ASX 200 Live Today - Wednesday, 3rd December
The S&P/ASX 200 is set to open slightly higher, after US stocks closed up as US rate cut chances improved. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Wednesday, December 3. We’re excited to be trialing this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.
Australian economy grows 0.4% in the September quarter
[11:38 am]
The ABS has reported that Australia’s economy expanded 0.4% in the September quarter and 2.1% over the year, indicating steady growth despite cost-of-living pressures and global uncertainty.
Key highlights
Quarterly GDP growth of 0.4%, in line with average post-pandemic pace
GDP per capita flat, as population growth matched economic output
Private investment rose 7.6%, driven by spending on data centre infrastructure and capital imports
Household spending lifted 0.5%, with essentials up and discretionary purchases falling
Public investment rebounded 3.0%, supported by renewable energy, water and transport projects
Net trade detracted from growth as imports outpaced exports
Mining profits increased 1.2% , supported by higher export prices
ABS Head of National Accounts Grace Kim said: “Economic growth was steady in the September quarter 2025. The rise this quarter matches the average quarterly growth since the end of the COVID-19 pandemic.
Vulcan enters trading halt as it secures €2.2bn funding for Lionheart project
[11:33 am]
Vulcan Energy Resources (ASX: VUL) has gone into a trading halt after securing a €2.2 billion (A$3.9bn) financing package to fully fund Phase One of its Lionheart lithium and renewable energy project in Germany, with construction set to begin shortly.
Key highlights
Trading halt requested pending completion of the capital raising; shares to resume by 5 December 2025 or earlier if the announcement is released
Funding mix includes €1.185bn in senior debt, €204m in German government grants, and €283m in strategic equity investments
Vulcan undertaking a €603m equity raising, largely underwritten, at A$4.00 per share
Strategic investors include HOCHTIEF, Siemens Financial Services and Demeter
First phase targets 24,000 tonnes of lithium hydroxide per year, alongside renewable energy generation
Full lithium offtake secured for the first 10 years of production
Positive Final Investment Decision approved; construction expected to commence within days
Vulcan Energy’s Managing Director and CEO, Cris Moreno, commented:
“Securing this financing package and taking a positive FID is a significant achievement in the history of Vulcan Energy. It will allow the Company to transition from development phase into execution phase with the construction of the commercial scale supply chain for Lionheart.”
The Lionheart development aims to deliver Europe’s first integrated, low-carbon lithium supply chain to supply the electric vehicle market.
4 new ASX names enter Morgan Stanley’s Leading Ideas Portfolio: The highlights
[11:00 am]
Morgan Stanley Wealth Management has refreshed its Australia Leading Ideas Portfolio, adding four new high-conviction positions and removing several existing names. The update reflects a market environment where earnings visibility, operational execution and identifiable catalysts are becoming increasingly important heading into 2026.
Key insights
Four new companies were added, each operating in different industries but demonstrating clear progress and identifiable drivers of returns
The additions span pricing power, scale benefits, operational leverage and cyclical recovery, rather than a single thematic rotation
Several positions were removed to realign risk, manage volatility and sharpen portfolio exposure, rather than due to fundamental downgrades
Portfolio weights were adjusted across existing holdings to control concentration and fund new opportunities
The update reflects Morgan Stanley’s view that bottom-up stock selection will matter more than broad macro calls in the current phase of the market
To explore the full list of portfolio changes, the investment rationale behind the new additions and how Morgan Stanley is positioning for 2026, you can read the full article by Chris Conway here.
4DMedical secures US$10m CT:VQ orders through expanded Philips deal
[10:52 am]
4DMedical (ASX: 4DX) has expanded its partnership with Philips, securing minimum orders worth US$10 million over two years as the Dutch healthcare giant adds its CT:VQ respiratory imaging technology to its North American product catalogue.
4DX is up 17.52% this morning.
