Day trading pre-market open November 30

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    Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.


    Outlook for the day: Modestly positive for a third day following a mixed close on Wall Street and gains in oil, gold and nickel.

    ASX futures: up six points or 0.09%


    Overnight themes
    :
    • Wall Street's main share indices finish mixed but little changed as investors weigh conflicting signals on the strength of the economy and differing outlooks on interest rates from Federal Reserve officials. The Dow clings to a skinny 0.04% gain. The S&P 500 and Nasdaq fade into the red in the last hour of trade.
    • Stocks rise initially as robust growth figures strengthen hopes of a "soft landing" for the economy even as interest rates bite. The economy grew by an annualised 5.2% in the third quarter, according to upwardly revised figures from the Commerce Department.
    • The rally falters in afternoon trade after the Federal Reserve reports the economy cooled this month, and a central bank official questions whether the bank has finished raising interest rates.
    • The economy lost momentum across October and November, according to a Federal Reserve survey known as the Beige Book. Six of twelve Fed regional banks report declines in economic activity. Two more say activity was flat to slightly lower.
    • Richmond Fed President Thomas Barkin says he's "sceptical" about inflation and expects it to be "stubborn" in the months ahead. Barkin says the central bank has the option to raise rates again "if inflation is going to flare back up". His comments contrast with optimism yesterday from leading Fed hawk Christopher Waller who suggested this rate hiking cycle was likely done.
    • The yield on 10-year US treasuries drops below 4.3% for the first time since September.
    • Also helping sentiment was news that billionaire trader Bill Ackman is betting on rate cuts as soon as the first quarter of next year. Ackman says his firm has taken positions to benefit if the Fed pivots to rate cuts sooner than current market pricing suggests.
    • Real estate and financials are the pick of the sectors, both gaining roughly 0.7%. Industrials and materials also rise. The biggest drags are communication services -1.12%, energy -0.88% and consumer staples -0.81%.
    • Gold hits a fresh six-month high as the US dollar trades at a three-month low and treasury yields continue to retreat. The rally brings the yellow metal back near record levels.
    • Oil tests a two-week high ahead of tonight's OPEC+ meeting, where members are expected to discuss extending voluntary production caps.
    • Iron ore falls for a fifth session in China as traders remain wary of repeated government interventions over the last two weeks. Singapore ore futures bounce 0.8% after losing 3% the previous session.

    Key events today:
    • October building approvals - 11.30 am AEDT
    • Q1 private capital expenditure - 11.30 am
    • October private sector credit - 11.30 am
    • Delayed OPEC+ monthly meeting - tonight
    • US core PCE Price Index (inflation) - tonight

    S&P 500: down 4 points or 0.09%

    Dow: up 14 points or 0.04%

    Nasdaq
    : down 23 points or 0.16%

    Dollar: down 0.61% to 66.15 US cents

    Iron ore (Dalian): down 0.5% to US$134.17

    Brent crude
    : up US$1.42 or 1.74% to US$83.10

    Gold
    : up US$6.90 or 0.33% to US$2,067.10

    NYSE Arca Gold Bugs: down 0.27%

    Bitcoin: down 0.44% to US$37,566

    Copper (LME): down 0.33% to US$8,445

    Nickel (LME): up 2.84% to US$17,205

    Uranium: steady at US$81.25

    Lithium carbonate (China spot): down 1.12% to US$18,480

    Global X Lithium & Battery Tech ETF: down 0.46%

    BHP: down 1.35% (US); down 1.32% (UK)

    Rio Tinto: down 0.79% (US); down 0.59% (UK)
 
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