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Highlights
- Tech stocks drive markets higher, with notable movements from Apple and Nvidia.
- European automobile stocks lifted on improved forecasts, while banking stocks saw slight declines.
- Commodities, including oil and metals, felt downward pressure from weak Chinese stimulus.
Global markets experienced a strong lift overnight, led by gains in big-cap tech stocks and recovery in the European automobile sector. The easing of oil pressures due to geopolitical tensions in the Middle East and moderate Chinese stimulus also contributed to this positive movement. Following the trends in the US and European markets, the ASX is expected to open higher, with futures pointing to a 0.4% rise.
US and European Market Movements
Tech stocks spearheaded Wall Street's upward trend, with Apple (AAPL) gaining 1.7%. Despite reporting strong third-quarter sales, Nvidia (NVDA) slipped slightly by 0.18%, as expectations for the company remain high. Another key mover was Alphabet (GOOGL), the parent company of Google, which dropped 1.59% due to the ongoing antitrust case being built by the Department of Justice. Meanwhile, Tesla (TSLA) fell by 1.4% amid investor doubts surrounding its upcoming robotaxi project.
In other notable moves, Super Micro Computers (SMCI) jumped 4.3%, while the semiconductor index rose 1.06%. In the cruise sector, Norwegian Cruise Line (NCLH) saw an impressive 10.9% surge, thanks to an upgrade on expected earnings and margin expansion.
In Europe, automobile stocks drove a 1% gain in the broader market, with Continental (CON.DE) jumping 7.2% on improved profitability forecasts. However, banks such as ING (INGA.AS) faced a 2.5% decline after Deutsche Bank downgraded the stock.
Commodities and Currency Trends
The US dollar strengthened in overnight trade, while the Euro, Aussie, and Yen saw slight declines. Oil prices dropped further due to a larger-than-expected increase in US crude inventories, with Brent crude falling by 0.8% to $76.58 a barrel. The lack of substantial stimulus from China has also weighed on metal prices, with copper and aluminum futures both down 1.3%.
Despite the general decline in commodities, iron ore saw a slight increase, gaining 0.2% on speculation of further Chinese fiscal stimulus over the weekend. Gold continued its downward trend, falling 0.4% to $2,626 an ounce, as the US Federal Reserve suggested that interest rate cuts may not come as quickly as anticipated.
Small-Cap Highlights
Several small-cap companies had notable updates. Noxopharm Ltd (ASX:NOX) has secured a key supplier for its SOF-SKN™ product, which will be used in an upcoming clinical trial targeting autoimmune diseases. Artemis Resources Ltd (ASX:ARV) reported exceptional rock chip samples from its Titan prospect, with impressive grades of gold and silver. Additionally, Piedmont Lithium (ASX:PLL) moved closer to advancing its Ewoyaa Lithium Project in Ghana, securing an operating permit.
