MARKET WRAPS

Evening Wrap: ASX 200 sags as mining sell-off intensifies, US election results in focus

The S&P/ASX 200 closed 52.3 points lower, down 0.59%.

Lead Writer and Presenter
Wed 4 Nov 2026, 17:38 AEDT (1h ago)
∙11 min read

Mentioned

In this article

The ASX 200 fell as a Democrat sweep of the US midterm elections sparked fears of greater AI scrutiny and heavier regulation of data centre expansion, dragging growth and cyclical stocks lower. It was a session for the defensives — energy, utilities, and the banks held their ground while everything else retreated.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap. Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let’s dive in!


Today in Review

Name
Value
% Chg
Major Indices
ASX 2008,834.5
-0.59%
All Ords8,954.9
-0.60%
Small Ords3,124.7
-0.86%
All Tech2,816.6
-0.51%
Emerging Companies2,687.5
-0.33%
Currency
AUD/USD0.6977
+0.16%
US Futures
S&P 5007,555.0
-0.55%
Dow Jones51,731.0
-0.32%
Nasdaq28,094.0
-0.75%
Name
Value
% Chg
Sector
Utilities10,815.4
+1.17%
Energy10,754.0
+0.86%
Consumer Staples13,189.5
+0.28%
Information Technology1,632.8
+0.17%
Communication Services1,618.6
-0.01%
Financials9,782.8
-0.20%
Health Care34,088.8
-0.66%
Consumer Discretionary3,751.1
-0.68%
Real Estate3,409.7
-1.09%
Industrials8,240.3
-1.25%
Materials21,557.5
-1.46%

ASX 200 Intraday Chart

ASX 200 Intraday Chart

Markets

The S&P/ASX 200 (XJO) finished 52.3 points lower at 8,834.5, 0.6% from its session high and 0.37% from its low. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by a disturbing 100 to 181.

Utilities (XUJ) (+1.2%) was the session’s best sector — a classic flight to the defensive income plays that investors reach for when political uncertainty clouds the growth outlook. Origin Energy (ORG) (+1.9%) and APA Group (APA) (+0.5%) both advanced.

Energy (XEJ) (+0.9%) partly reversed Tuesday’s heavy losses, with ICE benchmark Brent crude oil futures edging +0.3% to US$103.88/bbl in Asian trade, extending a stabilisation after Monday night’s 7.6% plunge on Middle East peace talk hopes. Fuel refiners and retailers led the recovery: Viva Energy (VEA) (+4.1%) and Ampol (ALD) (+1.3%) both bounced. Oil and gas names also firmed: Santos (STO) (+1.0%) and Woodside Energy (WDS) (+1.0%) recovered some ground.

S&P-ASX 200 Energy Sector Index (XEJ) intraday chart_4 Nov.png
S&P/ASX 200 Energy Sector Index (XEJ) intraday chart

Financials (XFJ) (-0.2%) played their typical anchor role in a defensive session. Insurance names led: Insurance Australia Group (IAG) (+1.7%) and QBE Insurance (QBE) (+0.8%) both gained. Among the big four banks, Westpac Banking Corp (WBC) (+0.5%) and National Australia Bank (NAB) (+0.5%) logged solid relative gains against the broader index’s decline.

S&P-ASX 200 Financials Sector Index (XFJ) intraday chart_4 Nov.png
S&P/ASX 200 Financials Sector Index (XFJ) intraday chart

Materials (XMJ) (-1.5%) bore the brunt as the Democrat midterm sweep amplified fears around AI spending and the regulation of data centre build-out — copper is a critical component of both, and COMEX copper futures had already fallen 2.5% overnight before sliding a further -0.3% to US$6.385/lb in Asian trade, testing the key technical support level at ~US$6.35/lb (long term uptrend ribbon) that ChartWatch is watching closely.

