Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Mildly negative despite a positive session on Wall Street.
ASX futures: down 15 points or 0.21%
Overnight themes:
- US stocks break a three-session losing streak ahead of tonight's November jobs report.
- The Nasdaq leads as megacap growth stocks outperform. Google's parent company Alphabet climbs 5.34% following the launch of its Gemini AI model. Chip-maker AMD flies up 9.89% after forecasting a market of US$45 billion for its data-centre AI chips.
- "Today it's an AMD-Google rally. There's a contagion effect across the market. Everyone wants to get on the bandwagon" - Jay Hatfield, CEO of Infrastructure Capital Management (per Reuters).
- The tech sector gains 1.28%, communication services (Alphabet, Meta) 3.22% and consumer discretionary (Amazon) 0.9%. Also positive are materials +0.67% and financials +0.4%.
- Tonight's employment data is awaited as a pointer to how soon the Federal Reserve may start to cut interest rates next year. Economists anticipate an increase in total employment of around 180,000 jobs last month. A weaker result will encourage speculation that the first cut could come as soon as March. A stronger result could push cuts later into the year.
- Data overnight shows the number of Americans filing for unemployment benefits for the first time ticked up by 1,000 last week to 220,000.
- The US energy sector drops 0.61% as oil closes at its lowest since late June. Brent crude declines 0.34% to US$74.05 a barrel.
- A jump in Chinese imports and positive production updates from Vale and Rio Tinto help lift iron ore 3.93% in China. China's customs authority reports a 6.2% increase in ore imports this year and a 3.4% improvement last month from the previous month. Brazilian giant Vale retains its production target for a second year. Rio announces plans to start production at its Simandou project a year ahead of schedule.
Key events today:
- US November employment report - tonight
S&P 500: up 36 points or 0.8%
Dow: up 63 points or 0.17%
Nasdaq: up 193 points or 1.37%
Dollar: up 0.81% to 66.04 US cents
Iron ore (Dalian): up 3.93% to US$133.13
Brent crude: down 25 US cents or 0.34% to US$74.05
Gold: down US$1.50 or 0.07% to US$2,046.40
NYSE Arca Gold Bugs: down 0.71%
Bitcoin: down 1.18% to US$43,294
Copper (LME): up 1.01% to US$8,370
Nickel (LME): up 2.9% to US$16,650
Uranium: steady at US$82.25
Lithium carbonate (China spot): down 1.63% to US$16,810
Global X Lithium & Battery Tech ETF: up 1.91%
BHP: up 2.03% (US); up 0.98% (UK)
Rio Tinto: up 2.1% (US); up 1.38% (UK)
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