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The ASX 200 fell 34 points (-0.41%) to 8388 as the Reserve Bank of Australia maintained its cash rate at 4.35% for the ninth consecutive meeting, signaling a dovish shift. Resource stocks surged following China's announcement of 'moderately loose' monetary policies, while financial and technology sectors faced declines. A potential rate cut in February is anticipated, contingent on upcoming economic data.
Dairy product prices from New Zealand have decreased, with butter dropping 4.7% to an average of 6,357 euros per tonne at the latest Global Dairy Trade auction. In Germany, however, butter prices remained stable at 8.10 to 8.20 euros/kg, while skimmed milk powder saw a slight decline. Whole milk powder prices in Germany also fell, contrasting with a rise in New Zealand.
European equities had a mixed start as traders reacted to potential stimulus from China, with the DAX 40 reaching a record high of 20,461. The FTSE 100 gained 0.5% due to rising commodity prices, while attention shifts to the ECB's expected 25 bp rate cut amid ongoing economic weakness and inflation surprises. The ECB will also release new forecasts extending to 2027, indicating a potential shift towards more accommodative monetary policy.
Global markets opened the week cautiously, with Wall Street's tech stocks driving gains amid mixed sentiment. Investors are anticipating a 25 basis point rate cut from the Federal Reserve, supported by a strong US jobs report, while central bank meetings and US CPI data will be pivotal for future rate expectations. The US dollar found support at the 105.13 trendline, while the EUR/USD faces risks ahead of the ECB meeting, and the Japan 225 index shows potential for gains amid economic resilience.
Commodity prices have opened the week with gains, particularly in natural gas, which is experiencing a strong rally. Spot gold has edged above $2650, with potential to reach $2720 and a record high of $2800, while WTI crude oil shows signs of recovery from a one-month low, holding at $67. Natural gas closed above 3000, targeting a high of 3600.
The FTSE 100 is approaching a six-week high of 8389, with support at 8290, while the DAX 40 has reached a record high of 20,476, nearing the 20,500 mark. The S&P 500 continues to trade below its recent peak of 6099, with expectations of range trading around 6100.
T-Mobile's stock fell 6.2% during intraday trading, marking its largest decline since June 2023, following remarks made at a UBS conference. The CEO indicated that the fourth quarter is "back-end loaded," suggesting that most revenue and activities will occur later in the quarter, while also highlighting potential risks in the latter half.
T-Mobile's shares plummeted by 6.2%, marking the steepest decline since June 2023, during a UBS conference. The CEO highlighted that the fourth quarter is "back-end loaded," indicating that most sales are expected late in the quarter, while also warning of significant risks in the second half.
T-Mobile US, Inc. (TMUS) is set to present at the UBS Global Media and Communications Conference on December 9, 2024, starting at 12:45 PM ET. Interested parties can access the live webcast at https://investor.t-mobile.com.
Ted Sarandos, Co-CEO of Netflix, will present at the UBS Global TMT Conference on December 10, 2024, at 1:30 p.m. PT / 4:30 p.m. ET. A live webcast and replay of the presentation will be accessible on the Netflix investor relations website. Netflix boasts 283 million paid memberships across over 190 countries, offering a diverse range of TV series, films, and games. Members enjoy the flexibility to watch content anytime and can modify their plans as needed.
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ASX 200 Declines as RBA Maintains Rates Amid Dovish Shift
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