The ASX slightly rose, driven by financial sector gains, while Origin Energy declined after rejecting a takeover bid. Oil prices increased before the OPEC+ meeting.
Equities closed mixed overnight to remain on course to post big November gains amid fresh optimism that the economy will avoid recession and ongoing optimism of Fed rate cuts of early next year, despite stronger GDP numbers
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Australia’s CPI drops to 4.9% in October, lower than expected, sparking a rally in interest rate-sensitive stocks and stabilizing the Australian dollar.
Equities closed higher Tuesday, underpinned by a fall in Treasury yields as dovish remarks from some Federal Reserve officials boosted bets on rate cuts.
The ASX surged 0.7%, driven by real estate and gold sectors, despite a 0.2% drop in October’s retail sales reflecting consumer spending pressures.
The mining sector witnessed a notable decline today, with key players like Mineral Resources and IGO Ltd experiencing significant drops amid market uncertainties.
Thanksgiving is one of the quietest periods of the year for global markets outside Christmas.
Australian shares gained, led by energy sector recovery and anticipation of the OPEC+ meeting. Origin Energy’s takeover bid remains a key market highlight.
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Equities resumed the rally overnight despite Nvidia disappointing investors with their results.
Excerpt: “ASX faced a downturn led by commodity stocks. Nick Scali Ltd and Nickel Industries Ltd experienced significant declines, reflecting broader market volatility.
