Market Wraps

Morning Wrap: ASX 200 to fall, US markets closed for Thanksgiving

Fri 29 Nov 24, 8:36am (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

Fri 29 Nov 24, 8:29am (AEDT)

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 -
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)

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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