Markets
Insights on global financial markets, including stocks, currencies, and more.
The Australian share market lifted to fresh all-time highs on Monday, driven by broad-based gains as investors remain optimistic about the incoming Trump administration. The S&P/ASX 200 Index climbed 23.8 points or 0.3% to 8,417.6. While 10 of the 11 sectors posted gains, financial stocks underperformed. Macquarie Bank fell 0.4%, ANZ lost 1.3% and National Australia Bank dipped 1.2%. Real estate led the gains, adding 1.6%, with Mirvac surging 3.3% to top the index. Mining stocks were mostly higher, with BHP and Fortescue Metals adding 0.1% and 0.4%, respectively, while Rio Tinto eased 0.4%. Energy stocks moved higher on steady oil prices amid escalating Ukraine-Russia tensions. Woodside gained 1.2%, and Beach Energy gained 0.4%. On the bond markets, 10-year and 2-year rates fell to 4.49% and 4.057%, respectively.
Gold prices retreated sharply on Monday after briefly touching a two-week high of US$2,721 earlier in the session. By 3:30 pm AEDT (4:30 am GMT) spot gold prices shed $45.73 or 1.7% to US$2,670.58 per ounce. Despite a weakening U.S. dollar and declining Treasury bond yields, the precious metal failed to sustain its rally amid improving risk sentiment and easing geopolitical tensions. This reaction came after U.S. President-elect Donald Trump announced Scott Bessent, a seasoned Wall Street figure, as his Treasury Secretary. Bessent’s appointment boosted confidence in fiscal conservatism, stabilising U.S. Treasury markets. In these conditions, the non-yielding gold price struggled to benefit, as geopolitical risks showed signs of easing. Reports of a potential ceasefire agreement between Israel and Lebanon, along with reduced uncertainty surrounding the incoming U.S. administration, weighed on the safe-haven appeal of gold. Traders are also adopting a cautious stance ahead of Wednesday’s U.S. inflation data, with the Thanksgiving holiday week limiting broader market moves.
Oil prices slipped from two-week highs on Monday, following last week’s rally as geopolitical tensions between Russia, Iran, and Western powers escalated, raising concerns over potential supply disruptions and supporting price gains. By 2:40 pm AEDT (3:40 am GMT) Brent crude futures fell $0.32 or 0.4% to US$74.85 per barrel, while U.S. West Texas Intermediate crude futures also lost $0.32 to $70.92 per barrel. Last week's gains followed heightened geopolitical instability after Russia launched a hypersonic missile at Ukraine, framing it as a warning to the U.S. and U.K. in response to Kyiv's use of Western-supplied weapons. Iran has also contributed to market jitters by reacting to a U.N. nuclear watchdog resolution with measures that include activating advanced uranium-enrichment centrifuges. Iran has scheduled discussions with three European powers about its nuclear programme on November 29, according to its foreign ministry. Demand dynamics also remain in focus, with crude consumption rising in major importers China and India. China's crude imports rebounded in November, driven by stockpiling amid lower prices, while Indian refiners increased crude throughput by 3% year-on-year to 5.04 million bpd in October,
Asian markets posted gains across the board on Monday, with the ASX 200 extending its record-setting run, as investors looked toward key economic data releases, including China’s industrial production figures and India’s third-quarter GDP report later in the week. By 2:00 pm AEDT (3:00 am GMT), Australia’s ASX 200 rose 0.7% to trade at all-time highs of 8,458.9, Japan’s Nikkei 225 climbed 1.5%, and South Korea’s Kospi added 1.6%. China’s Shanghai Composite opened 0.3% higher, while Hong Kong's Hang Seng Index edged up 0.1%. Singapore is set to publish its October inflation rate later today, with markets forecasting a decline to 1.8% from September’s 2%. If accurate, this would mark Singapore’s lowest inflation rate since March 2021. Other anticipated data this week includes South Korea’s central bank rate decision on Wednesday, as well as inflation figures from Australia and Japan. Australia’s October inflation data is scheduled for release on Wednesday, while Tokyo’s November inflation figures, a bellwether for national trends, will be unveiled on Friday. These gains follow a strong performance on Wall Street last Friday. The Dow Jones Industrial Average advanced 426.2 points, or 1%, to close at a record 44,296
APAC markets started the week in positive territory, as investors look towards a holiday-shortened week in the U.S. ahead of Korea's central bank rate decision on Thursday and India’s third-quarter GDP numbers on Friday. By 11:40 am AEDT (12:40 am GMT) ASX 200 added 63.8 points or 0.8% to fresh record highs of 8,457.6, the Kospi 200 added 19.1 points or 0.8% to 2,521 and the Nikkei 225 gained 630.3 points or 0.7% to 38,911. In the U.S. stocks continued their winning streak, with the Dow Jones closing at fresh record highs as investors rotated into economically sensitive stocks amid robust economic data, while the U.S. dollar traded at yearly highs. The Dow Jones added 426.2 points or 1% to a closing record high of 44,296.5, the S&P 500 gained 20.6 points or 0.4% to 5,969.3 and the Nasdaq Composite lifted 31.2 points or 0.2% to 19,003.7. Among gainers, Super Micro Computer lifted 11.6%, Moderna gained 7.5% and General Motors added 5.1% Losses were led by Nvidia slipping 3.2%, Intuit, down 5.7%, and Palo Alto Networks, falling 3.6%. Among commodities, spot gold traded slightly lower, down 0.2% to US$2,711.94 per ounce, while WTI crude added $1.14 or 1.6% to $71.24 per barrel. In China, the Shanghai Compo
