Closing Bell
What's Affecting Markets Today
Oil Prices React to Israel-Hamas Conflict
Oil prices, particularly West Texas Intermediate, experienced a decline, dropping below $US84. This drop is attributed to reports suggesting limited disruption from the Israel-Hamas conflict. The New York Times highlighted US intelligence’s findings that Iran was taken aback by Hamas’ attack, potentially reducing the likelihood of further Middle Eastern involvement and additional sanctions on Iranian oil. Furthermore, OPEC+ leader Saudi Arabia reaffirmed its commitment to stabilizing oil markets.
RBA’s Upcoming November Meeting
The Commonwealth Bank has indicated that the Reserve Bank of Australia’s board meeting slated for November 7 is significant, with a 40% probability of a cash rate hike. Economist Gareth Aird emphasized the importance of the upcoming quarterly inflation data in influencing the board’s decision. While the bank’s primary scenario sees the RBA maintaining its stance, there’s a tangible short-term risk of a rate increase in the upcoming board meetings.
ASX Stocks
ASX 200 - 7103.4 +15 (0.21%)
Key Highlights:
The Australian sharemarket showed positive momentum, mirroring Wall Street’s optimism as US Federal Reserve minutes hinted at a cautious approach, raising hopes that interest rates might have reached their peak. The S&P/ASX 200 index saw a modest rise, despite significant losses in the healthcare sector, notably CSL’s 6.5% decline. Other notable stock movements included Tabcorp’s 6% drop due to decreased revenue, Forager’s 9% surge, and Redbubble’s impressive 27.1% rally. External factors, such as the Israel-Hamas conflict and the anticipation of the US consumer price index, also played a role in influencing market sentiments.p comments.
Leader
AZS-AZURE Minerals Ltd (+8.57%)
BOE-Boss Energy Ltd (+7.04%)
SNZ-Summerset Group Holdings Ltd (+5.75%)
NEU-Neuren Pharmaceuticals Ltd (+5.46%)
BGA-Bega Cheese Ltd (+5.36%)
Laggards
CSL-CSL Ltd (-5.95%)
TAH-Tabcorp Holdings Ltd (-5.64%)
BOE-Boss Energy Ltd (-5.63%)
STX-Strike Energy Ltd (-5.50%)
RMD-Resmed Inc (-5.36%)
Calendar
Economic
