Closing Bell

Bitcoin surges past $40,000 as Fed’s Powell hints at possible pause in rate hikes, fueling optimism in crypto markets for upcoming US ETF approvals.

Today’s market saw tech stocks dip amidst global economic shifts, with key sectors responding variably to mixed manufacturing data and OPEC+ production cuts.

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.

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.

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.

Australian shares gained, led by energy sector recovery and anticipation of the OPEC+ meeting. Origin Energy’s takeover bid remains a key market highlight.

Excerpt: “ASX faced a downturn led by commodity stocks. Nick Scali Ltd and Nickel Industries Ltd experienced significant declines, reflecting broader market volatility.

Despite exceeding analysts’ revenue forecasts, Nvidia’s latest report underwhelmed investors betting on a significant AI boom, leading to a cautious reaction in the stock value.

The Australian sharemarket rose, led by mining stocks amid China’s stimulus, while US equities rallied following Microsoft’s record high and anticipation of Nvidia’s earnings.

Oil markets exhibit stability in anticipation of the upcoming OPEC+ meeting, with investors closely watching for decisions that could shape 2024’s energy landscape.

ASX ends the week flat amidst mixed performances: Mining sector gains led by gold explorers, while energy stocks fall following a plunge in oil prices.