Global Markets Report - 3 December

ASX set to open higher, after US stocks closed mixed as new economic data beat expectations.

03 December 2024

Australia

Australian shares are set to open higher, after US stocks closed mixed as new economic data beat expectations.

ASX futures were up 0.73% or 62 points as of 8:30am on Tuesday, suggesting a higher open.

Gains in the Magnificent Seven stocks powered the S&P 500 and Nasdaq to fresh highs, while the Dow Industrials edged lower.

Intel shares slipped 0.5%, giving up early strength after announcing the exit of CEO Pat Gelsinger.

The ISM's index of manufacturing activity topped estimates, though it showed continued weakness in factory demand, while spending on construction projects rose 0.4% in October.

The dollar strengthened after President-elect Trump said he would impose 100% tariffs on countries that try to replace the greenback as the world's reserve currency.

DJIA fell 128 points, or 0.3%, to 44,782, while the S&P 500 gained 0.2% to 6,047 and the Nasdaq rose 1% to 19,403.

In commodity markets, Brent crude oil was up 0.1% to US$71.91 a barrel, while gold was down 0.2% to US$2,638.95.

The Australian dollar was at 64.78 US cents, down from its previous close of 65.10.

Asia

Chinese shares closed higher. The benchmark Shanghai Composite Index rose 1.1% to 3,363.98, and the Shenzhen Composite Index added 1.8% to 2,052.44.

Hong Kong shares ended higher. The benchmark Hang Seng Index gained 0.7% to 19,550.29.

Japanese shares closed higher. The Nikkei Stock Average increased 0.8% to 38,513.02.

India shares ended higher. The BSE SENSEX rose 0.6% to 80,253.78.

Europe

Stocks in the U.K. finished higher. The FTSE 100 Index added 0.3% to 8,312.89.

In Europe, shares closed mixed. Germany's DAX gained 1.6% to 19,933.62, and France's CAC 40 was unchanged at 7,236.89.

North America

US stocks ended mixed. The DJIA lost 0.3% to 44,782.00, the S&P 500 rose 0.2% to 6,047.15, and the Nasdaq added 1.0% to 19,403.95.

Among S&P 500 companies, the top three gainers were Super Micro Computer Inc, surging 28.68%, Lam Research Corp jumped 6.27%, and Norwegian Cruise Line Holdings Ltd lifted 5.43%.

The biggest decliners were Texas Pacific Land Corp which dropped 6.09%, PG&E Corp fell 4.95%, and Targa Resources Corp lost 4.77%.

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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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