Morning Wrap: ASX to rise as US stocks advance and copper hits record

ASX 200 futures are up 22pts (+0.26%) as of 8:30 am AEDT.

In a nutshell:

• Dow over 400pts higher

• ADP jobs data strengthens prospects of a December Fed rate cut

• Risk assets rally; Bitcoin, oil, gold and copper all higher

Let's dive in.

S&P 500 SESSION CHART

S&P 500 stronger but off session highs (Source: TradingView)

OVERNIGHT MARKETS

• US equities were higher in Wednesday trading though stocks ended a bit off best levels.

• Big tech mostly lower though TSLA a notable gainer.

• Treasuries firmer across the curve; yields down 2-3 bp.

• Dollar index down 0.5%, lower for its seventh straight session.

• Gold finished up 0.3%.

• Bitcoin futures up 2.2% after bouncing 6.5% in prior session.

• WTI crude settled up 0.5%.

STOCKS

• Microsoft hit by report it is lowering AI software growth targets as customer resist new products (The Information)

• Oracle credit fear gauge hits highest since 2009 on AI bubble fears (Yahoo Finance)

• Apple top design executive, Alan Dye, is leaving for Meta (Bloomberg)

• Delta says government shutdown cost it $200 million, but sees strong travel demand into 2026 (CNBC)

• Novo Nordisk gears up for December Ozempic launch in India (Yahoo Finance)

GEOPOLITICS & TRADE

• Bessent says Trump admin will be able to replicate tariffs even if it loses Supreme Court decision (CNBC)

• Companies preparing for potential Supreme Court ruling against Trump's tariffs, looking to collect ~$200B in duties collected this year (NY Times)

ECONOMY

• Early holiday-season shopping data is solid, with hints of value-seeking and stress on lower-income shoppers (Axios)

• Trump's 2025 tariffs are expected to trigger fresh layoffs in 2026, according to report (Quartz)

• Gap between developing nations' debt servicing costs and new financing reaches 50-year high (Yahoo Finance)

• Retailers lean on wealthy shoppers, celebrity ads to counter drag from inflation, tariffs (Reuters)

ASX TODAY

• Copper futures surged more than 3% in London and traded above $11,500 at one stage, putting ASX copper producers firmly in focus

• Bendigo & Adelaide Bank (BEN) holds its investor day, with markets watching its plan to restore confidence after AML risk failures

• BROKER MOVES

• WiseTech Global (WTC) upgraded to outperform from sector perform at RBC Capital Markets; price target decreased, however, to $110

• Corporate Travel Management (CTD) downgraded to underperform from hold at CLSA; target cut to $8.35 from $15.80

Stocks trading ex-dividend: 

• 4 December: Hybrid securities from CBA, MQG and NAB will go ex-dividend today

• 4 December: Dalrymple Bay Infrastructure (DBI) – $0.061; Whitefield Industrials (WHF) – $0.105

• 5 December: Bisalloy Steel Group (BIS) – $0.164

Other ASX corporate actions today: 

• Dividends paid: None

• Listing: 4 December: 6K Additive; Exulant Mining, 5 December: Saluda Medical

• Earnings: None

• AGMs: 5 December: Premier Investments (PMV)

Economic calendar (AEDT):

• 11:30 am - Australia trade balance