Sandfire Resources (SFR) (-2.1%) and Nickel Industries (NIC) (-2.6%) led the copper and nickel selling, while IGO (IGO) (-2.8%) and Sims Metal (SGM) (-3.8%) also fell.

Iron ore bucked the trend — SGX iron ore futures rose +1.1% to US$91.70/t in Asian trade — but it did nothing for sentiment in the sector. Champion Iron (CIA) (-4.9%) and Fortescue (FMG) (-1.5%) both fell despite the commodity’s advance.

Lithium stocks continued their grind lower, with GFEX lithium carbonate futures slipping a further -0.8% to CNY88,620/t and inching toward the CNY80,000/t level that many investment banks have flagged as cost-price support — a floor that, if breached, would likely confirm the third bear market in less than a decade is likely to be protracted. Elevra Lithium (ELV) (-3.8%), Mineral Resources (MIN) (-3.2%), Liontown Resources (LTR) (-2.4%), and Pilbara Minerals (PLS) (-1.1%) all fell.

S&P-ASX 200 Materials Sector Index (XMJ) intraday chart_4 Nov.png
S&P/ASX 200 Materials Sector Index (XMJ) intraday chart

The Gold Sub-Index (XGD) (-0.8%) dipped despite COMEX gold futures rising +2.0% to US$4,018/oz in Asian trade — an unusual disconnect that likely reflects the ongoing rotation away from resources broadly, with investors not yet willing to trust the gold price bounce after last week’s sharp decline through the US$4,000 level. Northern Star Resources (NST) (-2.0%) and West African Resources (WAF) (-1.9%) both fell.

Real Estate (XPJ) (-1.1%) and Consumer Discretionary (XDJ) (-0.7%) gave back a portion of Tuesday’s RBA-inspired rally. The reality of slower consumer spending is likely to have reasserted itself — official interest rates have now risen five times this year — and what had been a somewhat counterintuitive surge on the back of the RBA’s perceived peak-rate signal was partially unwound.

Goodman Group (GMG) (-1.6%), GPT Group (GPT) (-1.6%), Scentre Group (SCG) (-1.4%), and Mirvac (MGR) (-1.3%) all retreated in real estate. In consumer discretionary, Eagers Automotive (APE) (-3.6%), JB Hi-Fi (JBH) (-2.0%), Universal Store (UNI) (-2.0%), and Temple & Webster (TPW) (-1.9%) all fell.

Health Care (XHJ) (-0.7%) was notably absent from the defensive shopping list — and this has been a growing theme over recent sessions. Ansell (ANN) (-2.0%), Pro Medicus (PME) (-1.4%), Sonic Healthcare (SHL) (-1.0%), and CSL (CSL) (-0.7%) all fell.


Today's best ASX Top 300 gainers

Company
Last Price
Change $
Change %
1mo %
1yr %
Block, Inc. (XYZ)$116.31+$6.65+6.1%+9.1%+3.1%
Qualitas (QAL)$2.65+$0.11+4.3%+19.4%-27.6%
Benz Mining Corp (BNZ)$4.01+$0.16+4.2%-14.7%+163.8%
NEXTDC (NXT)$6.53+$0.26+4.2%-39.2%-59.8%
Viva Energy Group (VEA)$2.81+$0.11+4.1%-13.3%+55.2%
BCI Minerals (BCI)$0.535+$0.02+3.9%-13.0%+39.0%
EQ Resources (EQR)$0.28+$0.01+3.7%-30.0%+582.9%
Codan (CDA)$59.81+$2.00+3.5%-11.3%+64.4%
The Star Entertainment Group (SGR)$0.16+$0.005+3.2%+28.0%+79.8%
Southern Cross Gold Consolidated (SX2)$8.42+$0.25+3.1%-28.1%-4.2%
Minerals 260 (MI6)$0.725+$0.02+2.8%-16.2%+158.9%
PYC Therapeutics (PYC)$1.85+$0.05+2.8%-24.8%+60.5%
Telix Pharmaceuticals (TLX)$13.32+$0.32+2.5%-12.1%-15.4%
Endeavour Group (EDV)$3.51+$0.08+2.3%+17.8%-2.2%
Aspen Group (APZ)$4.98+$0.11+2.3%+10.9%-5.1%
Spark New Zealand (SPK)$1.645+$0.035+2.2%+3.5%-21.3%
Yancoal Australia (YAL)$5.80+$0.12+2.1%+1.6%+3.0%
St Barbara (SBM)$0.745+$0.015+2.1%-5.1%+43.3%
Ora Banda Mining (OBM)$1.28+$0.025+2.0%-13.2%+8.0%
Smartgroup Corporation (SIQ)$11.30+$0.22+2.0%+0.1%+37.6%

