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
