal Reserve’s last meeting of the year. The S&P 500 rose 0.4%, Nasdaq was up 0.2% and the Dow Jones added 0.4%. 

SPI Futures up 13 points.. Oracle falls 7% after hours on latest results.

• Base metals mixed. Nickel -1.51%, Zinc +1.05%, Lead +1.73%, and Tin -1.44%.
• Gold down 1.10%, hitting a three-week low as the USD and treasury yields firmed.
• Aluminium off 0.68%, touching three-month lows on expectations of rising inventories.
• Iron ore up 0.53% despite disappointing economic data from China.
• Copper -1.33% as mine closures and disruptions have changed the landscape for copper supplies.
• Brent Crude +0.4%, WTI +0.25% as OPEC+ cuts failed to full offset worries around crude oversupply and softer demand growth next year.
• 10Y Bond Yields – US 4.239%, Australia 4.368%, Germany 2.253%.
• Bitcoin down 6.82%.

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The ASX 200 rose only 4 points to 7199 (0.1%) after a promising start was ambushed by resource stocks falling. Lithium and gold stocks fell with some of the big lithium names seeing selling resume. PLS down 3.0% as a new chair was appointed. MIN off 1.1% and AKE up 1.0%. Iron ore stocks stalled, BHP down 0.4% and RIO unchanged. Gold miners eased back as bullion suffered from the higher USD. NEM down 1,2% and NST off 2.1%. Oil and gas saw some buying, WDS/STO both slightly better with KAR up 0.5%. Banks up but off highs with the Big Bank Basket stable at $182.79. MQG fell 0.1% and insurers eased back slightly. Healthcare was better with CSL and RMD up 0.3% and REITs mixed, GMG down 0.4%. Industrials flat amidst pockets of strength, WES up 1.1% and WOW up 0.8%. Tech mixed with the All-Tech Index unchanged. In corporate news, PGH saw another bid from Kin at 84c, up 22.6%, BUB unchanged on a trading forecast update, CGC fell 3.9% as the outlook dims, SKC has settled with Macquarie over its car park stoush. In economic news, immigration targets the big news today. IEL fell 2.2% on the news. Asian markets mixed with China and HK still weak. 10-year yields around 4.33%.

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Wall Street closed higher Friday with notable gains for the S&P 500 and NASDAQ, reaching their highest closing levels since early 2022, up 0.41% and 0.45%, respectively. The Dow finished near highs, up 130 points (+0.36%). Dow up 179 at best. Dow down 56 at worst. The rally was sparked by robust non-farm payroll and unemployment data, fuelling optimism for a soft landing, while also scaling back expectations the Fed will cut rates in March. Bonds were sold off, pushing yields higher again. 10Y and 2Y treasuries up 11bps. Among stocks, Paramount jumped 12% after reports of takeover interest. DocuSign rallied 4.8% after raising its annual revenue forecast, and Honeywell dipped 1.6% after it announced it would buy Carrier Global’s security business.

ASX 200 SPI Futures up 16 points.

• Base metals mixed. Nickel +2.09%, Aluminium +0.12%, Zinc -0.58%, Lead +0.27% and Tin +0.04%.
• Copper up 1.28%, lifted by firm demand from China.
• Gold down 1.11% as the US greenback and Treasury yields strengthened.
• Brent Crude and WTI oil prices rose 2.17% and 2.74%, but ended the week lower, marking its seventh consecutive weekly decline.
• 10Y Bond Yields – US 4.231%, Australia 4.359%, and UK 4.024%.

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Wall Street rallied overnight after Google and AMD triggered a mega cap rally on renewed optimism surrounding artificial intelligence. The Dow gained 63 points (+0.18%). Up 110 at best. Down 32 at worst. The S&P 500 halted a three-day decline, up 0.80%, and the NASDAQ gained 1.37% to mark its highest close of 2023. US Treasuries were subdued, 10Y yield finished little changed after an initial rise on hawkish signals from the BoJ. China lithium prices were down another 4.83%, gold was flat, and the USD Index fell 0.54%. Among Stocks, Google gained 5.3% following the launch of Gemini, saying the new AI model could narrow the gap in the race between OpenAI. Advanced Micro Devices rallied 9.7% after the company estimated the potential market for its data centre AI chips could reach $45bn this year.

ASX to slip. SPI Futures down 15 points (-0.21%).

• Base metals mixed. Aluminium -0.47%, Zinc -0.54%, Lead -0.44% and Tin +0.18%.
• Lithium continues its downward trend, down 4.83%.
• Iron ore remains elevated, up 1.11%
• Copper halted a three-session decline, up % helped by strong Chinese export data and a weaker USD.
• Nickel up 1.48%, as Nickel stocks in warehouses registered with LME rose to 10-month highs.
• Gold flat in the run-up to US non-farm payrolls data.  
• US 10Y yields fell 0.2bps to 4.119%, holding steady near three-month lows ahead of jobs report tomorrow.

