Market update: 26 November 2024
The ASX 200 had a solid week, rising 1.3% as 8 of the 11 sectors posted gains. Energy stocks led the charge, jumping 4.3%, thanks to rising oil prices driven by renewed Russia-Ukraine tensions. Local markets also saw some excitement with Cuscal Limited’s A$337m IPO—the biggest ASX Financial sector listing since 2021—and Digital Infrastructure REIT raising A$2.0bn ahead of its December trading debut.
In the U.S., markets were in great shape, with the Dow Jones, Nasdaq, and S&P 500 all up over 1.7%. Strong labour market data, including a drop in unemployment claims to a seven-month low, gave investors plenty to cheer about. Nvidia stole the spotlight after posting impressive Q3 results, even as manufacturing data lagged behind. Despite growing geopolitical tensions, market momentum stayed upbeat.
European markets bounced back after four weeks of losses, with the FTSE up 1.1% and the Euro Stoxx 600 rising 2.5%. Defensive stocks carried the week, but weak economic data had traders betting on more interest rate cuts from the ECB in December. Inflation continued to climb in the Eurozone and UK, driven by energy costs, but that didn’t stop investors from enjoying a much-needed rebound.
Meanwhile, Chinese markets struggled, with the Hang Seng and Shanghai Composite dropping 1.0% and 1.9%, respectively. Frustration over the slow rollout of fiscal stimulus and uncertainty about U.S.-China relations under the incoming Trump administration weighed on sentiment. Over in Japan, the Nikkei slipped 0.9%, as investors grew cautious about geopolitical risks and mixed signals on a possible Bank of Japan rate hike.
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