Today's worst ASX Top 300 losers

Company
Last Price
Change $
Change %
1mo %
1yr %
4DMedical (4DX)$2.15-$0.26-10.8%-50.5%+33.5%
Silex Systems (SLX)$3.02-$0.32-9.6%-27.6%-67.8%
Electro Optic Systems Holdings (EOS)$7.24-$0.61-7.8%-37.0%+13.8%
DroneShield (DRO)$1.21-$0.10-7.6%-33.7%-70.9%
Heartland Group Holdings (HGH)$0.94-$0.065-6.5%-7.4%-2.1%
Pinnacle Investment Management Group (PNI)$15.23-$0.96-5.9%+13.4%-18.1%
Netwealth Group (NWL)$18.35-$1.14-5.8%+6.6%-40.5%
Qantas Airways (QAN)$8.90-$0.46-4.9%+1.3%-13.1%
Champion Iron (CIA)$1.765-$0.09-4.9%-42.3%-68.1%
Austal (ASB)$4.21-$0.20-4.5%-4.1%-39.5%
Neuren Pharmaceuticals (NEU)$19.78-$0.88-4.3%-2.5%-4.4%
Summerset Group Holdings (SNZ)$5.02-$0.22-4.2%-12.8%-51.5%
HUB24 (HUB)$73.33-$3.17-4.1%+12.8%-35.9%
Virgin Australia Holdings (VGN)$2.59-$0.11-4.1%-4.8%-20.6%
Barrenjoey Group (BJY)$8.13-$0.34-4.0%+0.5%-15.0%
Sims (SGM)$20.96-$0.82-3.8%-12.8%+33.4%
Ingenia Communities Group (INA)$5.12-$0.20-3.8%+7.1%-7.9%
Generation Development Group (GDG)$3.14-$0.12-3.7%+15.4%-55.6%
Eagers Automotive (APE)$19.14-$0.72-3.6%+4.9%-41.2%
Worley (WOR)$9.95-$0.36-3.5%+4.6%-29.0%

Chartwatch

Nasdaq Composite Index

Nasdaq Composite Index chart

Analysis

Blip.

Blip up, at least. 🤷

But look at what came before that blip, and I think you’ll agree it’s an underwhelming showing from the demand side.

FOMO?

HOFU?

BTD? 🧐

Hardly.

But (and not trying to hedge my bets — just stating the bleeding obvious!), the mightiest rallies must start somehow… and sometimes they begin with a modest blip-up.

It doesn’t really matter, though, does it? 🤔

It’s not like Tuesday’s candle changes our Analysis. I’ll spare you  the checklist, but suffice it to say: ST Trend = supply side control vs LT Trend = demand side control.

That last one better get a wriggle on or it risks fading to LT Trend = Equilibrium.

Our Accept therefore remains unchanged: MOTN the price should go ➡️ from here… but there's a decent chance the long term trend ribbon does its job, acts as a zone of dynamic excess demand, and we may get some ⬆️.

If it doesn’t hold, that will shift our Analysis, and Accept to MOTN ⬇️.

Until then, Act is a bit of a snooze… 😴

View

I am 1/2RP on US stocks (RP = Risk Position – it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100%).

