Morning Wrap: ASX 200 to fall, US markets closed for Thanksgiving
ASX 200 futures are trading 26 points lower, down 0.33%, as of 8:30 am AEDT.
ASX 200 futures are trading 26 points lower, down 0.33%, as of 8:30 am AEDT
I was ten minutes into writing the Morning Wrap before I realised the US market was closed overnight for Thanksgiving … leading to relatively quiet overnight activity. European markets ticked higher after a two-day selloff, commodities were relatively unchanged and a few key macro catalysts to watch tonight.
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 5,999 | -0.38% |
Dow Jones | 44,722 | -0.31% |
NASDAQ Comp | 19,060 | -0.60% |
Russell 2000 | 2,426 | +0.08% |
Country Indices | ||
 Canada | 25,544 | +0.22% |
 China | 3,296 | -0.43% |
 Germany | 19,426 | +0.85% |
 Hong Kong | 19,367 | -1.20% |
 India | 79,044 | -1.48% |
 Japan | 38,349 | +0.56% |
 United Kingdom | 8,281 | +0.08% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 2,639.7 | +0.02% |
 Iron Ore | 102.17 | +0.11% |
 Copper | 4.0695 | -0.10% |
 WTI Oil | 68.88 | +0.15% |
Currency | ||
 AUD/USD | 0.65 | +0.03% |
Cryptocurrency | ||
 Bitcoin (USD) | 94,917 | -1.74% |
 Ethereum (AUD) | 5,479 | -2.23% |
Miscellaneous | ||
US 10 Yr T-bond | 4.242 | 0.00% |
VIX | 13.9 | -1.42% |
OVERNIGHT MARKETS
Note: All US market-related data above (benchmarks, bonds) refer to the previous session. There will be no ETF table this week since most of the ETFs are US-listed
US market was closed overnight (and closes early on Friday) in observance of the Thanksgiving holiday
European markets finished higher after a two-day slump fuelled by worries over potential US tariffs and France’s political challenges
Pan-European Stoxx 600 up 0.45%, led by banks and tech stocks, but volumes were relatively light
Other European benchmarks include the FTSE (+0.08%), France’s CAC40 (+0.51%), Spain’s IBEX35 (+0.27%) and Germany’s DAX (+0.85%)
JPMorgan's new equity team turns bullish on US stocks, sets S&P target at 6,500 (BBG)
CENTRAL BANKS
ECB's Wunsch says central bank on track to keep 'gradual' rate cuts (NK)
RBA governor signals patience on rate cuts, inflation still too high (BBG)
Bank of Korea unexpectedly cuts rates by 25 bps to 3.0% amid concerns over Trump's trade policies (BBG)
POLITICS & GEOPOLITICS
Trump's proposed tariffs on Canada would drive up pump prices (RT)
Mexico warns of retaliation if Trump imposes tariffs (RT)
ECONOMY
ECB receives mixed signals as German regional inflation ticks up, Spanish core eases (BBG)
UK consumer confidence weak into holiday period (BRC)
Australia's labour market strength delays rate cuts, bucking global trend (Reuters)
Biden administration weighing additional curbs on sales of semiconductor equipment and AI memory chips to China (BBG)
Ukraine unprepared for peace talks, NATO considers advanced aid (RBC)
French government seeks compromise to avoid political collapse (BBG)
ASX TODAY
Ampol issues trading update, guides to FY24 capex of $650m vs. $643m consensus (ALD)
Macquarie Asset Management agrees to final possible cash offer of $1.4bn to buy UK-listed waste management firm Renewi, Board remains confident in the company’s future prospects as a pure play market leader in Europe’s most advanced recycling market and attractive profitable growth (AFR)
Star Entertainment lenders potentially seeking to trim their exposure (AFR)
WHAT TO WATCH TODAY
A relatively quiet morning in terms of announcements and overnight catalysts. European markets bounced after a two-day selloff (vs. ASX 200 on a two-day win streak to record levels). Most commodity prices were up/down less than 1%
BROKER MOVES
AV Jennings downgraded to Hold from Buy; target up to $0.67 (BP)
Cleanaway initiated Outperform with $3.16 target (CLSA)
Myer initiated Buy with $1.25 target (CG)
Key Events
Stocks trading ex-dividend:
Fri 29 Nov: Aristocrat Leisure (ALL) – 0.62%, Metrics Master Income Trust (MXT) – 0.60%, Metrics Income Opportunities Trust (MOT) – 0.51%, Metrics Real Estate Multi-Strategy Fund (MRE) – 0.41%, Pengana International Equities (PIA) – 1.16%
Mon 2 Dec: None
Tue 3 Dec: Incitec Pivot (IPL) – 1.96%
Wed 4 Dec: None
Other ASX corporate actions today:
Dividends paid: Acrow (ACF), Kogan (KGN)
Listing: None
AGMs: Centuria Capital (CNI) Cromwell Property Group (CMW)
Economic calendar (AEDT):
10:30 pm: Australia Housing Credit (Oct)
8:00 pm: Eurozone Inflation (Nov)
10:00 pm: India GDP (Q3)
11:30 pm: Canada GDP (Sep)
