ASX 200 Live Today - Friday, 13th November

Welcome to our live ASX coverage for Friday, 13 November. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST.

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Gold slides 2.8% as oil and gas rally

[9:11 am] Precious metals copped the heaviest selling across commodities, with gold falling 2.8% as the US dollar index rose 0.3% to 103.18 and energy prices pushed higher.

• Brent crude rose 3.6% to US$95.73 a barrel, with WTI up 2.6% to US$88.69

• Dutch TTF gas jumped 6.5% to €92.26/MWh, while Newcastle thermal coal rose 3.2% to US$146.50/t

• Gold fell 2.8% to US$3,876 an ounce, with silver down 3.1% to US$50.04 and palladium off 3.4%

• Copper futures slipped 1.7% to US$13,641.5/t and aluminium fell 1.7% to US$3,011.1/t, while iron ore eased 0.4% to US$91.05/t

Warburg Pincus drops exclusivity demand in Ingenia bid, triggering AVID matching right

[9:06 am] Warburg Pincus has revised its Ingenia proposal to seek only non-exclusive access, opening the way for a competitive sale process with rival bidder AVID.

• The price is unchanged at $5.55 cash per security plus a 1H27 distribution of up to 5c, matching AVID’s latest proposal

• Warburg now seeks a non-exclusive process, which would end AVID’s process deed and let other bidders take part on equal terms

• The board deemed the proposal potentially superior, giving AVID until 15 November to match or beat it

• Binding offers with committed funding would be due by 8 December

• Ingenia would reimburse up to $3m of Warburg’s costs if it submits a compliant binding offer but another bidder wins

• Ingenia is still pursuing its acquisition of Peet, and would owe Peet a $10m break fee if it walks away for a superior proposal

Company page: Ingenia Communities Group (INA)

Lendlease to redeem $1.22bn of bonds

[8:48 am] Lendlease will redeem all its outstanding bonds as part of its capital management program, funded by a standby facility secured in June.

• Lendlease will redeem about $1.22bn of outstanding bonds by 30 November

• The redemption will be funded from a $1.25bn committed standby facility secured in June 2026

• Redemption costs total about $57m, comprising $7m in early repayment payments to bondholders and $50m to unwind related interest rate hedges

• Costs will be booked as one-off financing costs in the Capital Release Unit

• Liquidity is expected to remain above $2.5bn in cash and undrawn facilities after the redemption

Company page: Lendlease Group (LLC)

Tamboran books first Beetaloo gas sales in September quarter

[8:46 am] Tamboran became the first company to sell gas from the Beetaloo Basin, with flow testing pointing to stronger well performance as wells clean up.

• Net gas sales of 0.31 billion cubic feet (Bcf) generated US$1.8m revenue, with first cash received in early November

• Gas is being sold at 75% of the contract price until a take-or-pay contract with the NT Government begins in early 2027

• The SS2-2H ST1 well averaged 10.2 million cubic feet a day over 720 hours, a material uplift on its 2025 test

• Independent assessor NSAI estimated mid-case recoverable gas of 17 Bcf per 10,000-foot well based on initial results

• The EBITDAX loss widened to US$14.5m from US$5.7m in the June quarter (+154% q/q)

• Cash fell 27% q/q to US$165m, leaving net cash of US$128m after US$56.9m of capex

Company page: Tamboran Resources (TBN)

US jobless claims rise to 200,000

[8:44 am] US jobless claims edged higher last week but remain near historic lows, pointing to a labour market where layoffs are still rare.

• Initial claims rose to 200,000 from a revised 191,000 (+4.7% w/w), above 195,000 ests

• The four-week average was unchanged at 195,250

• Claims have been at or below 200,000 for nine straight weeks and haven’t topped 230,000 in any week this year

• Employers have added an average of 86,000 jobs a month this year, including 165,000 in October

Source: The Washington Times

Fed’s Daly says more rate hikes likely needed

[8:41 am] Several Federal Reserve officials flagged concerns over persistent inflation, reinforcing expectations of further rate hikes.

