Allegations of market manipulation during a A$14 billion government bond sale have prompted Australia’s debt chief to consider changes in fundraising practices. The Australian Office of Financial Management is now pre-announcing the size of large offerings and engaging closely with deal managers to ensure compliance with government interests. Additionally, potential adjustments to the pricing of syndicated issuance are under review.
The ASX 200 fell 38 points (-0.45%) to 8380 amid market reactions to the president-elect's tariff plans, which could see a modest increase in tariffs on Chinese imports. Energy stocks declined following a 3.1% drop in crude oil prices, while the banking sector was pressured by APRA's decision to maintain the mortgage serviceability buffer. Despite a slight recovery in iron ore prices, gold stocks suffered losses due to geopolitical developments and fiscal policy changes.
Oil prices declined as investors reacted to a potential ceasefire agreement between Israel and Hezbollah, which reduced oil's risk premium. Brent crude futures fell 28 cents to $72.73 a barrel, while U.S. West Texas Intermediate crude dropped 32 cents to $68.62 a barrel. Analysts noted that a ceasefire could lessen the chances of stringent U.S. sanctions on Iranian crude oil.
The ASX 200 fell 18 points (-0.22%) to 8307 by 2.00pm AEDT, retreating from early gains after Nvidia's disappointing Q3 earnings and lower Q4 revenue guidance raised concerns. Geopolitical tensions and a rejection from trend channel resistance prompted investors to adopt a cautious stance.In sector performances, consumer discretionary stocks dropped nearly 3% from record highs, while technology shares were impacted by Nvidia's results. Gold mining stocks gained as bullion prices rebounded, and the banking sector showed mixed results among major banks.
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