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MARKETS

• S&P 500 finished higher in a relatively rangebound session ahead of the US Thanksgiving Day holiday
• Nasdaq closed higher but off best levels due to weakness from heavyweights Nvidia (-2.5%) and Tesla (-2.9%)
• Volatile session for oil prices, down 1.4% from a session low of -5.1% after US crude oil inventories increased more than expected
• Market narrative remains relatively unchanged: Seasonality tailwinds, peak Fed and falling yields, strong earnings from Nvidia (but expectations and positioning elevated into the result), sustained CTA buying
• Hedge funds short sellers suffer an estimated $43bn of losses in sharp rally in recent days (FT)
• RBC joins BofA in expectations for S&P 500 to reach 5,000 in 2024 (Yahoo)
• OPEC delays November 26-30 policy meeting without providing a reason (CNBC)
• Saudis in difficult talks with other members about their production levels (Bloomberg)
• Goldman Sachs says OPEC will use its pricing power to keep prices between US$80-100 a barrel and sees a 35% likelihood of deeper production cuts

STOCKS

• Nvidia's revenue guidance tops expectations as AI chip boom powers on (Bloomberg)
• Sam Altman returns to OpenAI as CEO (Reuters)
• Bezos expected to aggressively sell more shares of Amazon (CNBC)
• John Deere says higher borrowing costs will hit demand, guides to weaker-than-expected 2024 profit outlook (Reuters)
• HP forecasts downbeat first quarter profit amid slow PC market recovery (Reuters)

CENTRAL BANKS

• Fed minutes stress careful approach, does not rule out more hikes (Reuters)
• BOJ reduces JGB purchases at its regular buying operations, yields rise (Reuters)
• ECB's Lagarde say can't declare victory on inflation until 2% goal met (Bloomberg)
• ECB's Schnabel says disinflation process projected to slow (Bloomberg)
• RBA's Bullock says board seeks to cool demand, maintain employment (Bloomberg)

GEOPOLITICS

• Israel agrees to four-day truce with Hamas, 50 hostages to be released (FT)
• Biden's diplomatic breakthrough on Israeli hostage release after weeks of talks brokered by Qatar, US and Egypt (FT)
• Russian parliament approves spending bill to allocate more on defense than social services for first time in decades (AP)

CHINA

• Chinese government advisers to seek 2024 GDP growth target 4.5% to 5.5% (Reuters)
• China state bank purchases said to be accelerating, yuan gains (Reuters)
• Evergrande chairman's mansions seized by company creditor (Bloomberg)
• Sunac China project secures loan from government-backed asset manager (Bloomberg)

ECONOMY

• US short-term inflation expectations climbed to a 7-month high in Nov (Bloomberg)
• US weekly jobless claims fall more than expected (Reuters)
• US durable goods orders fall on weakness in transportation equipment (Reuters)
• Japan downgrades economic assessment for first time in 10 months (Reuters)

Industry ETFs

Thu 23 Nov 23, 8:22am (AEDT)

Name	Value	% Chg
Commodities
Uranium	28.81	+0.35%
Gold Miners	29.25	+0.14%
Steel	68.68	-0.19%
Silver	21.66	-0.51%
Copper Miners	34.44	-0.61%
Lithium & Battery Tech	48.8	-1.29%
Strategic Metals	57.7	-1.72%
Industrials
Aerospace & Defense	118.0	+0.72%
Global Jets	16.75	+0.66%
Construction	55.15	+0.57%
Agriculture	22.075	-0.47%
Healthcare
Biotechnology	118.72	+0.64%
Cannabis	5.4	-

Name	Value	% Chg
Cryptocurrency
Bitcoin	18.9903	+2.26%
Renewables
CleanTech	9.73	+0.52%
Solar	46.05	+0.02%
Hydrogen	6.34	-0.78%
Technology
FinTech	21.35	+1.04%
Sports Betting/Gaming	16.4799	+1.01%
E-commerce	19.23	+1.00%
Cloud Computing	20.22	+0.45%
Semiconductor	515.07	+0.32%
Video Games/eSports	55.46	+0.27%
Cybersecurity	25.89	+0.12%
Electric Vehicles	22.94	+0.09%
Robotics & AI	26.25	-0.04%