What's Affecting Markets Today
Asia-Pacific markets mostly advanced on Monday as the region began a relatively subdued week for economic data. ING described the outlook as “quiet,” with key updates including China’s loan prime rate decision on Wednesday, which is expected to remain unchanged at 3.1% for the one-year rate and 3.6% for the five-year rate.
In Japan, the Nikkei 225 declined 0.78%, and the Topix fell 0.47%, making it the regional outlier. South Korea’s Kospi led the gains, rising 2.09%, bolstered by a rally in Samsung Electronics, while the small-cap Kosdaq climbed 0.93%.
Australia’s S&P/ASX 200 posted marginal gains, while Hong Kong’s Hang Seng index advanced 1.38%. Mainland China’s CSI 300 also gained 0.78%.
Looking ahead, Japan will release trade data on Tuesday and October inflation figures on Friday. Additionally, the Reserve Bank of Australia is set to release minutes from its recent policy meeting, which may offer insights into the central bank’s monetary stance amid global uncertainties.
ASX Stocks
ASX 200 - 8,266.7 (+0.5%)
Key Highlights:
The Australian sharemarket remained flat early Monday afternoon, with the S&P/ASX 200 steady at 8285.5 points after slipping 0.1% last week. Gains in commodity-linked stocks balanced declines in health and technology sectors.
Mining giants BHP and Rio Tinto rose over 1%, tracking a rebound in iron ore prices. Uranium stocks surged as Russia restricted enriched nuclear fuel exports, driving Silex Systems up 11%, with Paladin and Boss Energy advancing nearly 7%. Aluminium stocks, including South32 (+5.6%), benefited from expectations of price hikes following China’s plans to remove export tax incentives. Gold stocks such as Bellevue and Evolution gained over 3%, supported by rising bullion prices, while Resolute Mining fell 7% after agreeing to pay $247 million to Mali amid leadership detentions.
Banking stocks were mixed. CBA dropped 1.4%, and NAB declined 0.4% following a corporate watchdog lawsuit. Westpac gained 0.5%.
Elsewhere, FleetPartners jumped 4% on positive FY24 earnings, while Cettire (-3%) and Lovisa (-4%) faced downgrades from Citi. Life360 fell 7% after its CEO reduced his shareholding.
Leaders
SLX SILEX Systems Ltd (+13.57%)
DYL Deep Yellow Ltd (+7.02%)
BOE Boss Energy Ltd (+6.99%)
AAI Alcoa Corporation (+6.01%)
PDN Paladin Energy Ltd (+5.76%)
Laggards
CU6 Clarity Pharmaceuticals Ltd (-9.94%)
NEU Neuren Pharmaceuticals Ltd (-6.40%)
360 LIFE360 Inc (-6.33%)
WLE Wam Leaders Ltd (-5.95%)
RSG Resolute Mining Ltd (-4.97%)
