Global Markets Report - 11 November

ASX set to open lower, after a blockbuster election week for US stocks ended on Friday with records.

11 November 2024

Australia

Australian shares are set to open lower, after a blockbuster election week for US stocks ended on Friday with records.

ASX futures were down 0.43% or 36 points as of 8:00am on Monday, suggesting a lower open.

Major US stock indexes made gains on Friday, even sending the S&P 500 above the 6,000 mark for the first time ever at one point. That was despite a notable slip by the six megacap tech stocks that make up 30% of the index's value. Nvidia, Apple, Microsoft, Amazon, Meta Platforms and Google-parent Alphabet all closed in the red on Friday.

The election has paid off for many other investors as well, at least so far. The Dow picked up nearly 260 points Friday to close the week with a 4.6% gain-its best weekly run in a year. The S&P 500 rose 0.4% Friday to end the week with a 4.7% gain, while the Nasdaq picked up nearly 0.1% Friday, making for a weekly gain of 5.7%.

In commodity markets, Brent crude oil was down 2.3% to US$73.87 a barrel, while gold was down 0.8% to US$2,684.77.

The Australian dollar was at 65.82 US cents.

Asia

Chinese shares closed lower. The benchmark Shanghai Composite Index lost 0.5% to 3,452.30, and the Shenzhen Composite Index fell 0.3% to 2,094.69.

Hong Kong shares ended lower. The benchmark Hang Seng Index dropped 1.1% to 20,728.19.

Japanese shares closed higher. The Nikkei Stock Average rose 0.3% to 39,500.37.

India shares ended lower. The BSE SENSEX slipped 0.1% to 79,486.32.

Europe

Stocks in the U.K. finished lower. The FTSE 100 Index lost 0.8% to 8,072.39.

In Europe, shares closed lower. Germany's DAX fell 0.8% to 19,215.48, and France's CAC 40 dropped 1.2% to 7,338.67.

North America

U.S. stocks ended higher. The DJIA added 0.6% to 43,988.99, the S&P 500 gained 0.4% to 5,995.54, and the Nasdaq increased 0.1% to 19,286.78.

Among S&P 500 companies, the top three gainers were Axon Enterprise Inc, surging 28.89%, Fortinet Inc jumped 9.99%, and Insulet Corp lifted 9.38%.

The biggest decliners were Akamai Technologies Inc which dropped 14.35%, Airbnb Inc fell 8.65%, and Mettler-Toledo International Inc lost 7.11%.

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AUTHOR

Morningstar
Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 17 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets.

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