Daily Market Reports | Nov 04 2024
This story features AMCOR PLC, and other companies. For more info SHARE ANALYSIS: AMC
| World Overnight | |||
| SPI Overnight | 8170.00 | + 36.00 | 0.44% |
| S&P ASX 200 | 8118.80 | – 41.20 | – 0.50% |
| S&P500 | 5728.80 | + 23.35 | 0.41% |
| Nasdaq Comp | 18239.92 | + 144.77 | 0.80% |
| DJIA | 42052.19 | + 288.73 | 0.69% |
| S&P500 VIX | 21.88 | – 1.28 | – 5.53% |
| US 10-year yield | 4.36 | + 0.08 | 1.80% |
| USD Index | 104.20 | + 0.39 | 0.38% |
| FTSE100 | 8177.15 | + 67.05 | 0.83% |
| DAX30 | 19254.97 | + 177.43 | 0.93% |
Good morning.
Someone didn’t like Amcor’s ((AMC)) quarterly report on Friday with share prices on overseas bourses down by -7-8%.
By contrast, Westpac Bank ((WBC)) released its half-yearly financials this morning and it looks like various key metrics may not quite match market expectations, but a larger-than-expected bonus dividend plus share buyback are likely to please shareholders today.
With only days left before that all-important US election, US indices closed higher on Friday and the local bourse is expected to see positive follow-through on Monday morning.
Apart from the US election, where last-minute momentum looks to have shifted towards vice-president Kamala Harris, US equities are encountering a massive week for US earnings.
More than 3,700 companies are set to report third quarter results this week, with over 1,400 scheduled for Thursday alone.
The local calendar includes Melbourne Institute inflation and ANZ Bank Indeed Australian Job Ads today.
Melbourne Institute inflation and ANZ Indeed Australian Job Ads will be released today.
On Friday, the S&P500 closed up 0.4%, the Dow up 0.7%, the Nasdaq up 0.8%, the Euro Stoxx50 up 1.0% and the FTSE100 up 0.8%.
The yield on the US 10y note rose 9.9bp to 4.38%. Oil rose, with WTI up 0.3% to USD69.5/bbl. Gold was down -1.6% to USD2,736.5/oz.
October nonfarm payrolls rose 12k, much weaker than expected but low response rates owing to a short collection period and hurricanes affected the survey, hence why markets paid little attention.
Economists at ANZ Bank report copper was steady as the market braces for a pivotal period for trading marked by the US election and a gathering of China’s leadership.
Sentiment received a boost last week after data showed China’s factory activity unexpectedly expanded in October, with the official manufacturing Purchasing Managers Index rising to 50.1.
However, the outcome of the US election will be pivotal to global economic policies and trade relations. For the metals complex, a Trump White House could see demand come under pressure if the Inflation Reduction Act is pared back, as promised.
Aluminium prices gained as signs of tightness continue to grow. Alumina surged to a record high following disruption to bauxite exports from Guinea, as buyers panicked, snapping up in any available cargo on the market.
Gold traded near its record high as haven demand offset concerns of less aggressive Fed rate cuts. Prices were up earlier in the week as the market faces an uncertain political backdrop amid a tight race for the White House.
However, prices gave up those gains late in the week after US hiring rose while the unemployment rate remained low. Strong economic data also boosted the change to a more cautious approach to interest rate cuts.
SPI futures are suggesting a positive opening this morning to the magnitude of 36 points, or about 0.44%.
On the calendar today:
-Australia ANZ Oct job ads
-Japan Public holiday
-Eurozone Oct Manufacturing PMI
-US Sept factory orders
-Brickworks ((BKW)) ex-div 43c (100%)
-GWA Group ((GWA)) AGM
-Westpac Bank ((WBC)) earnings report
FNArena’s four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/
Corporate news in Australia:
-AFR reports MinRes ((MIN)) paid 70% above market rates to rent properties owned by CEO Chris Ellison, according to independent valuations
-Kelsian Group ((KLS)) has secured a five-year extension for NT ferry services
-Rio Tinto ((RIO)) is eyeing a new deal in Mongolia (more copper)
-Data centre owner NextDC ((NXT)) has inked a loan of $2.9bn to refinance debt from a group of banks including CommBank, HSBC, NAB and RBC
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 2749.20 | – 4.75 | – 0.17% |
| Silver (oz) | 32.68 | – 0.12 | – 0.37% |
| Copper (lb) | 4.37 | + 0.01 | 0.19% |
| Aluminium (lb) | 1.17 | – 0.01 | – 0.76% |
| Nickel (lb) | 7.19 | + 0.11 | 1.60% |
| Zinc (lb) | 1.38 | + 0.01 | 1.02% |
| West Texas Crude | 69.49 | – 1.03 | – 1.46% |
| Brent Crude | 73.10 | – 0.98 | – 1.32% |
| Iron Ore (t) | 102.49 | – 1.29 | – 1.24% |
The Australian share market over the past thirty days
| Index | 01 Nov 2024 | Week To Date | Month To Date (Nov) | Quarter To Date (Oct-Dec) | Year To Date (2024) |
|---|---|---|---|---|---|
| S&P ASX 200 (ex-div) | 8118.80 | -1.13% | -0.50% | -1.83% | 6.96% |
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| A2M | a2 Milk Co | Upgrade to Hold from Sell | Bell Potter |
| AGL | AGL Energy | Downgrade to Accumulate from Buy | Ord Minnett |
| BSL | BlueScope Steel | Upgrade to Equal-weight from Underweight | Morgan Stanley |
| COH | Cochlear | Upgrade to Neutral from Underperform | Macquarie |
| COL | Coles Group | Upgrade to Accumulate from Hold | Ord Minnett |
| CRN | Coronado Global Resources | Downgrade to Hold from Accumulate | Ord Minnett |
| CTD | Corporate Travel Management | Downgrade to Hold from Add | Morgans |
| CTT | Cettire | Downgrade to Hold from Buy | Bell Potter |
| JBH | JB Hi-Fi | Downgrade to Lighten from Hold | Ord Minnett |
| PMV | Premier Investments | Downgrade to Neutral from Buy | Citi |
| SFR | Sandfire Resources | Downgrade to Neutral from Outperform | Macquarie |
| UNI | Universal Store | Downgrade to Accumulate from Buy | Ord Minnett |
| WES | Wesfarmers | Upgrade to Lighten from Sell | Ord Minnett |
| WGX | Westgold Resources | Upgrade to Buy from Accumulate | Ord Minnett |
| WOW | Woolworths Group | Downgrade to Neutral from Buy | Citi |
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.)
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CHARTS
For more info SHARE ANALYSIS: AMC - AMCOR PLC
For more info SHARE ANALYSIS: BKW - BRICKWORKS LIMITED
For more info SHARE ANALYSIS: GWA - GWA GROUP LIMITED
For more info SHARE ANALYSIS: KLS - KELSIAN GROUP LIMITED
For more info SHARE ANALYSIS: MIN - MINERAL RESOURCES LIMITED
For more info SHARE ANALYSIS: NXT - NEXTDC LIMITED
For more info SHARE ANALYSIS: RIO - RIO TINTO LIMITED
For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION