End of Day Report – Wednesday 3 December: ASX 200 up 16 points | GDP disappoints some
Description
The ASX 200 rose just 16 points to 8595 (0.2%) after slightly disappointing GDP numbers boosted hopes for steady rates at least. Banks were stable, ANZ up % with the Big Bank Basket up to $264.60 (0.3%) with MQG bouncing back 1.0%. Other financials were quiet, REITs rallied on the GDP despite yields rising to 4.64%. Industrials eased back, BXB down 1.1%, healthcare slipped, SIG down 1.4% and retails drifted lower, APE down 0.4% and WEB off 1.0%. Tech was mixed, WTC up 4.5% on its Investor Day, XRO fell 0.2% and the All-Tech Index fell 0.1%. Resources were mixed, iron ore miners saw some profit taking as the first cargo from Simandou set sail. Gold miners also mixed with PRU bidding for PDI in shares. Lithium stocks eased, uranium better with PDN up 5.2% and DYL rising 4.7%. Nothing stirring in oil and gas.
In corporate news, 4DX sprinted 16.0% out of the blocks after securing a US$10m CTVQ order from Philips. VUL in a trading halt with a mammoth capital raise to fund Lionheart. XYZ fell 6.0% on a presentation, and BET jumped 12.9% on a deal with Penn Entertainment.
In economic news, GDP came in slightly below expectations at 0.4%, giving the RBA an excuse to pause. In China, service activity weakened.
Asian markets mixed, Japan recovered 1.6% with HK down 0.9% and China flat.
10-year yields pushed higher again to 4.64%.
US Futures heading higher, Dow futures up 121 with Nasdaq up 50
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