Key Levels

The short term trend ribbon is the closest (dynamic) zone of supply (presently 26250–26382). The long term uptrend ribbon is the closest (dynamic) zone of demand (presently 25908-25732).


S&P/ASX 200 (XJO)

S&P/ASX 200 (XJO) chart

Analysis

Um, the zebra on the right appears to be...🫤

Is essentially what I'd be blah blah-blahing if I tried analyse the OTP's chart.

50% cash. 💰

Sounds pretty darn attractive right now. 😴

(the real chart of the OTP below... 👇 no commentary required...)

ASX 200 (XJO) chart_4 Nov.png
S&P/ASX 200 (XJO) chart

View

I am 1/2RP on Australian shares (i.e., 50% cash vs 50% invested, with some of the invested portion allocated to shorts).

Key Levels

8935-8940 is the closest zone of supply vs 8613-8641 is the critical zone of demand.

(Glossary of acronyms! Old Tin Pot (OTP): S&P/ASX 200 | MOTN: More Often Than Not | FOMO: Fear Of Missing Out | HOFU: Holding On For Upside | BTD: Buy The Dip | NUTE: No Urgency To Enter | FOHO: Fear Of Holding On | STR: Sell The Rally | RP: Risk Position | FFS: Fund Flow Shenanigans!)

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Economy

TODAY

  • AUS October Consumer Spending:

    • Result: +0.6% m/m vs +0.2% m/m forecast and +0.0% m/m in September

    • Reader: Some of that +0.6% month-on-month gain is inflation... but we're all kinda responsible for poor old Michelle Bullock's worst nightmare! 🤣 Too much demand!!!

LATER THIS WEEK

WEDNESDAY

  • USA October ISM Service PMI (54.9 forecast, unchanged)

THURSDAY

  • UK Bank of England Official Rate (+0.25% p.a. forecast to 4.00% p.a.)

FRIDAY

  • 21:30 USA October Non-Farm Payroll Data

    • Employment change: +63,000 forecast v s+29,000 in September

    • Average hourly earnings: +0.3% m/m forecast vs +0.1% m/m in September

    • Unemployment rate: +4.2% forecast, unchanged


Interesting Movers

Trading higher

  • Janus Electric Holdings (JNS) $0.64
    +16.4%

    Released a market update. Reported progress against the three-horizon growth strategy. Outlined Horizon Two plans (expansion across five US regions, proposed RANGER JV in WA, increased production capacity, capital-light charging and energy network). Restated FY27 revenue guidance of A$70–100 million.

  • Fortifai (FTI) $0.29
    +14.0%

    Announced that NOL8 Co-Founder and CTO Dr Alon Rashelbach is appointed Executive Director and General Manager of the Israeli R&D Division, and that Jason Brushe joins from NVIDIA to lead sales and marketing.

  • City Chic Collective (CCX) $0.04
    +13.9%

    Issued a trading update. Management is expecting positive earnings in H1 FY2026-27 and a positive cash balance at H1. Group revenue excl. wholesale -1.7% pcp but gross margin dollars +2.2% and full-price store sales +19.6%.

  • Artrya (AYA) $3.34
    +8.1%

    No news. Small med-techs appeared to find some love today... 🤔

  • Myer Holdings (MYR) $0.23
    +7.0%

    No ASX announcement today, but note this is the second-straight strong gain after media speculation that David Jones will close a substantial number of its loss-making stores.

  • Echo IQ (EIQ) $0.52
    +6.2%

    No news. Small med-techs appeared to find some love today... 🤔

  • Block, Inc. (XYZ) $116.31
    +6.1%

    Released September quarter results. Earnings modestly beat estimates and management lifted its outlook slightly (Q3 gross profit up 22% to US$3.2bn. Management now expects US$12.6 billion gross profit for 2026.

  • Imricor Medical Systems Inc (IMR) $1.33
    +4.7%

    No news. Small med-techs appeared to find some love today... 🤔

  • Telix Pharmaceuticals (TLX) $13.32
    +2.5%

    Held its investor day today. Released a new company presentation in which it discussed progress and pipeline, but nothing obviously new in terms of guidance.

