ASX 200 futures are trading 52 points higher, up 0.61%, as of 8:30 am AEDT.
Major US benchmarks finished higher amid a notable rotation into Trump-related themes as well as small caps and cyclicals, the US Dollar Index soared for an eighth straight week, Bitcoin is trading within an arms reach of US$100,000, US business activity soars to the highest level since April 2022 and fintech company Cuscal is set to make its ASX debut at 12:00 pm.
Let's dive in.
Mon 25 Nov 24, 8:24am (AEDT)
Mon 25 Nov 24, 8:24am (AEDT)
Major US benchmarks finished higher, finished near best levels
Rotation was a big theme in the overnight session, with Trump themes, small caps and cyclicals among the standouts while Big Tech lagged
US weekly recap – Russell 2000 (+4.46%), Dow (+1.96%), Nasdaq (+1.73%), S&P 500 (+1.68%)
US Dollar Index marks eighth straight week of gains, highest level since November 2022
Bullish talking points – Nvidia reported another beat and “staggering” Blackwell demand, Walmart beat and raised guidance, US services PMI highest since March 2022, Putin open to ceasefire talks with Trump, more signs of FOMO with seventh straight week of inflows to US equities
Bearish talking points – Target flags notable Q3 miss and Q4 downgrade, Lowe’s flagged continued affordability challenges, geopolitical tensions ratcheted higher as Ukraine carried out first strike in Russian territory while Russia updated its nuclear doctrine, US tariff risks and uptick in inflation expectations
Trump's policies could boost US stocks' dominance over global rivals, despite potential risks (RT)
Global equity funds' weekly inflows slow on geopolitical tensions between Russia and Ukraine, Fed rate outlook (RT)
Nasdaq 100 nears key level that could spark shift away from US stocks, warns BofA (BBG)
Euro slides to lowest level in two years on ramping up of bets of more aggressive ECB rate cuts (BBG)
Bitcoin above US$99,000, striking distance of $100,000 and up 45% since Trump's election win (RT)
China stocks slump Friday after as disappointing tech earnings hurt sentiment already weakened Trump return worries (BBG)
Apple developing version of Siri that uses more advanced LLMs allowing it to engage in conversations (BBG)
Gap raises annual sales target on strong holiday demand (RT)
Stellantis reportedly open to push into lower-cost countries including Mexico, contingent on Trump tariffs (BBG)
European companies freeze hiring or cut jobs on difficult economic conditions and persistently weak demand (RT)
China willing to engage in "positive dialogue" on trade with a Trump administration (FT)
Iran says will increase its nuclear fuel-making capacity after it was censured by the UN atomic watchdog (FT)
Israeli PM Netanyahu severely criticises ICC decision; says he won't be deterred from continuing war against Hamas (BBG)
US manufacturing and services PMI rises to 55.3 in November, the highest since April 2022 amid hopes of lower rates and business friendly policies (RT)
Eurozone November PMI signals weak growth ahead, with trade risks, politics weighing (BBG)
Germany Q3 GDP growth revised lower, with strong chance of winter recession (BBG)
UK November PMIs show first contraction in output since 2023 (RT)
UK retail sales slump in October as Budget uncertainty weighs on consumers (FT)
Japan core inflation slows by less than forecast, services inflation strengthens (BBG)
Mon 25 Nov 24, 8:23am (AEDT)
Euroz Hartley’s says “the first four months of this financial year have started well. July and August were particularly strong trading months for us while September and October were somewhat quieter,” guides to unaudited NPAT of ~$5m for first four months to 31-Oct (EZL)
Evolution could soon place its Mungari gold mine up for sale, valued between $600m to $1bn (The Aus)
Duratec guides to FY25 revenue $600-640m vs. prior guidance of “solid revenue growth” and $617m consensus, EBITDA $52-56m vs. $53.7m consensus, order book currently $409m with tenders of $1.5bn (DUR)
Ramsay investors push for shake-up of failed overseas expansion, starting with its controlling stake in Ramsay Sante (AFR)
SG Fleet Group in negotiations with Pacific Equity Partners, talks “well-advanced” for a $1bn-plus buyout though terms haven’t been agreed to yet (AFR)
Spartan Resources receives DEMIRS and DWER approvals for mining and processing of underground ores at Dalgaranga Gold Project (SPR)
Cuscal IPO: Set to be one of the largest IPOs of the year. Cuscal locked in demand for its $336.8m IPO relatively quickly, with approximately half from cornerstone commitments, according to The Australian. The company provides payment services to banks, offering B2B services for institutional clients such as corporates, banks, super funds etc. IPO offer price was $2.50 a piece.
Gold: Gold prices rallied another 1.7% overnight, now up almost 6% in the last five sessions. Interestingly, the strong overnight move did not warrant much of a bid for gold equities, with the Gold Miners ETF (GDX) up just 0.3%.
HealthCo Healthcare & Wellness REIT initiated Overweight with $1.40 target (JPM)
Megaport downgraded to Hold from Buy; target cut to $8.40 from $11.10 (JEF)
Stocks trading ex-dividend:
Mon 25 Nov: None
Tue 26 Nov: Newmont Corporation (NEM) – 0.39%
Wed 27 Nov: ALS (ALQ) – 1.17%, Graincorp (GNC) – 3.03%, Whitefield Industrials (WHF) – 1.83%
Thu 28 Nov: Red Hill Minerals (RHI) – 6.90%, Technology One (TNE) – 0.57%
Fri 29 Nov: Aristocrat Leisure (ALL) – 0.63%, Pengana International Equities (PIA) – 1.15%
Other ASX corporate actions today:
Dividends paid: None
Listing: Cuscal (CCL) at 12:00 pm
Earnings: Select Harvest (SHV), Webjet Group (WJL)
AGMs: Integrated Research (IRI), Pro Medicus (PME)
Economic calendar (AEDT):
No major economic announcements.
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