ASX 200 to rise, Robinhood and Warner Bros fall on earnings, S&P 500 gains for an 8th day
Get up to date on overnight market activity and the big events for the day.
ASX 200 futures are trading 28 points higher, up +0.40% as of 8:20 am AEST.
S&P 500 SESSION CHART
MARKETS
- S&P 500 finished higher, recovering from an early session low of -0.43%
- S&P 500 up for 8 consecutive sessions, longest since October 2021
- Nasdaq up for a ninth straight day, longest streak since November 2021
- S&P 500 VIX Index down for 8 consecutive sessions to a near 2-month low
- US 10-year yield down 43 bps since the beginning of November to 4.50%
- Brent crude down ~2%, below US$80 a barrel for the first time since July
- Market remains in a sweet spot – Normalising from oversold conditions with yields, oil and VIX all down
- Market pricing in ~92 bp of Fed rate cuts in 2024 (Bloomberg)
STOCKS
- Automakers slowing investment in EV factories amid weakening demand (NY Times)
- UBS launches first AT1 bonds since Credit Suisse takeover wiped out $17bn (FT)
- Upstart tumbles more than 27% after missing Q3 earnings estimates (CNBC)
- Occidental Petroleum clumps after Q3 earnings tops expectations (CNBC)
- Roblox beats bookings estimates on higher in-game spending (Reuters)
- Robinhood shares dive on Q3 earnings miss, muted trading activity (Reuters)
- New UAW contracts further strain economics of making and selling EVs (Bloomberg)
- FDA approves Eli Lilly's obesity drug tirzepatide (CNBC)
CENTRAL BANKS
- Fed officials flag tighter financial conditions (Bloomberg)
- Central bankers at odds over how to respond to a possible jump in oil prices (FT)
- BOJ Governor Ueda hints chance of exit from ultra-loose policy (Reuters)
- Bundesbank chief Nagel says ECB must remain vigilant (Bloomberg)
- ECB's Kazaks says central bank can cut rates when inflation is defeated (Bloomberg)
ECONOMY
- German inflation eases to 27-month low in October (Reuters)
- Japan manufacturer sentiment rises for first time since August (Reuters)
- PBOC Governor Pan says monetary policy will remain prudent, confident of meeting 2023 growth target (Reuters)
- China oil demand weakens as refiner margins shrink (Bloomberg)
- Global asset managers talk up China, championing long-term opportunities (Reuters)
Cool insights and market tidbits are taking a break this morning
Key Events
ASX corporate actions occurring today:
- Trading ex-div: Westpac (WBC) – $0.72, Acorn Capital (ACQ) – $0.04, Waterco (WAT) – $0.05
- Dividends paid: Dexus Industria REIT (DXI) – $0.04, Dexus Convenience Retail REIT (DXC) – $0.05
- Listing: None
Economic calendar (AEDT):
- 12:30 pm: China Inflation Rate
- 6:00 am: Fed Chair Powell Speech
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Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.
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Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.
Expertise
Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.
Expertise
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