Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Positive after US stocks log a fourth weekly advance and iron ore rebounds.
ASX futures: up 15 points or 0.21%
Friday themes:
- Wall Street's main stock indices finish mixed at the end of a fourth straight winning week.
- The Dow and S&P 500 inch higher on low volume during a holiday-shortened session as trade resumes on Friday after Thanksgiving. The Nasdaq retreats as Nvidia is dragged lowed by reports of delays in shipping a China-focused AI chip.
- Economic data shows the first contraction in private-sector employment in three and a half years as higher rates start to bite. The S&P Global employment index falls from 51.3 in October to 49.7 this month. Readings below 50 indicate shrinking activity. The business activity gauge holds steady at 50.7.
- Retailers tick higher amid optimism that US consumers will spend more this holiday season. A survey by a US retail group shows Americans intend to spend 5% more this year.
- The pick of the sectors are health +0.51%, energy +0.48% and consumer staples +0.38%. Two growth-weighted sectors decline: communication services -0.67% and tech -0.32%.
- Iron ore seals a fifth straight weekly gain despite a fresh Chinese attempt to rein in soaring prices. Ore prices rise 0.61% in China on Friday, reversing most of Thursday's loss, which followed an announcement that China's state planner will increase market supervision to curb speculation and hoarding.
- Gold closes above the closely-watched US$2,000 an ounce level as the US dollar continues to retreat from recent heights. (A falling greenback encourages investors to seek alternative stores of wealth.)
- Oil falls for a fifth straight week after the OPEC+ oil cartel delays a meeting to discuss extending production caps.
- The week ahead brings updates on US inflation (Thursday) and consumer confidence (Tuesday). Back home, Wednesday's October CPI looms as the key event.
Key events this week:
- October retail sales - tomorrow
- RBA Governor Bullock participates in a panel discussion about inflation and financial stability - tomorrow
- US consumer confidence - tomorrow
- October consumer inflation report - Wednesday
- US preliminary GDP - Wednesday
- Building approvals - Thursday
- China manufacturing/services PMIs - Thursday
- OPEC+ meeting - Thursday
- US core PCE price index (inflation gauge) - Thursday
- Speech by US Fed Chair Powell - Friday
S&P 500: up 3 points or 0.06%
Dow: up 117 points or 0.33%
Nasdaq: down 15 points or 0.11%
Dollar: up 0.07% to 65.84 US cents
Iron ore (Dalian): up 0.61% to US$136.80
Brent crude: down 84 US cents or 1.03% to US$80.23
Gold: up US$10.20 or 0.51% to US$2,003
NYSE Arca Gold Bugs: up 0.53%
Bitcoin: down 0.4% to US$37,2952
Copper (LME): up 0.14% to US$8,440
Nickel (LME): down 2.89% to US$16,138
Uranium: down 0.32% to US$81.50
Lithium carbonate (China spot): down 1.08% to US$19,306
Global X Lithium & Battery Tech ETF: up 0.02%
BHP: down 0.34% (US); down 0.34% (UK)
Rio Tinto: down 0.19% (US); down 0.29% (UK)
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