Trading Lower

  • Dateline Resources (DTR) $0.07
    -6.6%

    Released an update regarding legal issues in the US. Noted that the company and the US Government have each lodged motions with the United States Court of Appeals for the Ninth Circuit to stay the preliminary injunction pending appeal. DTR is a regular in the ChartWatch ASX Scans Downtrends List. 📉

  • Champion Iron (CIA) $1.74
    -6.2%

    Substantial share holder notice stating that JP Morgan now owns 5% of the company. The substantial holding appears largely attributable to securities-lending activity – potentially including the facilitation of short selling – rather than a conventional investment stake. CIA is a regular in the ChartWatch ASX Scans Downtrends List. 📉

  • Elevra Lithium (ELV) $3.01
    -4.8%

    Substantial share holder notice stating that JP Morgan now owns 5% of the company. The substantial holding appears largely attributable to securities-lending activity – potentially including the facilitation of short selling – rather than a conventional investment stake. ELV is a regular in the ChartWatch ASX Scans Downtrends List. 📉

  • Boss Energy (BOE) $1.32
    -4.7%

    Announced that Sprott has increased its substantial holding in the company from 14.1% to 15.4% (seems good news, didn't help!). BOE is a regular in the ChartWatch ASX Scans Downtrends List. 📉

  • Deep Yellow (DYL) $0.66
    -4.7%

    Substantial share holder notice stating that JP Morgan now owns 5% of the company. The substantial holding appears largely attributable to securities-lending activity – potentially including the facilitation of short selling – rather than a conventional investment stake. DYL is a regular in the ChartWatch ASX Scans Downtrends List. 📉


Broker Moves

Company
Broker
Action
Rating
Price Target
4DX4DMedical
Ord MinnettUpgraded
Hold
$2.40
AIAAuckland International Airport
Morgan StanleyRetained
Equal Weight
$8.88
ALDAmpol
Morgan StanleyRetained
Overweight
$45.00
ALLAristocrat Leisure
MacquarieRetained
Outperform
$67.00
Morgan StanleyRetained
Overweight
$63.90
AMCAmcor Plc
UBSRetained
Buy
$78.00
ATXAmplia Therapeutics
Bell PotterRetained
Speculative Buy
$0.42
BGDBarton Gold Holdings
Canaccord GenuityRetained
Speculative Buy
$2.30
BRGBreville Group
Ord MinnettRetained
Buy
$38.00
BSLBlueScope Steel
Morgan StanleyRetained
Equal Weight
$35.00
CARCAR Group
CitiRetained
Buy
$33.30
CHCCharter Hall Group
Morgan StanleyRetained
Overweight
$26.90
CIAChampion Iron
UBSRetained
Buy
$3.10
CKFCollins Foods
CitiRetained
Neutral
$9.12
COHCochlear
UBSRetained
Neutral
$135.00
CSLCSL
UBSRetained
Buy
$225.00
DDRDicker Data
UBSRetained
Neutral
$15.90
DMPDomino's Pizza Enterprises
Morgan StanleyRetained
Underweight
$16.00
DYLDeep Yellow
Ord MinnettDowngraded
Speculative Buy
$1.95
EDVEndeavour Group
CitiRetained
Buy
$3.85
GDGGeneration Development Group
Morgan StanleyRetained
Overweight
$5.00
GLFGemlife Communities Group
Morgan StanleyRetained
Overweight
$5.85
GMGGoodman Group
CitiRetained
Buy
$40.00
IAGInsurance Australia Group
UBSRetained
Buy
$9.10
JHXJames Hardie Industries Plc
Morgan StanleyRetained
Overweight
$48.00
UBSRetained
Neutral
$45.00
KCNKingsgate Consolidated
Ord MinnettRetained
Buy
$7.90
MM1Midas Minerals
Canaccord GenuityRetained
Speculative Buy
$1.90
ORIOrica
Morgan StanleyRetained
Overweight
$28.00
PDNPaladin Energy
Morgan StanleyRetained
Overweight
$9.95
QANQantas Airways
CitiRetained
Buy
$10.75
Morgan StanleyRetained
Overweight
$12.80
RPLRegal Partners
Ord MinnettRetained
Buy
$3.40
S32South32
Morgan StanleyRetained
Equal Weight
$5.20
SCGScentre Group
Morgan StanleyRetained
Overweight
$4.44
SGHSGH
Morgan StanleyRetained
Overweight
$48.00
SIGSigma Healthcare
Morgan StanleyRetained
Overweight
$3.30
TLCThe Lottery Corporation
Morgan StanleyRetained
Equal Weight
$5.55
TORTorque Metals
Canaccord GenuityRetained
Speculative Buy
$0.50
TTXTetratherix
Ord MinnettUpgraded
Lighten
$4.70
WDSWoodside Energy Group
MacquarieRetained
Neutral
$32.60
Morgan StanleyRetained
Equal Weight
$32.00
WESWesfarmers
Morgan StanleyRetained
Equal Weight
$70.50

