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The ASX 200 rose 13 points (0.16%) to 8476, buoyed by record highs on Wall Street and expectations of earlier interest rate cuts from the RBA. Bitcoin's recent surge is expected to drive momentum buying, with targets of 105,000 and 120,000 by 2025, contrasting with the ASX's gradual gains.Technology and consumer discretionary sectors saw significant gains, while energy and mining stocks declined ahead of an OPEC+ meeting. Analysts suggest the ASX 200 needs to break above 8500 for a more decisive upward move, amid ongoing fluctuations since September.
The ASX 200 closed at 8465 after a 0.4% drop, influenced by strong US market performance and geopolitical tensions in Asia. While Australian banks and resource stocks have thrived, the upcoming "Santa Claus rally" may provide the needed momentum into January.In the US, the Nasdaq 100 reached record highs, buoyed by robust economic conditions, with projections aiming for 21,500. Bitcoin is consolidating around $95,943, with potential dips seen as buying opportunities, while oil prices remain range-bound between $66 and $72.50 amid OPEC+ production cuts and Middle Eastern uncertainties.
UBS and other financial institutions are suggesting that it may be time to short the dollar. This perspective reflects growing concerns about the currency's performance in the current economic climate. Investors are advised to consider their strategies accordingly.
American Axle & Manufacturing Holdings Inc. (AXL) is set to present at the UBS Global Industrials and Transportation Conference on December 4, 2024, starting at 1:00 PM ET. The live webcast can be accessed through their investor relations website.
Mastercard Incorporated will present at the UBS Global Technology and AI Conference in Scottsdale, AZ, on December 4, 2024, starting at 10:15 AM ET. Interested parties can access the live webcast at Mastercard's investor relations website.
Investors are closely monitoring upcoming US labor market data, with expectations of strong job growth in November following recent disruptions. In South Korea, political tensions rise as martial law is lifted and calls for the president's impeachment intensify. Key speeches from ECB President Lagarde and Fed Chairman Powell are also anticipated to influence market sentiment.
S&P Dow Jones Indices and UBS have launched the S&P UBS Leveraged Loan Indices, rebranding the former Credit Suisse indices to enhance insights into global loan markets. This suite, covering over 2,000 indices and USD 1.6 trillion in market value, aims to improve liquidity and transparency in the leveraged finance space. The collaboration is set to expand the range of index offerings for investors globally.
S&P Dow Jones Indices and UBS have launched the S&P UBS Leveraged Loan Indices, a suite of over 2,000 indices measuring the performance of USD, EUR, and GBP denominated leveraged loans, with a total market value of $1.6 trillion. This initiative aims to enhance liquidity and transparency in the leveraged loan market, which has seen significant growth, now rivaling the U.S. high yield bond market. The indices, previously known as Credit Suisse indices, will be exclusively published and administered by S&P DJI, with plans for further development in the leveraged loan index offerings.
S&P Dow Jones Indices and UBS have launched the S&P UBS Leveraged Loan Indices, rebranding the former Credit Suisse indices to enhance insights into global loan markets. This suite, covering over 2,000 indices and USD 1.6 trillion in market value, aims to improve liquidity and transparency in the leveraged loan sector. The collaboration is set to expand offerings and deepen market engagement in the growing leveraged finance space.
UBS maintains a neutral rating on Salesforce.com, Inc., the leading provider of on-demand customer relationship management (CRM) software. Sales are primarily driven by online subscription sales (92.6%), with professional services accounting for 7.4%. Geographically, the Americas contribute 67.8% of sales, followed by Europe at 22.8% and Asia-Pacific at 9.4%.
Global Financial Events
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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