Morning Wrap: ASX 200 to fall, S&P 500 on track for weekly decline, ECB cuts rates again
ASX 200 futures are trading 55 points lower, or 0.66%, as of 8:35am AEDT.
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ASX 200 futures trading up 6 points, or (+0.07%), to 8,203, as of 8:30AM
Markets are set to track lower at the open for the fourth session in a row, following a weak lead from Wall Street and in spite of the European Central Bank cutting interest rates for the third consecutive meeting. And while it's been a weaker week for shares than it has been in recent times, Fundstrat says the S&P 500's technical trend is well and truly intact. Is this a profit-taking week before the big Santa rally? Only time - and volumes - will tell.
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Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 5,974 | +0.73% |
Dow Jones | 42,907 | +0.16% |
NASDAQ Comp | 19,765 | +0.98% |
Russell 2000 | 2,234 | -0.39% |
Country Indices | ||
 Canada | 24,749 | +0.61% |
 China | 3,351 | -0.50% |
 Germany | 19,849 | -0.18% |
 Hong Kong | 19,883 | +0.82% |
 India | 78,540 | +0.64% |
 Japan | 39,161 | +1.19% |
 United Kingdom | 8,103 | +0.22% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 2,625.7 | -0.73% |
 Iron Ore | 103.84 | 0.00% |
 Copper | 4.095 | -0.13% |
 WTI Oil | 69.45 | -0.01% |
Currency | ||
 AUD/USD | 0.6251 | -0.02% |
Cryptocurrency | ||
 Bitcoin (USD) | 93,366 | -2.17% |
 Ethereum (AUD) | 5,466 | +4.03% |
Miscellaneous | ||
US 10 Yr T-bond | 4.599 | +1.66% |
VIX | 16.99 | -7.45% |
US Sectors
Sector | % Chg |
|---|---|
| Communication Services | +1.35% |
| Information Technology | +1.26% |
| Health Care | +1.04% |
| Energy | +0.61% |
| Real Estate | +0.50% |
| Consumer Discretionary | +0.42% |
Sector | % Chg |
|---|---|
| Utilities | +0.39% |
| Financials | +0.29% |
| Industrials | -0.04% |
| Materials | -0.12% |
| Consumer Staples | -0.57% |
S&P 500 SESSION CHART
The last two hours of the overnight session were dominated by the sellers. (Source: TradingView)
OVERNIGHT MARKETS
US equities were down in Thursday trading, selling off through the afternoon and ending near session lows.
S&P 500 on track for a weekly decline though Nasdaq holding on to WTD gains after hitting another ATH and taking out the 20K level on Wednesday.
US Treasuries were weaker with curve steepening again (2s/10s spread has moved higher five straight sessions).
US Dollar index was up 0.3%.
Gold finished down off 1.7% after five straight days of gains.
Bitcoin futures were down 1.5%.
WTI crude settled down 0.4%.
MARKETS
Stifel expects the S&P 500 to peak in the first half of 2025, then fall 10% to 15% in the second half of the year (Reuters)
S&P 500 performance increasingly narrow, pacing for ninth-straight day with negative breadth, longest since at least 2004 (Bloomberg)
STOCKS
Google, Samsung introduce new mixed-reality operating system and headset in challenge to Apple, Meta (Bloomberg)
Judge strikes down Nasdaq rule requiring corporations to have diverse boards (Yahoo)
Intel CFO says separation of factory and product-development divisions an open question (Bloomberg)
Apple planning in-house chips for Bluetooth, WiFi connections, replacing current supplier Broadcom (Bloomberg)
ECONOMY
ECB cuts rates by 25bps in fourth cut of the year, expect 25bp cuts at next two meetings (Reuters)(Bloomberg)
November US PPI report favourable in categories that flow through to PCE, Fed's preferred inflation measure (Bloomberg)
Mortgage rates in US fall for third week, now sit at 6.6% (Bloomberg)
US household wealth in Q3 up 2.9% q/q to record $168.8 trillion (Bloomberg)
Today in Review
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
| ASX 200 | 8,201.6 | +1.67% |
| All Ords | 8,452.7 | +1.64% |
| Small Ords | 3,087.3 | +1.58% |
| All Tech | 3,829.3 | +1.67% |
| Emerging Companies | 2,245.5 | +1.13% |
Currency | ||
| AUD/USD | 0.6249 | -0.04% |
US Futures | ||
| S&P 500 | 6,036.5 | +0.58% |
| Dow Jones | 43,334.0 | +0.04% |
| Nasdaq | 21,741.5 | +0.81% |
Name | Value | % Chg |
|---|---|---|
Sector | ||
| Financials | 8,664.6 | +2.38% |
| Consumer Discretionary | 3,933.4 | +2.30% |
| Real Estate | 3,853.1 | +1.95% |
| Utilities | 9,031.1 | +1.67% |
| Industrials | 7,716.7 | +1.66% |
| Information Technology | 2,752.7 | +1.46% |
| Energy | 8,407.2 | +1.38% |
| Communication Services | 1,647.2 | +1.37% |
| Materials | 16,258.4 | +0.98% |
| Consumer Staples | 11,743.2 | +0.64% |
| Health Care | 44,621.7 | +0.57% |
BROKER MOVES
ResMed initiated hold at Stifel, price target of US$250
Genesis Minerals initiated buy at Citi, price target of $3.20
ReadyTech Holdings initiated add at Morgans, price target of $3.74
Ventia Services Group downgraded to hold from add at Morgans, price target cut from $4.80 to $3.30
Key Events
Stocks trading ex-dividend:
Fri 13 Dec: Metcash (MTS) - 2.54%
Mon 16 Dec: Plato Income Maximiser (PL8) - 0.45%
Tue 17 Dec: Elders (ELD) - 2.37%
Economic calendar (AEDT):
Today: Westpac and Premier Investments both host AGMs
6pm: UK GDP
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