Key highlights
Philips to distribute CT:VQ across the US and Canada through its established commercial network
Agreement includes minimum order commitment of ~A$15m (US$10m) over CY26–27
Sales to be delivered on full commercial terms
Philips to allocate dedicated sales and clinical specialists with CT:VQ targets
Joint marketing initiatives underway, with RSNA 2025 marking the first major launch event
4DMedical expects CT:VQ to displace traditional nuclear VQ scans over time due to clinical and logistical advantages
4DMedical MD/CEO and Founder Andreas Fouras said:
"The partnership builds on the growing momentum around CT:VQ™ following FDA clearance in September and adds significant commercial scale to our expansion strategy. Together with Philips, we can rapidly expand access to advanced pulmonary diagnostics, delivering powerful insights for clinicians and improved outcomes for patients."
Investors can hear more at a company webinar scheduled for 4 December at 11am AEDT.
ASX early winners and losers
[10:29 am] Here are the top gainers and fallers following market open this morning.
Early sector performance
[10:23 am]
ASX 200 opens higher
[10:19 am]
The ASX 200 is trading up 0.14% to 8,591.8 points.
Early movers include Mercury NZ Ltd (up 5.13%), Stanmore Resources Ltd (up 3.93%) and Yancoal Australia Ltd (up 3.35%).
Sector wise, Real Estate is leading with Staples, Financials and Industrials in the red.
What to expect from today's GDP data
[9:59 am] The ABS will release the latest quarterly GDP data at 11:30am this morning, with economists predictions suggesting that the Australian economy likely grew 2.2% YoY in September.
The RBA governor Michele Bullock is currently in front of a Senate Estimates hearing, where she told the committee that inflation surprised to the upside, but unemployment has been in line with RBA expectations.
ASX 200 on track to open above 8,600 pts
[9:53 am] ASX 200 futures suggest the index should open 0.17% higher to 8,607 pts as it looks to rebuild momentum after it has sold off more than 7% from its October all-time high.
AUB Group confirms end of discussions with EQT and CVC
[9:48 am] Insurance company AUB has announced that a consortium of EQT and CVC have walked away from a takeover deal that would have seen the company's shares purchased for $45 a share.
The AUB share price crashed 15% to $31 on Monday on the news, returning the stock to pre-offer levels. But the company has reaffirmed FY26 guidance and sentiment remains positive, according to analysts.
Some brokers, including Macquarie and Ord Minnett, have lowered their targets but still maintain Buy ratings.
Vulcan Energy Resources launches $1.1bn equity raise
[9:41 am] Lithium producer Vulcan is raising $245m from institutional placement and $831m rights issue to fully fund the construction and development of its Phase One Lionheart Project.
Shares will be offered on a 1-for-128 basis at $4 per share.
ASX broker rating updates
[9:22 am] There's a few broker updates coming through today:
Bellevue Gold (BGL) - Upgraded to Overweight from Neutral by JPMorgan. Target: $1.90 (42% upside)
Collins Foods (CKF) - Downgraded to Neutral from Overweight by Jarden. Target: $11.40 (2% upside)
Beacon Lighting Group (BLX) - Rated Buy by Bell Potter. Target $3.35 (13% upside)
REA Group agrees OpenAI partnership
[9:15 am] realestate.com.au owner REA Group has announced a partnership with OpenAI to launch its new RealAssist tool to allow users to ask conversational questions on property listing information.
It is one of eight AI-based features REA plans to roll out after a 12-month pilot program.
What to watch today
[9:08 am] Australian stocks should open higher after mounting hopes of a US rate cut next week saw US stocks up at close.
We'll get the latest quarterly Australian GDP growth data at 11:30am, which could impact the RBA's thinking around interest rates.
Crypto markets have rebounded strongly but still a far cry from where they were even a few months ago. Bitcoin is back above US$91,000, with Ethereum reclaiming US$3,000.
Yesterday, Japanese 30-year bond yields surged to their highest ever level and the 10-year reached a 17-year high off beliefs that the Bank of Japan could raise interest rates, which had a knock-on effect for US bond yields.
Good morning!
[8:30 am] S&P/ASX 200 futures are up 18pts (0.20%) after US markets closed higher on Fed rate cut optimism. European markets were flat and Bitcoin reclaimed US$90,000.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
