Marcus Today Pre-Market Podcast – Monday 4th December

All three major US indices advanced overnight, with the Dow finishing near best levels up 295 points (+0.82%), up 314 points at best. S&P 500 achieved its highest close for the year, up 0.59%, and the NASDAQ rose 0.55% starting December on a positive note following Powell’s latest comments bolstering the view that policy rates have peaked. Powell, despite expressing the Fed's readiness to tighten further if necessary, noted that policy is currently in "well into restrictive territory," leading to a decline in bond yields, with the 2Y yield down by 15bps and the 10Y yield down by 12.9bps. Gold and base metals experienced an uptick due to a weaker dollar, while oil prices continued their decline post the OPEC+ meeting on Thursday. Among stocks, Alibaba slipped 1.2% on broker downgrades, and Paramount jumped 9.8% after reports Apple have discussed bundling their streaming services at a discount.

ASX SPI Futures up 65

• Base metals are higher across the board. Nickel +2.59%, Aluminium +0.64%, Zinc +2.20%, Lead +0.05%, and Tin +2.62%.
• Copper rose to an almost four-month high, gaining 2.09%.
• Brent Crude down 2.0%, and WTI fell 1.89% on Friday after a volatile trading week following the latest rounds of OPEC+ production cuts and sluggish global manufacturing activity.
• 10Y yields: US 4.213%, Australia 4.400%, and Germany 2.359%.

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