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ASX 200 fell 5 points to 7173 (-0.1%) in a day of consolidation. Plenty of corporate news around, from Chemist Warehouse's reverse takeover to MFG FUM and MGF deal. Plus, we saw a bid for PPT up 6.7%. Banks eased back slightly, with NAB down 0.4% and MQG down 1.4%, with the Big Bank Basket steady at $181.97. Insurers fell heavily as yields slipped to 4.28% in the 10s. QBE down 2.8%, and SUN down 1.8%. REITS mostly formed though GMG fell 0.7%. Healthcare eased back, with CSL down 0.4% and RMD off 0.6%. Industrials were lower, BXB down 1.0%, ALL off 1.2%, and TLS fell 0.3%. Tech mixed, All Tech Index up 0.4%. Resources were mixed again, iron ore miners better, RIO up 1.0% and FMG up 1.6%, with BHP lagging on some C-Suite changes. Lithium stocks pushed higher as PLS continued its rally up 5%. MIN up 1.7%, and IGO rallying 2.7%. Gold stocks struggling to gain traction, EVN trying to stabilise up 1.4%. Uranium stocks remained under pressure after BOE acquisition and placement. Oil and gas are remarkably stable, WDS up 0.4% and STO rising 0.7%. In more corporate news, 4DX readies $30m placement, rumours that WDS and STO have been exploring a merger. SWM announced its CEO was stepping down and GQG partners revealed FUM grew US$9bn. In economics, our trade surplus widened in October on exports driven by metal ores and minerals and a decline in imports. Asian markets eased again, with Japan down 1.2%, China off 0.2% and HK off 1.3%. Dow Futures down 26 points. NASDAQ Futures down one point. 

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Wall Street finished lower near worst levels, pulled back by mega-caps and energy stocks after signs of a cooling job market reinforced bets the Fed could start cutting rates early next year. The Dow Jones fell 70 points (-0.19%). Dow up 168 points at best. Dow down 100 points at worst. S&P 500 lost steam amid a slide in energy producers, down 0.39%, with 7 of the 11 sector indices lower led by energy -1.67% and tech -0.76%. The tech-heavy NASDAQ Composite slid 0.58%, and small caps Russell 2000 fell 0.21%. 10Y yields extended their decline down 5.9bps to 4.121%, while the 2Y yield edged slightly higher. ADP employment data provided fresh evidence of labour market weakness following yesterday’s JOLTS report. WTI Oil fell below $70 a barrel -4.13%, its lowest since early July, on demand concerns and increased supply shown in an EIA report. Among stocks, mega cap tech stocks showed weakness, with Google, Apple, and Microsoft losing between 0.6%-1%.

ASX to fall. SPI Futures down 34 points (-0.47%).

• Euro Area retail sales rose by 0.1% in Oct-23, falling short of the expected 0.2% increase.
• Copper fell For a third consecutive session, down 0.73%, touching a two-week low as the USD firmed.
• Dalian Iron ore rose 1.64% on positive economic data and persistently strong demand from China.  
• Golf firms 0.39% as treasury yields ease, stabilising after a rapid fall from a record high earlier this week.
• Lithium down again, off 4.61%.
• 10Y yield: US 4.121%, Australia 4.245%, and Germany 2.199%.
• Brent Crude and WTI sharply lower, down % and % respectively, hitting June lows following EIA reports of a larger-than-expected rise in US gasoline inventories, raised demand concerns.

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ASX 200 romped ahead by 117 points to 7178 (+1.7%). All is forgiven after the losses of yesterday, even lithium staged a significant comeback. This despite falls in international lithium stocks. AKE up 3.0%, PLS up 5.6% with some large blocks traded, MIN rose 4.2% with iron ore miners not even stirred by news from RIO on Simandou, RIO up 0.7% and BHP rising 1.5%. Base metals better, Gina will be happier as LTR rose 6.1% and CHN up 10.8% on access permits. Gold miners mixed with EVN dropping 13.0% on the placement and acquisition fallout. Looks overdone. NST up 1.0%, and oil and gas stocks rallied too. WDS up 1.1%, and BPT rising 1.4%. BPH continued to backfill down 9.6%. Banks shot up, with NAB leading the way, up 1.9% and CBA up 1.6%. The Big Bank Basket up to $182.15 (+1.6%), with MQG up 1.8%. REITs kicked, GMG up 1.8% and SCG up 3.7%. 10-year yields down to 4.3%. Other financials also doing well, PPT up 6.3% and MFG up 3.6%, with its latest FUM up despite outflows. Healthcare better, CSL rallying another 1.7% with RMD up 0.9%. Industrials firmed across the board, TLS up 1.9%, TCL up 0.7% and staples rallying hard, WOW up 1.9% and COL up 2.4%. Tech sparking higher, WTC up % and XRO up %. The All-Tech Index up 1.7%. In corporate news, EVN was the standout story, Chemist Warehouse is heading for a reverse takeover listing through SIG. EDV held an update with a hotel earnings target of $150m. WDS signed a sales deal with Mexican Pacific. On the economic front, GDP expanded 0.2% in the third quarter, less than the previous quarter’s 0.4% and consensus. Asian markets firmed, Japan up 1.8%, HK up 0.7% and China down 0.1%. Dow Futures up 64 points. NASDAQ Futures up 66 points. 

