What's Affecting Markets Today
Asia-Pacific markets gained Monday ahead of a pivotal week featuring the U.S. presidential election and the Federal Reserve’s policy meeting. Investors are also focusing on China’s parliament session starting Monday, expected to unveil further fiscal support by Friday’s conclusion. October trade data from China, following sluggish growth in September, is anticipated on Thursday.
South Korea’s October consumer inflation figures will be reported on Tuesday, with projections indicating a third consecutive decline to 1.4% year-on-year, down from 2.6% in July, 2.0% in August, and 1.6% in September, based on LSEG estimates.
Japan’s markets were closed for a holiday, while South Korea’s Kospi rose 1.3%, and the small-cap Kosdaq surged 2.85%. In Hong Kong, the Hang Seng index increased 0.33% amid volatile trading. Mainland China’s CSI 300 edged up 0.2%, reflecting cautious optimism. Taiwan’s benchmark, the Taiwan Weighted Index, advanced 0.63%, adding to regional gains.
Investors remain attentive to the outcomes of major economic events that could shape market direction and broader economic sentiment in the coming weeks.
ASX Stocks
ASX 200 - 8,166.9 (+0.6%)
Key Highlights:
The Australian sharemarket saw early afternoon gains, following a positive Wall Street lead, with the S&P/ASX 200 rising 0.6% (47.7 points) to 8166.5 after a 1.1% decline last week—its worst since August. Tech and utilities led sector gains, while mining and energy fell amid a volatile outlook as investors prepared for US elections, corporate earnings, and central bank meetings.
Mineral Resources plunged 8% after news that managing director Chris Ellison would step down within 18 months due to board findings of resource misuse. This decline weighed on mining stocks, with Rio Tinto down 1.1%, BHP dipping 0.2%, Fortescue slipping 0.6%, and South32 shedding 0.8%.
Energy stocks fell despite a 1% oil price rally post-OPEC+’s production delay. Woodside dropped 0.6%, Ampol 1%, and Santos 0.2%.
GPT Group inched up 0.1% post-guidance reaffirmation, while Telix Pharmaceuticals rose 3.3% on a US Medicare rule boost. Fletcher Building gained 1.1% amid news its Winstone Wallboards unit would contest allegations by New Zealand regulators.
Leaders
SLX SILEX Systems Ltd (+4.50%)
TLX TELIX Pharmaceuticals Ltd (+3.24%)
WTC Wisetech Global Ltd (+3.02%)
WGX Westgold Resources Ltd (+2.74%)
LYC Lynas Rare EARTHS Ltd (+2.64%)
Laggards
MIN Mineral Resources Ltd (-7.82%)
OBM Ora Banda Mining Ltd (-5.95%)
BOE Boss Energy Ltd (-5.67%)
PNR Pantoro Ltd (-4.00%)
DYL Deep Yellow Ltd (-3.80%)
