AUS
NZ
UK
CA
USA
IND
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Highlights
- ASX index down as Wall Street weakens.
- Gold stocks show strong performance amid rising prices.
- WiseTech shares decline after insider sales.
The Australian stock market opened lower, following a weak performance in US markets. The S&P/ASX 200 index dropped by 0.2%, or 12.6 points, to 8210.4, with most sectors showing declines. This shift was in line with a dip in the major US indices. The Dow Jones fell 0.1%, the S&P 500 by 0.2%, and the Nasdaq slipped 0.05%.
In the US, the September inflation report showed a 0.3% rise in consumer prices month-over-month, exceeding the predicted 0.2% increase. Alongside this, jobless claims reached a 12-month high. These factors have sparked renewed concerns about inflation pressures and the state of the labor market.
In China, Goldman Sachs noted that while increased steel margins have boosted iron ore consumption, there is still an expectation of declining iron ore prices unless demand improves. The latest survey from Mysteel indicated that most Chinese steel mills are now profitable for the first time since June. Although iron ore prices have receded from their earlier three-month high, they remain 17% above pre-stimulus levels following China’s announcement of monetary support on September 24. However, the market is watching closely for additional stimulus measures that could provide short-term relief for iron ore and steel prices.
Gold stocks, however, have shown resilience on the ASX. Companies like Regis Resources (ASX:RRL), Capricorn Metals (ASX:CMM), and De Grey Mining (ASX:DEG) surged more than 3% in early trading. This follows a 1% increase in gold prices, driven by concerns over the US economy, which has led to higher demand for gold as a safe-haven asset.
In other news, WiseTech (ASX:WTC) saw its shares dip by 1% in early trading after billionaire founder Richard White sold around $60 million worth of stock. An announcement on Thursday revealed White offloaded 461,891 shares at approximately $132 per share. Executive director Maree Isaacs also sold around $5 million worth of shares.
