AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- ASX 200 futures are up 0.27%, while U.S. markets saw mixed results with bond yields rising and the S&P 500 posting consecutive losses.
- CSL (ASX:CSL) and Fletcher Building (ASX:FBU) flagged challenges, while Garda Property (ASX:GDF) announced a property sale with plans for a special shareholder distribution.
- Gold and silver prices continue their rally, expected to drive gains for Australian miners, with gold hitting record highs and silver reaching its highest levels since 2012.
U.S. markets ended largely flat amid mixed corporate earnings and rising bond yields. Gold continued its upward momentum, reaching record highs, while Fletcher Building (ASX:FBU) reported a revenue slump due to ongoing market challenges. The quarterly reporting and AGM season is heating up in Australia.
Overnight Markets:
- Major U.S. benchmarks closed mixed, with the S&P 500 experiencing slight negative breadth and recording its first consecutive decline since September.
- Bond yields edged higher, with the 10-year yield hitting its highest point since July, driven by rising expectations of a Republican sweep in the U.S.
- Earnings reports were mixed, with cyclical sectors under close scrutiny.
ASX Today:
- CSL Limited (ASX:CSL) reported setbacks in its R&D program, as the FDA raised concerns over garadacimab production and discontinued trials for three other therapies.
- Fletcher Building (ASX:FBU) revealed a 10-15% drop in Q1 market volumes, with a 12% decline in September revenues, facing pressure from a highly competitive market.
- Garda Property Group (ASX:GDF) sold its North Lakes industrial site for $114 million and announced plans for a special shareholder distribution.
- QBE Insurance (ASX:QBE) is facing legal action from ASIC over misleading insurance pricing to more than 500,000 customers.
- Telstra (ASX:TLS) Chair Craig Dunn disclosed the purchase of 29,000 shares, increasing his beneficial ownership to approximately 125,000 shares.
- Westpac (ASX:WBC) flagged a $123 million reduction in FY24 NPAT due to unrealized fair value movements on economic hedges.
- Quarterly updates from 29Metals (ASX:29M), Perseus Mining (ASX:PRU), St Barbara (ASX:SBM), and West African Resources (ASX:WAF) are expected today.
Key Trends to Watch:
- Gold: Prices surged by 1.07%, reaching a record $2,748/oz, marking a 5.4% increase over the past nine sessions. The VanEck Gold Miners ETF hit its highest level since October 2012, which could fuel gains for Australian gold producers.
- Silver: Prices jumped by 3.2% to $34.80/oz, the highest since October 2012. This trend is likely to benefit local silver players such as Silver Mines (ASX:SVL), Adriatic Metals (ASX:ADT), and Southern Silver (ASX:SS1).
