Daily Market Reports | 8:49 AM
| World Overnight | |||
| SPI Overnight | 8079.00 | + 13.00 | 0.16% |
| S&P ASX 200 | 8067.00 | – 101.20 | – 1.24% |
| S&P500 | 5930.85 | + 63.77 | 1.09% |
| Nasdaq Comp | 19572.60 | + 199.83 | 1.03% |
| DJIA | 42840.26 | + 498.02 | 1.18% |
| S&P500 VIX | 18.36 | – 5.73 | – 23.79% |
| US 10-year yield | 4.52 | – 0.05 | – 1.01% |
| USD Index | 107.35 | – 0.75 | – 0.69% |
| FTSE100 | 8084.61 | – 20.71 | – 0.26% |
| DAX30 | 19884.75 | – 85.11 | – 0.43% |
Good morning.
US equities rallied but also lost some steam on Friday, however, over the weekend engineers at the ASX have been working overtime to make sure investors in Australia (those not in holiday mode just yet) can buy and sell stocks on Monday morning.
On Friday, a gremlin inside the technology that makes the ASX tick was discovered and the AFR this morning reports the market operator has held a conference call for market participants late on Sunday to explain what’s going on.
Bottom line: all trades made from Wednesday last week will be processed today (Monday).
The market is expected to open as normal.
The previous CHESS system outage occurred in November 2020 when trading in ASX-listed entities ceased 24 minutes after the open and the bourse remained closed for the rest of the day.
Softer-than-expected inflation data sparked a rally for US equities on Friday, but enthusiasm cooled towards the end of the session and, equally noteworthy, the positive finish was not enough to prevent a weaker weekly outcome.
Powell and Co inspired a winding back of next year’s rate expectations by US Treasuries and that had a notable impact on USD, commodities and global equities.
For the week, the Dow Jones lost -2.3%, the S&P500 retreated -2% and the technology-heavy Nasdaq fell -1.8%.
So far this month, the S&P500 is down -1.7% in December.
Year-to-date, the Nasdaq has gained 30.4% in 2024 through Friday, while the S&P 500 has climbed 24.3% this year and the Dow has risen 13.7%.
US markets closed on Friday with the prospect of another partial US government lockdown looming, but both political parties have managed to eke out a last-minute agreement, ignoring commands put forward by president-elect Trump and his advisor Elon Musk.
Crude oil too posted a weekly loss as investors weighed the Federal Reserve’s slower approach to cutting interest rates and President-elect Donald Trump’s threat to impose tariffs on EU countries unless they buy more US oil and gas.
Brent futures settled little changed near US$73 a barrel to cement a -2.1% drop for the week. West Texas Intermediate held steady above US$69 a barrel, with the February contract down -1.9% for the week.
Trump said he wants the European Union to conduct large-scale purchases of American oil and gas and threatened tariffs if they don’t, adding to wider economic concerns as the US government is facing an imminent shutdown over funding plans.
Most commodities, including precious metals, had a positive session as the week’s end approached.
SPI futures are suggesting a modestly positive opening awaits the ASX on Monday morning.
On the calendar today:
-UK 3Q CA balance
-UK 3Q GDP
-US Dec Conf Board
FNArena’s four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 2645.10 | + 31.81 | 1.22% |
| Silver (oz) | 29.96 | + 0.39 | 1.30% |
| Copper (lb) | 4.10 | + 0.02 | 0.39% |
| Aluminium (lb) | 1.14 | + 0.01 | 1.08% |
| Nickel (lb) | 7.14 | 0.00 | 0.00% |
| Zinc (lb) | 1.34 | + 0.00 | 0.13% |
| West Texas Crude | 69.46 | + 0.35 | 0.51% |
| Brent Crude | 72.56 | 0.00 | 0.00% |
| Iron Ore (t) | 103.84 | – 0.24 | – 0.23% |
The Australian share market over the past thirty days
| Index | 20 Dec 2024 | Week To Date | Month To Date (Dec) | Quarter To Date (Oct-Dec) | Year To Date (2024) |
|---|---|---|---|---|---|
| S&P ASX 200 (ex-div) | 8067.00 | -2.76% | -4.38% | -2.45% | 6.27% |
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| LTR | Liontown Resources | Upgrade to Neutral from Sell | Citi |
| PER | Percheron Therapeutics | Downgrade to Speculative Hold from Buy | Bell Potter |
| SRG | SRG Global | Downgrade to Accumulate from Buy | Ord Minnett |
For more detail go to FNArena’s Australian Broker Call Report, which is updated each morning, Mon-Fri.
All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. Click here. (Subscribers can access prices on the website.)
(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author’s and not by association FNArena’s – see disclaimer on the website)
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