ASX 200 ended the week sprinting 69 points higher to 8295 (+0.8%). A good 2.2% rise for the week. It has been a momentous week, money being put to work in the ASX. Resources buoyed by China hopes. BHP, RIO and FMG all better despite iron ore in Singapore falling 2.6%. Gold miners recovered as bullion pushed up again, NST up 1.8% and NEM up 1.2%. Uranium stocks ran out of ‘oompf’ on Cameco production downgrade and oil and gas stocks eased. Lithium stocks mixed, PLS eased 1.0% with LTR up 2.5% despite the royalty ruling. Industrials and banks the driving force. Healthcare recovered, CSL up 0.7% and RMD up 1.1%. Tech better, WTC up another 1.8%, XRO rising 1.2% with the All-Tech Index up 1.0%. Retail better, JBH up 3.9% with PMV up 1.9% and DMP bouncing 1.3%. Travel stocks also finding friends, with FLT up 0.8% and CTD rising 2.5%. Banks were solid. CBA leading again up 1.4% with WBC, the Big Bank Basket up to $253.24 (+1.4%). Record highs. ANZ results were a little underwhelming but nothing either way, expect some modest downgrades, as we saw with NAB and WBC. MQG flat with other financials better. In corporate news, NEU jumped another 15.1% on strong US Daybue sales, REA up 0.3% on results, NWS off 2.1% on a revenue surge on Real Estate exposure. MYX rallied 15.1% on M&A hopes. Nothing on the economic front, apart from the Fed! Asian markets better, China heading for its best week in a month. Japan -0.1%, China down 0.5% and HK down 0.9%.

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The S&P 500 gained 0.74% to close at a record high of 5,973.10. The Nasdaq Composite advanced 1.51% to reach 19,269.46 — its first close above 19,000. The Dow Jones Industrial Average was little changed, ticking down less than one point to 43,729.34. All three indexes hit intraday record highs during the session.
Fed cuts rates 25bps. Very calm press conference. Powell will not resign if asked.

ASX SPI up 100. Commodities bounce on USD falls and rate cut – ANZ cuts dividend.

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ASX 200 rose 27 points with a late surge to 8226 (0.9%) in an interesting reaction to a soaring US market. Resources actually held up with BHP up 0.9% and FMG up 3.3%. Lithium stocks also better led by PLS up 3.4%. MIN up another 3.3% despite the ASIC inquiry becoming official. Gold stocks were in trouble as stop losses kicked in, NST down 6.3% with EVN off 6.5%. Oil and gas stocks marched ahead, WDS up 3.2% and STO up 2.4%. Uranium losses were modest. Banks firmed at the close, NAB flat on results, WBC down 2.3% as it went XD. The Big Bank Basket up to $249.81(%). Insurers popped higher, QBE at 4.8% and IAG up 2.8% on higher yields. MQG rallied 1.6% as US Investment banks soared on more M&A possibilities. REITs slid as yields rose. GMG dropped 2.4% despite broker upgrades. Healthcare eased, RMD down 2.2% and CSL off 0.8%. Industrials mixed as investors assess the landscape. WES off 0.1%, JBH down 0.9% and SVW up 2.7%. WTC slightly firmer, up 2.0%. The All-Tech Index up 0.9%. In corporate news, SIG got the right prescription from the ACCC on the Chemist Warehouse, rising 24.9%, NEC got hit with a protest vote and NHF was up 1.9% after a trading update. In economic news, RBA chief made some comments on tariffs having little effect on our economy. Chinese export data came in much better than forecast. Asian markets were little changed, HK up 1.2%, China up 0.7% and Japan down 0.3%. An uneasy calm. 10-year yields at 4.64%.

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The Dow Jones Industrial Average surged 1,508.05 points, or 3.57%, to a record close of 43,729.93. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022.

The S&P 500 also hit an all-time high, popping 2.53% to 5,929.04. The Nasdaq Composite climbed 2.95% to a record of its own of 18,983.47.

The small-cap benchmark Russell 2000 surged 5.84%, hitting a 52-week high.

ASX to rise. SPI Futures up 31 points (+0.38%).

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The S&P 500 rose solidly on Tuesday in a broad rally for stocks as traders awaited the results from a high-stakes U.S. presidential election.

The benchmark index gained 1.23% to close at 5,782.76. The Nasdaq Composite advanced 1.43% to 18,439.17. The Dow Jones Industrial Average climbed 427.28 points, or 1.02%, and settled at 42,221.88.

Banks, which would stand to benefit from deregulation under GOP control, were slightly higher.

ASX SPI up 61 points.

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ASX 200 finishes down 33 points to 8132 (0.4%). Quiet trade on Cup day with the RBA leaving rates on hold as expected. Banks eased back slightly, CBA down 0.4% with WBC seeing some modest downgrades falling 1.5%. The BigBankBasket dropped to $ (). MQG still seeing selling off 1.8%. REITs mixed, GMG down 0.6% and CHCup 0.7%. Healthcare too coming under a little pressure, CSL off 0.8%, RMD down 0.2%. Industrials and tech eased back, TLS down 0.3% and REA down 1.3%. In resources, BHP and other iron ore stocks flat on better-than-expected Chinese data and hopes for more stimulus. PLS rose 1.7% with MIN up 4.1% bouncing after the drubbing yesterday. Gold miners slid, VAU down 2.6% and WGX down 2.5% ahead of election. Oil and gas stocks down despite a rise in crude with uranium stocks finding a little support. In corporate news, DMP updated the market with disappointing Japanese and French pizza sales, CEO Don Meij also set to retire, down 6.3%. LIC rose 7.7% as HMC took a stake. HVNwill have to wait until May to see what its fine is for misleading customers. On the economic front, Judo Bank Services PMI rose to 51.0 in October. Asian markets all positive, Japan up 1.3%, China up 2% and HK up 1.2%. 10-year yields 4.56%.

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Wall Street closed in the red overnight following a choppy day of trade as polls continue to show a tight race in the US presidential election. The Dow Jones traded lower all session, down 258 points (-0.61%). Down 405 points at worst. S&P 500 lost 0.28% as utilities and healthcare stocks dragged while energy stocks outperformed buoyed by a near 3% rise in crude oil prices. The NASDAQ fell 0.33% while small caps Russell 2000 rose 0.40% supported by falling bond yields. US 10Y yield fell 8.1bps after initially dropping over 10bps in volatile trade, and the 2Y yield dipped 4.2bps. Probability for a 25bps rate cut this week sitting at 98% according to CME FedWatch tool.

ASX to fall. SPI Futures off 34 points (-0.42%).

COMMODITIES

• Oil jumps nearly 3% after OPEC+ delays output hike, US election in focus.
• Weaker dollar propels copper to two-week peak.
• Gold edges up as US election jitters, Fed policy meeting loom.
• OPEC chief says there is too much pessimism around oil demand.
• OPEC oil output rises in October as Libyan supply rebounds, survey finds.

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