Receive daily market insights gathered from overnight equity data, top stories, companies in the press and market information.
Good morning,
Our team compiles this daily market report from global sources to highlight key market updates and what they mean for your investment portfolio.
Overnight Market Highlights:
Wall Street major benchmarks finished mixed overnight amid relatively flat trading session.
Dow Jones S&P-500 Nasdaq
- 0.20% + 0.10% + 0.40%
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The Australia stock market has opened lower this morning trailing a mixed session on Wall Street overnight.
Stock of Note:
Wellnex Life Impact Minerals Ovanti
(ASX: WNX) (ASX: IPT) (ASX: OVT)
0.071 AUD 0.011 AUD 0.022 AUD
+ 20.3% + 0.0% +0.0%
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🇺🇸 US Market Overview:
- Minimal movement overnight on Wall Street as US equities were mostly rangebound. Although, the Nasdaq reset its record, rising 0.4% as growth stocks outperformed value stocks.
- US/China trade tensions have escalated with China banning a range of materials used in high-tech and military applications, retaliating against the Biden administration's recent increase in technology restrictions on Beijing.
Source: AFR, Market Index
🇦🇺 Australian Market Overview:
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The S&P/ASX 200 (XJO) finished 47.3 points higher at 8,495.2 with strong gains in high-PE-high-growth biotechnology and technology stocks.
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Health Care (XHJ) (+1.2%) was the top performer on the day
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Consumer Discretionary (XDJ) (+1.0%) and Industrials were also in focus (XNJ) (+0.92%).
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Rio Tinto has partnered with Japan's Sumitomo Metal Mining (SMM) to form a joint venture aimed at developing the Winu copper-gold project, located in Western Australia's Great Sandy Desert, close to Rio Tinto's iron ore operations in the Pilbara.
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Qantas shares are now up close to 70% from the beginning of this year, after closing above a record high of $9 yesterday.
Source: AFR, Market Index
🗓️ Key Events This Week:
- OPEC+ meeting - Thursday
- US jobless claims - Thursday
📈 Global Commodities Update:
- Iron ore (Dalian): up 0.94% to US$110.96
- Brent crude: up US$1.79 or 2.49% to US$73.62
- Gold (spot): up 87 US cents or 0.03% to US$2,643.08
- Silver (spot): up 44 US cents or 1.43% to US$31.03
- Copper (LME): up 1.42% to US$9,120.50
- Nickel (LME): up 2.16% to US$16,095
- Lithium carbonate (China): down 0.19% to 78,250 yuan
- Uranium(spot): up 0.31% to US$77.50
- BHP: up 0.53% (US); up 1.3% (UK)
- Rio Tinto: up 0.38% (US); up 1.01% (UK)
Nickel outperformed other base metals as growing concerns over trade tensions received attention. Meanwhile, buyers have paused copper scrap purchases from the US in anticipation of upcoming tariffs [BBG].
Seaborne iron ore prices extended their rise, driven by expectations of additional supportive macroeconomic policies.
Sources: AFR, Hot Copper
📬 As Barclay Sees It:
This week Jack Colreavy, CFA discusses how the debate over AI training intensifies on copyrighted content, with creators calling for compensation. Lawsuits challenge unauthorized scraping, while concerns about fair use and the devaluation of original work grow as AI-generated content increases.
Source: Market Index
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