United States
US equities posted modest gains, with the S&P 500 (0.25%) rising for the sixth time in seven sessions and the Nasdaq100 advancing almost 1 per cent. However, broader momentum was limited, as most stocks within the S&P 500 fell. Apple led the megacap cohort higher, while Tesla shares remained under pressure following renewed concerns over valuation. Boeing rallied more than 10 per cent after signalling plans to return to cash generation in 2026.
Bitcoin surged past US$90,000 after a steep sell-off that erased close to US$1 billion in leveraged positions earlier in the month. The rebound came amid calmer bond markets, with US 10-year Treasury yields holding near 4.08 per cent and the dollar steady.
Investors are awaiting several US data releases ahead of next week’s Federal Reserve decision. Debate inside the Fed intensified, with policymakers diverging more than at any point since 2012 on where rates should ultimately land. Markets currently anticipate nearly four quarter-point cuts over the next year, including one as soon as December 10. Some Fed members continue to argue for a more cautious path, suggesting the upcoming move may lean hawkish.
Corporate news was busy. Amazon accelerated work on its new AI chip, while Vultr committed to a major build-out of AMD processors to support lower-cost AI infrastructure. Cloudflare jumped after gaining positive broker coverage, while MongoDB rallied strongly on results and improved earnings guidance. Warner Bros Discovery attracted multiple takeover-related enquiries, reflecting ongoing media consolidation activity.
In cryptocurrencies, bitcoin gained 5.6 per cent and ether rose 7 per cent. Treasuries were broadly unchanged across the curve. Oil traded weaker, and gold slipped 0.5 per cent to US$4,209 per ounce. At the index level, the S&P 500 rose 0.25 per cent, the Nasdaq 100 added 0.8 per cent, and the Dow advanced 0.4 per cent. The MSCI World also moved modestly higher.
Europe
European markets softened into the close after earlier strength, with the Stoxx 600 edging up 0.1 per cent. Traders weighed the inflation outlook after euro-area price data showed a slight uptick. The result supports the view that the European Central Bank has limited room to cut further.
Banks led the region, while media, basic resources, and consumer staples lagged. Bayer surged 12 per cent following support from the Trump administration for the company’s appeal to the US Supreme Court on Roundup litigation. This was Bayer’s strongest single-day performance since 2008.
ISS was the biggest detractor, dropping sharply after questions emerged about work undertaken by one of its units on a Hong Kong housing complex. Other notable movers included Santander Bank Polska, which fell after its parent trimmed its stake.
Overall, the Stoxx 600 remains less than 2 per cent from record highs, supported by earnings resilience and improving economic signals. For the remainder of the week, European traders will track US inflation figures and the Federal Reserve meeting as the key directional catalysts.
Australia
The ASX staged a modest rebound, with the S&P/ASX 200 gaining 0.2 per cent to close at 8,579.7, aided by strength in miners and energy stocks. The local market continued to absorb shifts in global sentiment following higher bond yields, renewed crypto volatility, and commentary from the Bank of Japan hinting at potential rate increases.
Energy was the strongest sector, supported by geopolitical tensions and updated OPEC+ production signals. Woodside, Santos, and Beach Energy all posted gains. Materials were also firm, with BHP, Rio Tinto, and Fortescue higher on strong medium-grade ore demand and a record copper price in London.
Technology names lagged after similar weakness in the US. WiseTech, TechnologyOne, and Life360 were among the heaviest decliners, reflecting sensitivity to rate expectations and global tech volatility.
Corporate headlines remained active. Collins Foods fell after the market questioned the conservatism of its upgraded outlook. ASX Ltd traded lower following another operational disruption and a broker downgrade. EVT rose as it completed a hotel management acquisition, while DroneShield extended recent losses after significant insider selling.
Ahead of today’s local GDP release at 11.30 am, economists expect quarterly growth to reach 0.7 per cent, supported by strong business investment activity. Futures suggest the ASX may open modestly firmer, tracking gains in US tech names overnight.
Commodities and currencies
Commodities were mixed overnight. WTI crude slipped 1.2 per cent to US$58.62 a barrel, as traders weighed global supply risks against mixed demand forecasts. Brent also edged lower to US$63.67 a barrel.
Gold fell to US$4,197.91 an ounce, retreating alongside stabilising bond markets. Iron ore was little changed around US$103.70 a tonne.
The dollar was flat on the session, with the euro slightly higher and the yen weakening. The Australian dollar eased to around US65.61 cents. In cryptocurrencies, bitcoin continued its strong recovery, climbing back above US$92,000.
Economic Calendar
AU:
- GDP (QoQ) 11:30
EU:
- Producer Prices (MoM) 21:0
US:
- ADP Employment (MoM) 00:15
This article was written by Calvin Curdie, Rivkin Securities Pty Ltd. Enquiries can be made via [email protected] or by phoning +612 8302 3632.
