Australian shares look set to open slightly weaker, with ASX 200 futures down 5 points, or 0.1%, to 8633 after a soft session on Wall Street. The local market had already endured a downbeat day yesterday, with the S&P/ASX 200 closing 62.3 points lower, down 0.72%, as all but one major sector finished in the red. Consumer Discretionary was the lone bright spot, rising 0.5% on coordinated rebounds among key names including Breville (+2.4%), IDP Education (+2.4%), Temple & Webster (+2.4%) and JB Hi-Fi (+2.3%).
Losses were steeper across the resources sector, which slipped 2.2% as selling hit critical minerals, lithium and iron ore stocks. Heavyweights BHP (-2.9%), Fortescue (-1.0%) and Rio Tinto (-2.4%) dragged on the index, while Liontown (-6.4%), Genesis (-5.4%), Iluka (-4.1%) and Pilbara Minerals (-3.9%) also weakened. Uranium names, technically part of the Energy sector, were swept up in the commodities downturn, with sharp falls in Bannerman (-8.6%), Deep Yellow (-8.5%), Boss Energy (-8.2%) and Paladin (-4.7%).
Wall St edges lower as markets wait on a noisy jobs print
In the US, stocks finished modestly lower as weakness in energy and lingering pressure on megacap tech weighed on the major indices.
The Nasdaq slipped 0.6%, the S&P 500 fell 0.2%, and the Dow eased 0.1%.
Attention remains fixed on this week’s non-farm payrolls report, with economists expecting 50,000 jobs to have been added in November and the unemployment rate to rise to 4.5%, its highest since 2021.
However, the looming government shutdown has added unusual uncertainty to the data, complicating its interpretation at a time when markets are looking for clarity on interest-rate direction in 2025.
Europe shrugs off volatility but defence trade shows peace-premium risk
European markets were firmer, extending Monday’s rebound as investors looked through recent volatility.
The Euro STOXX 50 gained 0.7%, while the STOXX 600 rose 0.8%.
Sentiment improved despite pressure on defence stocks after comments from President Volodymyr Zelenskyy signalled Ukraine may be willing to drop its long-standing NATO ambitions in exchange for alternative security guarantees — a shift that raised hopes for progress in peace talks.
Rheinmetall (+2.6%), Hensoldt and Renk all traded lower, tempering broader gains ahead of a heavy week of central-bank meetings. Policy decisions from the ECB, Bank of England, Riksbank and Norges Bank are all due, with each expected to hold rates steady while refining their economic outlooks.
Risk mood softens: firmer VIX, softer AUD and crypto under pressure
Currencies and key market moves showed a mildly risk-off tone: the Australian dollar eased 0.2% to US66.41¢, Bitcoin dropped 3.4% to US$85,649, and the VIX rose 0.64 to 16.38.
Copper tightens, precious metals hover just shy of record highs
Across commodities, copper strengthened as traders focused on tightening supply next year, with potential disruptions and resilient demand outweighing broader macro concerns, according to ANZ.
Precious metals also continued their upward run. Silver rose 2.6% to US$62.94 an ounce, bringing it within 1.5% of last week’s record high, while gold futures added 0.2% to US$4,335.20 an ounce, less than 1% below their all-time closing high of just over US$4,359 set in October.
Iron ore fell 0.5% to US$101.45 a tonne.
Brent crude slipped 1.1% to US$60.44 a barrel.