What's Affecting Markets Today
Asia-Pacific markets closed mostly higher on Friday, tracking Wall Street’s rally, where the S&P 500 logged its fourth consecutive day of gains.
Japan’s October consumer price index showed core inflation (excluding fresh food) rose 2.3% year-on-year, slightly above forecasts but below September’s 2.4%. The overall CPI also eased to 2.3% from 2.5%. The Nikkei 225 gained 0.79%, while the Topix rose 0.53%.
Australia’s S&P/ASX 200 added 0.79%, and South Korea’s Kospi climbed over 1%, with the Kosdaq rising 0.75%. Hong Kong’s Hang Seng index edged up 0.33%, while China’s CSI 300 slipped 0.14%.
Singapore’s Q3 GDP surged 5.4% year-on-year, outpacing Q2’s revised 3.0%. Quarterly growth accelerated to 3.2% from 0.5%. Singapore’s full-year growth forecast was raised to “around 3.5%,” up from “2.0–3.0%.”
On Wall Street, the Dow Jones Industrial Average rose 462 points (1.06%) to 43,270.35. The S&P 500 added 0.53% to 5,948.71, while the Nasdaq Composite edged up 0.03% to 18,972.42. Crude oil surged 2% following escalations in the Russia-Ukraine conflict.
ASX Stocks
ASX 200 - 8,415.4 (+1.10%)
Key Highlights:
Australian shares extended gains into early Friday afternoon, driven by energy stocks as escalating tensions in the Russia-Ukraine conflict propelled oil prices higher. The S&P/ASX 200 rose 1.1% (88 points) to 8401, setting up a potential record close, up 1.5% for the week.
Energy outperformed, with Woodside advancing 2.7%, Santos up 2.2%, and Whitehaven Coal surging 4.4%. Rising bullion prices amid geopolitical tensions lifted Newmont 1.5%. A2 Milk led the gainers, soaring nearly 17% after revising revenue guidance upward and announcing dividends on robust sales and higher global dairy prices.
Mining majors BHP, Rio Tinto, and Fortescue climbed over 1%, while the big four banks gained, with Commonwealth Bank hitting $158.2.
Technology lagged, weighed by WiseTech’s 8% drop on downgraded FY25 guidance, while Megaport fell 11% as UBS flagged concerns over hiring impacts on margins. Resolute Mining rose 1.7% after resolving a tax dispute with Mali, and Lovisa added 2.7% following a trading update.
Bitcoin briefly paused after surpassing $98,000, following news of SEC Chair Gary Gensler’s planned resignation.
Leaders
A2M The a2 Milk Company Ltd (+18.09%)
DYL Deep Yellow Ltd (+8.40%)
GQG GQG Partners Inc (+7.98%)
SLC Superloop Ltd (+6.93%)
PDN Paladin Energy Ltd (+6.85%)
Laggards
MP1 Megaport Ltd (-9.69%)
WTC Wisetech Global Ltd (-8.17%)
CU6 Clarity Pharmaceuticals Ltd (-3.69%)
AD8 Audinate Group Ltd (-3.24%)
NXT NEXTDC Ltd (-2.81%)
