ASX 200 Live Today - Monday, 9th November

Welcome to our live ASX coverage for Monday, November 9. 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 AEDT. Let us know how we can make it even better.

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Chipmakers lead Wall Street rebound, but AI doubts linger

[8:34 am] Dip buyers returned to technology stocks on Friday after Thursday’s rout, though strong economic data reinforced bets the Fed will raise rates in December.

• S&P 500 +0.3%, Nasdaq 100 +1.85% and Dow -0.5% at the close

• A gauge of chip giants jumped 4.2%, with tech lifting the S&P 500 even as most of its members fell

• StoneX’s Fawad Razaqzada said the bounce looked like short covering and bargain hunting rather than a shift in sentiment, with AI regulation fears still weighing

• Goldman traders said market panic had reached levels that historically signal a strong medium-term rebound

• Microsoft is winding down a deal to rent AI computing capacity from Oracle as part of a broader review of its cloud partnerships

• Tesla is discontinuing the Cybertruck after sales fell well short of Musk’s forecasts

Source: Bloomberg

Strong US jobs data stalls Treasury rally and firms December hike bets

[8:34 am] Treasuries pared a steep weekly rally after October payrolls beat every forecast, with short-dated yields holding higher as traders added to bets on a December Fed rate hike.

• The US added 165,000 jobs in October, above every estimate in a Bloomberg survey, with upward revisions to August and September

• Unemployment fell to 4.1% against expectations it would hold steady, and wage growth unexpectedly accelerated

• The two-year yield rose as much as 9bps to 4.55% before easing to about 4.51%, while the 10-year added 3bps to 4.86%

• Swaps now price about 20bps of tightening for the 9 December meeting, up from 17bps on Thursday

• San Francisco Fed President Mary Daly said the solid jobs market gives the Fed room to lift rates further

• Five-year breakeven inflation fell to about 2.3% from 2.5% a week earlier as oil slumped

Source: Bloomberg

Oil posts biggest weekly drop since 2022 as US-Iran talks gain traction

[8:34 am] Crude fell about 13% for the week as the Democrats’ midterm sweep raised expectations of a faster end to the Iran war and Gulf exports recovered.

• Brent settled flat at US$97.98/bbl and WTI rose 0.3% to US$90.35, with front-month futures down about 13.2% for the week

• Prices dipped intraday after Bloomberg reported the US and Iran were moving closer to a breakthrough, with Tehran showing flexibility on its nuclear program

• Prices have swung within a $19 range since Monday

• Saudi Arabia and the UAE have restored shipments to prewar levels, pushing physical crude to discounts in some markets

• Riyadh cut prices for Asian buyers to a six-year low as producers compete for market share

• Iran wants the US naval blockade lifted, sanctions eased and frozen assets released before fully reopening the Strait of Hormuz

Source: Bloomberg

Good morning!

[8:22 am] ASX 200 futures are up 20 pts (+0.22%). Here's what happened overnight:

• Wall Street was mixed after Thursday's post midterm AI rout, with the S&P 500 and Nasdaq making gains as dip buyers returned to chipmakers, though both benchmarks still finished the week lower

  • S&P 500 (+0.31%), Equal-weight S&P 500 (-0.38%)

  • Nasdaq (+1.09%), Nasdaq 100 (+1.85%)

  • Dow (+0.46%), Russell 2000 (+0.89%)

• October payrolls more than doubled ests, pushing market-implied odds of a December Fed rate hike back above 75% ahead of Tuesday’s US CPI print

• Brent capped a steep 12% weekly fall to US$97 a barrel as Bloomberg reported the US and Iran are edging closer to a deal, with Tehran now open to discussing its nuclear program