Australian (ASX) Stock Market Forum

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MARKETS

  • S&P 500 traded in a tight range, finished lower and near worst levels
  • Quiet session coming out of the Thanksgiving-shortened session
  • US bond yields notably weaker across the curve, with the 10-year down 9 bps to a fresh 2-month low of 4.39%
  • Market narrative remains relatively unchanged, driven by disinflation momentum, peak Fed, soft landing traction, elevated cash on the sidelines, seasonality tailwinds, falling oil prices and low volatility
  • Deutsche Bank sees 12% upside to S&P 500 through 2024-end (Reuters)
  • BMO sees solid US gains ahead, S&P 500 ending 2024 at 5,100 (Reuters)
  • Investors sit on record $5.7tn in money market funds, which could be bullish tailwind for risk assets (WSJ)
  • Gold hits six month high amid soft landing optimism (WSJ)
  • OPEC+ members including Iraq and Russia resist Saudi Arabia’s call to reduce oil output quotas to shore up global markets (Bloomberg)

STOCKS

  • iRobot shares plummet after EU regulator said Amazon's planned $1.7bn acquisition raises competition concerns (CNBC)
  • Okta downgraded by JPMorgan after last months cybersecurity breach ‘significantly degraded’ the company’s brand (CNBC)
  • Albemarle shares slide 6% as battery metal prices continue to plummet (Bloomberg)

CENTRAL BANKS

  • Inflation gauges in the US and Eurozone at 2021 lows which may support end of Fed, ECB rate hikes (Bloomberg)
  • BoE Governor Bailey warns of tough battle to bring down inflation (Bloomberg)
  • Australia to bill giving RBA experts more responsibility for setting rates (Reuters)
  • Bank of Korea likely to keep policy rate steady (Yonhap)

CHINA

  • China's industrial profits growth slows, prompting calls for policy support (Reuters)
  • Beijing Stock Exchange limiting sales by major shareholders (Reuters)
  • China sees signs of ebbing pneumonia in children (Bloomberg)

ECONOMY

  • Cyber Monday deals getting snapped up by price-sensitive US consumers (Reuters)
  • Mastercard SpendingPulse says US retail sales on Black Friday up 2.5% year-on-year, eCommerce sales up 8.% year-on-year (Mastercard)
  • US new home sales down 5.6% month-on-month on higher mortgage rates (Reuters)
  • US gasoline prices down for 60-straight days to US$3.25 national average or 60 cents below recent peak (Bloomberg)

Industry ETFs

Tue 28 Nov 23, 8:21am (AEDT)

NameValue% Chg
Commodities

Gold Miners29.79+1.60%
Silver22.56+1.30%
Steel68.96+0.54%
Uranium29.03-0.14%
Copper Miners33.99-1.45%
Lithium & Battery Tech47.66-2.36%
Strategic Metals56.42-2.82%
Industrials

Construction55.3-0.13%
Aerospace & Defense117.97-0.44%
Agriculture21.59-0.69%
Global Jets16.6-1.25%
Healthcare

Biotechnology118.57-0.66%
Cannabis5.45-1.98%
NameValue% Chg
Cryptocurrency

Bitcoin18.4-3.72%
Renewables

Hydrogen6.39-
CleanTech9.515-1.19%
Solar44.63-1.87%
Technology

E-commerce19.47+0.88%
FinTech21.78+0.88%
Cybersecurity26.23+0.50%
Cloud Computing20.28+0.05%
Robotics & AI26.25+0.04%
Video Games/eSports55.13-0.09%
Semiconductor514.72-0.14%
Sports Betting/Gaming16.4314-0.78%
Electric Vehicles22.96-0.82%


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