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US equities ended mixed while treasury resumed their rally following fresh economic data reinforced bets the Fed will cut rates in Q1 of next year. The Dow Jones fell 80 points (-0.22%). Dow down 194 points at worst. S&P 500 ended marginally in the red, down 0.06%, and the NASDAQ gained 0.31%. Treasuries fell after job openings data hit its lowest since March 2021. 10Y yields down 8.2bps breaching 4.2% levels, and the 2Y yield fell 4.6bps to 4.587%. Key non-farm payrolls report out Friday, which will offer more insight into the health of the labour market. Bitcoin is up 4.8%, Gold eased 0.48%, and the Aussie dollar fell sharply, down 1.03% to 65.51US Cents. Among stocks, the tech sector outperformed as treasuries dipped Nvidia and Apple gained over 2% each, while Amazon and Telsa rose over 1% each.

ASX to rise. SPI Futures up 27 points (+0.38%).

• Base metals down.  Zinc -1.84%, Aluminium -1.03%, Lead -2.03%, and Tin -0.56%.
• Nickel fell 2.88%, continuing its downward trend on expectations of excess supply.
• Copper is down 1.46%, hitting its lowest level in two weeks after Moody’s cut its outlook on China’s credit rating.
• Dalian Iron ore fell 0.91% on lingering fears over China’s supervision of the markets to ensure price stability.
• Oil prices lower, hovering around five-month lows on a stronger USD and demand concerns. Brent Crude -1.32% and WTI -1.07%.
• 10Y yield: US 4.180%, Australia 4.315%, and Germany 2.249%.

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 The Dow Jones Industrial Average rose to new heights on Wednesday, extending its gains from the previous session, as Wall Street looked ahead to a potential end to the record-breaking U.S. government shutdown.

The 30-stock Dow was last up 334 points, or 0.7%, and hit a fresh intraday high in the session. The S&P 500 traded around the flatline, while the Nasdaq Composite dropped 0.3%. 

SPI up 11 - Australia’s October labour force report is due at 11.30am. 

Results expected on Thursday from Graincorp, Orica, Xero, Catapult Sports and Infratil.

Companies scheduled to host annual meetings include Arena REIT, AUB Group, Computershare, Catalyst Metals, Greatland Resources, Guzman Y Gomez, Ingenia Communities Group, Inghams Group, Nextdc, Pexa Group, SGH, Superloop, Servcorp and Strike Energy.

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ASX 200 fell 63 points to close at 7062 (0.9%) on weaker international leads and falling commodity prices. RBA left rates unchanged again, but limited ASX reaction.  Resources hit hard with iron ore miners under pressure, BHP down 1.3% and FMG off 0.9%, Lithium stocks remain depressed with IGO falling 6.7%, PLS down 8.5% and MIN copping a 4.3% fall. Gold miners retreated from the heady times of yesterday with NST down 4.0% and NEM slipping 2.7%.  EVN raising $525m for an acquisition. Oil and gas stocks also fell hard as crude failed to launch, WDS down 2.7%, STO off 0.9% and coal stocks also down. Industrials held up in places, WOW and COL showed modest gains, WES fell only 0.6% despite its lithium exposure, tech saw profit taking, WTC down 1.0% and XRO off 1.0% with the All-Tech Index down 0.8%. Healthcare better with RMD up 1.8% as the recovery continues. Banks eased back slightly with the Big Bank Basket down to $179.29c. MQG fell 0.7% and insurers eased back again. In corporate news, ORG returned after the cunning Plan A was rejected by Aussie Super and rallied 2.2%, CMM dropped 8.4% on some director selling, same with 360 falling % and MSB returned from its 150th capital raise and dropped 18.0%. MPL up 0.3% on an agreement to increase stake in My Health. On the economic front, the much-anticipated Xmas present from Michele was delivered with a pause in rate rise. Not much movement on this AUD slid around 0.5% and 10-year yields at 4.41%. Asian markets weaker with Japan down 1.1%, China off 0.8% and HK down 1.8%.

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The Dow Jones Industrial Average shed 41.06 points, or 0.11%, to close at 36,204.44. The S&P 500 dropped 0.54% to 4,569.78. The Nasdaq Composite declined 0.84% to 14,185.49 as investors sold Big Tech shares, which have led the market’s gains this year.

November was the best month for the 30-stock Dow since October 2022. The S&P 500 and Nasdaq Composite both enjoyed their biggest monthly gains since July 2022.

ASX to fall. SPI Futures down 38 points (-0.53%).

• Base metals were broadly lower as the USD strengthened. Copper -2.2%, Nickel -2.11%, Zinc -2.4%, Aluminium -1.02%, Lead -1.55%, and Tin +0.88%.
• 10Y yield: US 4.263%, Australia 4.464%, and Germany 2.344%.
• Brent Crude and WTI fell % and % overnight, nearing four-month lows as markets took a wait-and-see attitude about plans by OPEC+ to cut production in Q1 2024.

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