• San Francisco Fed President Mary Daly said further tightening will likely be needed as price pressures spread beyond sectors hit by tariffs and oil

• Daly said more companies plan to pass higher input costs on to consumers

• Cleveland Fed President Beth Hammack said policy needs to move to a restrictive stance, but sees no need for more aggressive action yet

• Chicago Fed President Austan Goolsbee said the AI infrastructure buildout may be overheating demand, making inflation harder to bring down

• Futures are pricing quarter-point hikes at each of the next three meetings in December, January and March

Source: Bloomberg

Trump threatens to double tariffs on Mexico over migrant caravans

[8:41 am] President Donald Trump threatened to immediately double tariffs on Mexico unless it stops migrant caravans heading to the US, as Democrats plan early moves to roll back his tariffs.

• Trump gave no timeline for Mexico to act, and his legal authority is unclear after a Supreme Court ruling curtailed his tariff powers earlier this year

• The Mexican peso slipped to session lows after Trump’s post

• President Claudia Sheinbaum said Mexico won’t allow two recently formed caravans to reach the US

• US-Mexico trade talks have stalled over steel and aluminium tariffs, after Trump declined to extend the USMCA trade pact this summer

• Democrats plan early votes next year to roll back Trump’s tariffs and revive expired Obamacare subsidies after winning control of Congress

• Incoming House tax and trade committee chair Richard Neal sees potential Republican support on tariffs, which would be needed to clear the Senate’s 60-vote threshold and a presidential veto

Wall Street slips as Nvidia sheds CEO Jensen Huang

[8:38 am] US stocks closed lower as Jensen Huang’s exit from Nvidia, after revelations of two affairs including one with a suspected Chinese spy, rattled the AI trade.

• The S&P 500 fell 0.35%, while the Nasdaq lost 0.4% and the Dow fell 0.36%

• Nvidia fell as much as 14% at the open, pushing its market value below US$4tn for the first time since 2025, before paring losses

• CFO Colette Kress was named interim CEO and board member Harvey Jones becomes Nvidia’s first chairman, ahead of third-quarter results on Tuesday

• At least seven Wall Street firms have downgraded Nvidia over the past week

• Rivals gained, with AMD, Broadcom, Alphabet and Amazon among the biggest contributors to the S&P 500

• The Philadelphia Semiconductor Index fell after rising 17.2% over the prior four sessions

Oil jumps 3% after Trump says US doesn’t need a deal with Iran

[8:37 am] Crude rallied after President Donald Trump dismissed the need for a deal with Iran, dimming hopes of an end to the nine-month war.

• Brent rose 3.4% to US$95.8 a barrel, while WTI gained 2.3% to US$88.74

• Iran said it won’t remove any enriched nuclear material from the country

• Two loaded supertankers were halted by explosions in the Strait of Hormuz late Wednesday, according to Iranian media

• US crude inventories rose 4.7 million barrels last week, the biggest build since early August

• Saudi Arabia told OPEC its October production rose 26%

• Energy was the best-performing S&P 500 sector for a fourth straight session

US 10-year yield tops 5% as Fed hike bets build

[8:36 am] Treasury yields jumped as higher oil prices and a hot inflation print reinforced expectations the Federal Reserve will keep raising rates.

• The 10-year yield rose 13 basis points to 5.13%, while the two-year jumped 14 basis points to 4.88%

• Traders are pricing a 100% chance of a December hike, with about 13% odds of a half-point move

• Goldman Sachs added a quarter-point hike in March to its forecast

• Fed officials Daly, Goolsbee and Hammack all signalled more tightening may be needed

• Existing home sales fell to their lowest level in more than 16 years in October

• October producer prices are due Friday, with a 0.4% rise expected after September’s 1.3% jump

Good morning!

[8:31 am] ASX 200 futures are down 53 pts (-0.58%). Here's what happened overnight:

• Major US benchmarks fell as Jensen Huang’s exit rattled the AI trade, though AMD, Broadcom and energy shares helped Wall Street claw back most of an early slide

  • S&P 500 (-0.35%), Nasdaq (-0.39%)

  • Equal-weight S&P 500 (-0.85%)

  • Dow (-0.36%), Russell 2000 (-1.66%)

• Nvidia named CFO Colette Kress interim CEO after Huang’s exit, putting its roughly US$10bn Anthropic IPO commitment and next Tuesday’s earnings firmly in focus

• Trump said the US doesn’t need a deal with Iran and sidelined Vance from talks, lifting Brent back towards US$96 as more tankers were hit in Hormuz