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MARKETSS&P 500 traded in a tight range, finished lower and near worst levelsQuiet session coming out of the Thanksgiving-shortened sessionUS 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 volatilityDeutsche 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)STOCKSiRobot 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 BANKSInflation 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)CHINAChina'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)ECONOMYCyber 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 ETFsTue 28 Nov 23, 8:21am (AEDT)NameValue% ChgCommoditiesGold 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%IndustrialsConstruction55.3-0.13%Aerospace & Defense117.97-0.44%Agriculture21.59-0.69%Global Jets16.6-1.25%HealthcareBiotechnology118.57-0.66%Cannabis5.45-1.98%NameValue% ChgCryptocurrencyBitcoin18.4-3.72%RenewablesHydrogen6.39-CleanTech9.515-1.19%Solar44.63-1.87%TechnologyE-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%
Tue 28 Nov 23, 8:21am (AEDT)
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