The ASX looks set to be in decline today, with ASX 200 futures down 27pts (-0.31%) as of 9:10 am AEDT.
The ASX200 added 10 points, or 0.13%, to close at 8,617, logging a fourth straight gain and its first four-day winning streak since mid-May.
Early strength pushed the index to an intraday high near 8,649 before momentum faded and gains narrowed. IT led the market with a 2.04% rise as the sector extended its recovery from an 18% fall earlier in the month. WiseTech Global jumped 6.85% after appointing Raelene Murphy as an independent non-executive director, while Zip and Xero also advanced.
Health Care rose 0.75%, with Pro Medicus, Telix and CSL all firmer, and the sector showing a potential triple low around the 34,000 level that could support further gains. Energy (-1.29%) and Materials (-0.17%) lagged as profit-taking hit major miners, including Mineral Resources, Rio Tinto, Fortescue and BHP. Among the banks, reaction to APRA’s new cap on high debt-to-income home loans was mixed, with Macquarie and ANZ easing while CBA, NAB and Westpac posted small gains.
Wall St closed for Thanksgiving
In the United States, cash equity markets were closed for the Thanksgiving holiday, leaving investors to take their lead from futures trading.
Dow Jones futures slipped 0.03%, S&P 500 futures were flat and Nasdaq 100 contracts dipped only 0.5 points in thin holiday dealing.
The quiet session followed solid gains on Wednesday, when the Dow rose 0.7%, the S&P 500 added 0.7% and the Nasdaq climbed 0.8% as investors continued to position for a supportive interest rate backdrop into year-end.
Europe firms
European markets were slightly firmer, with major indices on track to finish November with modest gains despite low volumes due to the US holiday.
Germany’s main index rose 0.2% as corporate news drove sharp moves in individual stocks. Puma surged 18.9% on reports of potential takeover interest from Chinese sportswear groups Anta Sports Products and Li Ning. Allfunds Group jumped 22.1% after entering exclusive talks to be acquired by Deutsche Boerse at an initial valuation of €4.7 billion, lifting financial services shares.
Auto stocks gained 0.9%, supported by a 1.5% rise in Ferrari after a price target upgrade from UBS, while food and beverage names such as Campari and Pernod Ricard also advanced. Healthcare was the main drag, with sector heavyweights Novo Nordisk and Roche weaker.
- The FTSEurofirst 300 edged up 0.1%.
- London’s FTSE 100 was flat a day after the UK autumn budget.
Currencies
Currencies softened slightly against the US dollar in European and North American trade.
- The euro eased from US$1.1605 to around US$1.1595 late in the session.
- The Aussie slipped from US65.39 cents to near US65.30 cents.
- The Japanese yen weakened from 155.81 to around 156.35 per US dollar.
Commodities
Commodity markets were mixed.
- Brent crude rose 0.3% to US$63.34 a barrel.
- Nymex crude gained 0.8% to US$59.10 as traders weighed the prospects for progress in talks to end the war in Ukraine, although activity was subdued by the US holiday.
Base metals retreated, with London copper down 0.3% on soft Chinese data and renewed property concerns, and aluminium off 1.2%.
- Gold futures slipped 0.3% to US$4,189.60 an ounce in after-hours trade, easing from a near two-week high as investors reassessed the chances of a US rate cut in December, while spot gold traded near US$4,157.
- Iron ore futures in Singapore added 0.2% to US$106.70 a tonne, supported by a softer US dollar but capped by weaker China lump ore premiums that signalled softer demand.
Looking ahead
In Australia, private sector credit data are due, Amcor trades ex-dividend and about 15 ASX-listed companies, including Washington H. Soul Pattinson, are scheduled to hold AGMs.