Morning Wrap: ASX 200 set to fall, S&P 500 lower as investors brace for election + RBA set to hold
ASX 200 futures are trading 34 points lower, down 0.41%, as of 8:30 am AEDT.
In this article
ASX 200 futures are trading 34 points lower, down 0.41%, as of 8:30 am AEDT.
Major US benchmarks finished lower in a session marked by caution ahead of the US election as well as the Fed's interest rate decision and China's NPC meeting, oil prices rallied after the OPEC delayed its production cut while the local sharemarket is expected to see dampened risk appetite as investors brace for a volatile week.
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 5,713 | -0.28% |
Dow Jones | 41,795 | -0.61% |
NASDAQ Comp | 18,180 | -0.33% |
Russell 2000 | 2,220 | +0.45% |
Country Indices | ||
 Canada | 24,256 | +0.00% |
 China | 3,310 | +1.17% |
 Germany | 19,148 | -0.56% |
 Hong Kong | 20,568 | +0.30% |
 India | 78,782 | -1.18% |
 Japan | 38,054 | -2.63% |
 United Kingdom | 8,184 | +0.09% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 2,746.1001 | -0.11% |
 Iron Ore | 102.49 | 0.00% |
 Copper | 4.4325 | +1.40% |
 WTI Oil | 71.6 | +3.04% |
Currency | ||
 AUD/USD | 0.6585 | +0.38% |
Cryptocurrency | ||
 Bitcoin (USD) | 67,417 | -2.37% |
 Ethereum (AUD) | 3,681 | -1.94% |
Miscellaneous | ||
US 10 Yr T-bond | 4.309 | -1.19% |
VIX | 22.21 | +1.51% |
US Sectors
Sector | % Chg |
|---|---|
| Energy | +1.87% |
| Real Estate | +1.13% |
| Materials | +0.47% |
| Consumer Staples | +0.28% |
| Information Technology | -0.12% |
| Industrials | -0.14% |
Sector | % Chg |
|---|---|
| Consumer Discretionary | -0.61% |
| Health Care | -0.68% |
| Financials | -0.71% |
| Communication Services | -0.92% |
| Utilities | -1.21% |
S&P 500 SESSION CHART
S&P 500 lower, finished off worst levels (Source: TradingView)
OVERNIGHT MARKETS
Major US benchmarks finished mostly lower, but off worst levels
A very quiet session as the market enters waiting mode ahead of the US election as well as the Fed's interest rate decision, China NPC meeting and another 103 more S&P 500 companies scheduled to report
Dampened Trump and GOP sweep odds taking steam out of bond yields, US dollar and crypto
Market has entered a seasonally strong period – Median S&P 500 records from 27-Oct to 31-Dec is 5.22% since 1928, according to Goldman Sachs
In election years since 1950, when the S&P 500 is up more than 5% year-to-date through August, it has been up from Sep-Dec in all 13 instances with an average gain of 7%, according to JPMorgan
Dollar weakens, Treasuries rise on 'Trump trade' doubts after Iowa poll puts Harris in lead (FT)
Traders are selling emerging-market bond ETFs heading into US election (BBG)
Bond investors favouring a defensive but neutral stance ahead of the presidential decision (RT)
Markets brace for long stint of high volumes and increased volatility as election night nears (FT)
Oil prices rise after OPEC+ extends output cuts (RT)
STOCKS
Tesla China-made EV sales in October down 5.3% from a year earlier and after bumper quarter (RT)
LVMH's empty China megastore signals deepening luxury goods crash (BBG)
UK luxury retailer Burberry shares surge after report that Moncler is mulling bid (RT)
Berkshire Hathaway shares ease 2.3pc after Q3 earnings eased 6% year-on-year, slightly below analyst expectations (CNBC)
CENTRAL BANKS
Fed to look past US election uncertainty with a 25 bp interest rate cut this week (FT)
RBA to hold rates steady to counter sticky inflation and global risks (BBG)
POLITICS & GEOPOLITICS
Trump and Harris locked in tight race before Wednesday’s presidential vote (NYT)
Iran threatens 'strong and complex' attack against Israel, involving powerful warheads (BBG)
China urges France to push the EU towards a solution acceptable to both the European and Chinese EV industries (RT)
Taiwan reports increase in Chinese military activity as US election approaches (RT)
ECONOMY
Eurozone October manufacturing PMI shows signs of stabilisation in October (RT)
Industry ETFs
Name | Value | % Chg |
|---|---|---|
Commodities | ||
| Lithium & Battery Tech | 44.13 | +1.03% |
| Copper Miners | 44.54 | +0.70% |
| Steel | 67.8401 | +0.64% |
| Strategic Metals | 48.52 | +0.62% |
| Silver | 29.629 | +0.30% |
| Gold Miners | 39.925 | +0.19% |
| Uranium | 29.86 | -2.29% |
Industrials | ||
| Construction | 78.8651 | +0.48% |
| Agriculture | 25.335 | +0.06% |
| Aerospace & Defense | 144.62 | +0.06% |
| Global Jets | 22.83 | -1.38% |
Healthcare | ||
| Biotechnology | 142.85 | +0.05% |
Name | Value | % Chg |
|---|---|---|
Cryptocurrency | ||
| Bitcoin | 18.12 | -3.00% |
Renewables | ||
| Hydrogen | 22.98 | +5.17% |
| CleanTech | 7.775 | +3.53% |
| Solar | 41.15 | +3.42% |
Technology | ||
| E-commerce | 26.74 | +1.17% |
| FinTech | 29.09 | +0.45% |
| Electric Vehicles | 22.69 | +0.40% |
| Robotics & AI | 32.11 | +0.34% |
| Cybersecurity | 30.52 | +0.03% |
| Cloud Computing | 21.13 | -0.19% |
| Sports Betting/Gaming | 18.3201 | -0.27% |
| Semiconductor | 219.31 | -0.58% |
| Video Games/eSports | 74.15 | -0.80% |
ASX TODAY
Domino's Pizza CEO Don Meij to retire, Mark van Dyck appointed replacement effective 6-Nov, FY25 YTD trading update notes same store sales down 1.2% in Australia, German sales remain negative after cycling record sales from the prior year and French/Japan sales remain negative year-to-date (DMP)
Star Entertainment 129.7m-share block trade crosses at 20 cents per share, representing 4.5% of the company (AFR)
Super Retail Chair Judith Swales discloses purchase of 10,000 shares (SUL)
WHAT TO WATCH TODAY
All eyes on US election: The ASX is set to open lower as risk appetite is dampened by the US election. The market will likely be in waiting mode, with low news flow and lackluster volumes until Wed/Thu.
Oil prices tick higher: Energy was the best performing S&P 500 sector (+1.87%) after OPEC agreed to delay its December output hike by one month as well as new tropical forecasts that threaten US Gulf production (which could also be an issue for local operators like Karoon Energy).
BROKER MOVES
Broker moves are unavailable today
Key Events
Stocks trading ex-dividend:
Tue 5 Nov: EZZ Life Science (EZZ) – 0.54%, Qualitas Real Estate (QRI) – 0.71%
Wed 6 Nov: ResMed (RMD) – 0.15%
Thu 7 Nov: None
Fri 8 Nov: Acorn Capital Investment (ACQ) – 3.13%
Other ASX corporate actions today:
Dividends paid: Gowing Bros (GOW)
Listing: None
AGMs: None
Economic calendar (AEDT):
1:30 pm: RBA Interest Rate Decision (Hold – 4.35%)
11:30 pm: US Presidential Election
1:00 am: US ISM Services PMI (Oct)
