It’s going to be a slow day on the markets, with Aussie shares expected to slide when trade begins. ASX 200 futures were down 0.3% to 8,449 points early this morning.
Wall Street was closed for Thanksgiving, though equity futures pointed to a positive start on Friday. Dow Jones futures rose 0.3%, while S&P 500 and Nasdaq futures gained 0.2% and 0.4%, respectively.
This followed Wednesday’s slippage, where the Dow fell 0.3%, the S&P 500 dropped 0.4%, and the Nasdaq shed 0.6%.
ALP chair to front committee
Construction and Building Unions Super Fund (Cbus) chair Wayne Swan has issued an unreserved apology for delays in death and disability payouts, addressing concerns raised in recent weeks at the superannuation fund's annual meeting.
In notes prepared for an online event, Swan acknowledged the impact of the delays on affected members and their families, outlining steps taken to resolve the issue.
He said that 80% of impacted claims have been settled, with a compensation program underway to address outstanding matters.
Swan, who also serves as the ALP’s national president, is set to appear before a Senate committee hearing chaired by Liberal Senator Andrew Bragg later today.
The hearing will examine the fund’s handling of the claims and its broader response to member concerns.
Europe has a good day
European sharemarkets rose on Thursday, recovering from a two-day slump driven by concerns over potential US tariffs and France's economic challenges.
The continent-wide FTSEurofirst 300 index climbed 0.4%, buoyed by a 1% gain in technology stocks.
Chipmakers ASM International, BE Semiconductor, and ASML rose between 2% and 2.5% after reports suggested US restrictions on Chinese chip exports could be less stringent than feared.
Defence stocks also performed well, with Airbus rising 4.1%.
Inflation data provided mixed signals across the region.
Germany's annual inflation held steady at 2.4% in November, while Spain's inflation rate rose to 2.4% from 1.8% in October, aligning with expectations.
In London, the FTSE 100 inched up 0.1%, with insurance stocks gaining 5.9%. Sentiment improved further after European Central Bank President Christine Lagarde warned against the risks of a global trade war, easing market tensions.
Commodities and currencies
Global currencies were mixed against the greenback overnight. The Euro slipped from US$1.0556 to US$1.0528 and was near US$1.0555.
The Australian dollar was up from 64.76 US cents to 65.04 US cents and was near 65.00 US cents, while the yen was down from 151.34 yen per US dollar to JPY151.94 and was near JPY151.50 at the end of the day.
Global oil prices edged higher as geopolitical tensions resurfaced, with Israel and Hezbollah trading ceasefire violations.
Brent crude rose 0.6% to US$73.28 per barrel, and US Nymex crude gained 0.6% to US$69.10 per barrel.
OPEC+ also postponed a meeting expected to extend production cuts, adding to market uncertainty.
Base metals were mixed. Copper fell 0.2% on concerns about global demand and a stronger US dollar, while aluminium rose 0.3%. Gold slipped 0.1% to US$2,661.50 an ounce, with traders balancing inflation data against geopolitical risks.
Iron ore futures dipped slightly, trading at US$102.39 per tonne as optimism about China’s steel sector growth was tempered by weaker economic indicators.
On the horizon
In Australia, private sector credit data will be released, alongside earnings from Select Harvests.
Aristocrat Leisure shares trade ex-dividend, while Paladin Energy and Scentre Group host annual general meetings.
On the global stage, Eurozone inflation figures are due, and market participants will watch for signals from China's steel market after signs of recovery in October activity.
Market snapshot
ASX 200 futures: -0.3% to 8,449 points
Australian dollar: +0.1% to 65 US cents
S&P 500: closed for Thanksgiving
FTSE: +0.1% to 8,281 points
EuroStoxx 600: +0.5% to 507 points
Spot gold: +0.2% to $US2,640/ounce
Brent crude: +0.5% to $US73.17/barrel
Iron ore: flat at $US103.10/tonne
Bitcoin: -1.4 % to $US95,100
Source: ABC