Daily Market Reports | 9:10 AM
This story features CHARTER HALL RETAIL REIT. For more info SHARE ANALYSIS: CQR
The local market remains poised for another positive start to today’s shortened trading session.
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| World Overnight | |||
| SPI Overnight | 8207.00 | + 9.00 | 0.11% |
| S&P ASX 200 | 8201.60 | + 134.60 | 1.67% |
| S&P500 | 5974.07 | + 43.22 | 0.73% |
| Nasdaq Comp | 19764.88 | + 192.29 | 0.98% |
| DJIA | 42906.95 | + 66.69 | 0.16% |
| S&P500 VIX | 16.78 | – 1.58 | – 8.61% |
| US 10-year yield | 4.60 | + 0.08 | 1.66% |
| USD Index | 107.85 | + 0.50 | 0.46% |
| FTSE100 | 8102.72 | + 18.11 | 0.22% |
| DAX30 | 19848.77 | – 35.98 | – 0.18% |
Good morning.
2024 is the year of Growth and Technology and, judging by this week’s price action, investors in the US are in no mood to change direction imminently.
Having suffered a brief pullback following the release of weak consumer confidence data, money flowed back into the same old Megacaps and technology stocks with indices ultimately closing near the session’s high.
Similar to what was witnessed in the domestic session yesterday, overall volumes are thin, with most market participants no longer active, but that doesn’t stop the enthusiasm from those still buying and selling shares.
US consumer confidence for December turned out weaker than forecast, coming in at 104.7 versus 113.2 expected, with the survey’s measure of future expectations declining to 81.1 from 92.3, reflecting less optimism among consumers.
The calendar year hasn’t quite ended just yet, but the S&P 500 looks on its way to record a stellar annual return with back-to-back years of more than 20% gains.
The index has risen about 25% since the end of 2023, with the top seven biggest technology stocks accounting for more than half of the advance.
Expectations seem high that more gains are forthcoming through the annual Santa Claus rally; that seven-day period includes the last five trading days of the old year and the first two of the new one.
According to some data crunchers, the January barometer is more important with positive starts into a new calendar year usually boding well for the remainder of the year.
Treasury 10-year yields advanced six basis points to 4.59%.
European markets ended slightly higher, with the Stoxx Europe 600 Index rising 0.1%, led by a rebound in healthcare stocks.
Danish pharmaceutical giant Novo Nordisk recovered from last week’s sharp losses, boosting the sector.
The UK’s Direct Line Insurance Group surged after Aviva Plc announced plans to acquire the company in a deal worth approximately GBP3.7bn, creating the UK’s largest motor insurer.
Following an unexpectedly very strong performance for Aussie equities yesterday, with the 1.7% gain for the ASX200 the strongest one-day performance in six months, SPI futures this morning are suggesting more buyers than sellers remains the ruling narrative.
The Australian dollar weakened further, sliding -0.3% to US$0.6223 as the US dollar strengthened.
Gold prices fell -0.5% to US$2,580 per ounce, while oil markets were mixed. West Texas Intermediate crude edged up 0.2% to US$69.70 per barrel, and iron ore prices held steady at US$104 per tonne, reflecting subdued demand from China.
Today’s session closes early and the RBA is scheduled to release the minutes from the last meeting at around 11.30am.
Today is FNArena’s final Overnight Report for the year. The team wishes all readers and subscribers Happy Holidays and lots of relaxation and abfab presents.
We shall do it all again into the new calendar year, starting from January 13th.
On the calendar today:
-Dec RBA minutes
-US Nov new home sales
-Charter Hall Retail REIT ((CQR)) ex-div 12.30c
FNArena’s four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 2626.72 | – 18.38 | – 0.69% |
| Silver (oz) | 30.22 | + 0.27 | 0.88% |
| Copper (lb) | 4.10 | – 0.00 | – 0.11% |
| Aluminium (lb) | 1.14 | – 0.00 | – 0.12% |
| Nickel (lb) | 7.14 | – 0.14 | – 1.85% |
| Zinc (lb) | 1.35 | + 0.01 | 0.93% |
| West Texas Crude | 69.48 | + 0.02 | 0.03% |
| Brent Crude | 72.56 | 0.00 | 0.00% |
| Iron Ore (t) | 103.84 | 0.00 | 0.00% |
The Australian share market over the past thirty days
| Index | 23 Dec 2024 | Week To Date | Month To Date (Dec) | Quarter To Date (Oct-Dec) | Year To Date (2024) |
|---|---|---|---|---|---|
| S&P ASX 200 (ex-div) | 8201.60 | 1.67% | -2.78% | -0.82% | 8.05% |
| 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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For more info SHARE ANALYSIS: CQR - CHARTER HALL RETAIL REIT
