Daily Market Reports | 8:47 AM
This story features ARISTOCRAT LEISURE LIMITED, and other companies. For more info SHARE ANALYSIS: ALL
| World Overnight | |||
| SPI Overnight | 8445.00 | – 31.00 | – 0.37% |
| S&P ASX 200 | 8444.30 | + 37.60 | 0.45% |
| S&P500 | 5998.74 | – 22.89 | – 0.38% |
| Nasdaq Comp | 19060.48 | – 115.10 | – 0.60% |
| DJIA | 44722.06 | – 138.25 | – 0.31% |
| S&P500 VIX | 13.90 | – 0.20 | – 1.42% |
| US 10-year yield | 4.24 | 0.00 | 0.00% |
| USD Index | 106.14 | + 0.11 | 0.10% |
| FTSE100 | 8281.22 | + 6.47 | 0.08% |
| DAX30 | 19425.73 | + 163.98 | 0.85% |
Good Morning.
SPI futures are signalling a softer market locally on what will be the final trading session for November. It has been a very strong month for investors.
US markets were closed for Thanksgiving Day overnight. In Europe, the Euro Stoxx index closed up 0.5% and the FTSE 100 up 0.1%.
The yield on the German 10-year bund fell 3.4bp to 2.12%. Oil and gold were little changed, with WTI up 0.4% to US$69/bbl and gold down -0.2% to US$2,641.2/oz.
In yesterday’s session locally Governor Bullock’s speech was widely perceived as “the RBA is not in a rush to cut rates”.
Economists at ANZ Bank report base metals remained under pressure amid increasing external headwinds for the Chinese economy.
China’s domestic consumption remains sluggish, despite recent stimulus, and this is complicated by Trump’s promised policy to impose additional tariffs on Chinese products.
Copper prices fell below USD9,000/t. Aluminium prices retreated as the market’s reaction to the cancellation of China’s export rebate subsided.
Zinc prices gave up some gains after hitting above USD3,000/t due to a sharp withdrawal of stock from LME warehouses.
At SHFE, zinc inventories fell -40% over the past seven days.
While iron ore prices inched lower as investors waited for fresh stimulus to support property markets, the steel sector has improved, with narrowing losses in steel mill operations.
Strong exports and destocking of steel have helped to improve profit margins. Also, Chinese steelmakers will boost steel exports ahead of rising global trade tensions. Australia’s iron ore exports, including from Port Hedland, fell from 32.4mt to 26mt for the week to 15 November.
On the calendar today:
-New Zealand consumer confidence
-Australia Oct private sector credit
-Japan Oct unemployment rate
-Eurozone Nov CPI
-US Nov Chicago PMI
-Aristocrat Leisure ((ALL)) ex-div 42.00c
-Aroa Biosurgery ((ARX)) earnings report
-Cromwell Property ((CMW)) AGM
-Centuria Capital Group ((CNI)) AGM
-Emerald Resources ((EMR)) AGM
-Paladin Resources ((PDN)) AGM
-Wildcat Resources ((WC8)) AGM
FNArena’s four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/
Corporate news in Australia:
-CommBank ((CBA)) says its big generative AI bet is already fast-tracking core system upgrades, enhancing customer engagement and cutting fraud by 30% via proactive alerts
-Maas Group ((MGH)) is acquiring three construction material companies for -$252m and is raising $125m
-AVJennings ((AVJ)) is being acquired by Proprium Capital Partners in a deal valued at $374m
-Macquarie Asset Management ((MQG)) is considering a bid for I-MED, a large radiology company
-Dexus ((DXS)) is selling two office properties for a total of $443.2m
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 2661.80 | – 0.42 | – 0.02% |
| Silver (oz) | 30.68 | + 0.10 | 0.33% |
| Copper (lb) | 4.13 | – 0.01 | – 0.25% |
| Aluminium (lb) | 1.17 | – 0.00 | – 0.38% |
| Nickel (lb) | 7.25 | + 0.09 | 1.23% |
| Zinc (lb) | 1.37 | – 0.04 | – 2.83% |
| West Texas Crude | 68.88 | + 0.11 | 0.16% |
| Brent Crude | 72.68 | + 0.30 | 0.41% |
| Iron Ore (t) | 103.35 | + 1.18 | 1.15% |
The Australian share market over the past thirty days
| Index | 28 Nov 2024 | Week To Date | Month To Date (Nov) | Quarter To Date (Oct-Dec) | Year To Date (2024) |
|---|---|---|---|---|---|
| S&P ASX 200 (ex-div) | 8444.30 | 0.60% | 3.48% | 2.11% | 11.24% |
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| ADA | Adacel Technologies | Downgrade to Hold from Buy | Bell Potter |
| AMC | Amcor | Upgrade to Outperform from Neutral | Macquarie |
| HVN | Harvey Norman | Downgrade to Neutral from Buy | UBS |
| IAG | Insurance Australia Group | Downgrade to Accumulate from Buy | Ord Minnett |
| QAN | Qantas Airways | Downgrade to Neutral from Buy | UBS |
| WTC | WiseTech Global | Upgrade to Outperform from Neutral | Macquarie |
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)
All paying members at FNArena are being reminded they can set an email alert specifically for The Overnight Report. Go to Portfolio and Alerts on the website and tick the box in front of The Overnight Report. You will receive an email alert every time a new Overnight Report has been published on the website.
Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided. www.fnarena.com
FNArena is proud about its track record and past achievements: Ten Years On
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: ALL - ARISTOCRAT LEISURE LIMITED
For more info SHARE ANALYSIS: ARX - AROA BIOSURGERY LIMITED
For more info SHARE ANALYSIS: AVJ - AVJENNINGS LIMITED
For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA
For more info SHARE ANALYSIS: CMW - CROMWELL PROPERTY GROUP
For more info SHARE ANALYSIS: CNI - CENTURIA CAPITAL GROUP
For more info SHARE ANALYSIS: DXS - DEXUS
For more info SHARE ANALYSIS: EMR - EMERALD RESOURCES NL
For more info SHARE ANALYSIS: MGH - MAAS GROUP HOLDINGS LIMITED
For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED
For more info SHARE ANALYSIS: PDN - PALADIN ENERGY LIMITED
For more info SHARE ANALYSIS: WC8 - WILDCAT RESOURCES LIMITED