Scans

Top Gainers

Code
Company
Last
% Chg
BPMBPM Minerals Ltd$0.32+77.78%
AXIAxtec Ltd$0.013+62.50%
EMBEmbelton Ltd$11.60+40.61%
KYNKyron Capital Group$0.029+31.82%
CYPCynata Therapeutics Ltd$0.013+30.00%
View all top gainers

Top Fallers

Code
Company
Last
% Chg
KEYKEY Petroleum Ltd$0.052-36.59%
GW1Greenwing Resources Ltd$0.084-30.00%
AUGAugustus Minerals Ltd$0.02-25.93%
NOXNoxopharm Ltd$0.036-25.00%
JALJameson Resources Ltd$0.037-24.49%
View all top fallers

52 Week Highs

Code
Company
Last
% Chg
EMBEmbelton Ltd$11.60+40.61%
TWETreasury Wine Estates Ltd$6.35+1.76%
IAGInsurance Australia Group Ltd$8.91+1.71%
CWYCleanaway Waste Management Ltd$3.01+0.33%
View all 52 week highs

52 Week Lows

Code
Company
Last
% Chg
AUGAugustus Minerals Ltd$0.02-25.93%
NOXNoxopharm Ltd$0.036-25.00%
FXGFELIX Gold Ltd$0.11-21.43%
IODIodm Ltd$0.062-20.51%
RAGRagnar Metals Ltd$0.012-20.00%
View all 52 week lows

Near Highs

Code
Company
Last
% Chg
BEARBetashares Australian Equities Bear Complex ETF$7.41-0.14%
RHCRamsay Health Care Ltd$55.22-0.95%
OZBDBetashares Australian Composite Bond ETF$43.09+0.16%
AN3PIAustralia and New Zealand Banking Group Ltd$102.65-0.06%
PCIPerpetual Credit Income Trust$1.075+0.47%
View all near highs

Relative Strength Index (RSI) Oversold

Code
Company
Last
% Chg
FANGGlobal X Fang+ ETF$33.78-2.40%
ETPMPMGlobal X Metal Securities Australia Ltd$331.50+0.44%
RACRacura Oncology Ltd$1.45-1.36%
AMPAMP Ltd$2.13-9.36%
BHMBroken Hill Mines Ltd$0.405-5.81%
View all RSI oversold

ABOUT THE AUTHOR

Lead Writer and Presenter

Carl brings more than 30 years of investing experience and a track record of helping thousands of investors navigate every kind of market. A highly regarded commentator on global macro trends and their impact on Australian and US equities, he is also one of Australia's most recognised educators in technical analysis — having taught his distinctive price-action trend following methodology to two generations of investors.

04/11/2026