Pre-Market Report – Monday 4 November: Westpac reports $7bn NPAT | Election ahead

US equities rebounded from the previous day's sell-off led by Amazon’s 6.2% gain on strong results. Equity markets brushed off weak nonfarm payrolls data rising 12k last month, the smallest gain since December 2020, significantly below forecasts of 113k. S&P 500 advanced 0.41% halting its two-day rout and the NASDAQ rose 0.80%. The Dow added 289 points (+0.69%). Up 563 points at best. Nivida +2.0% will be added to the Dow Jones index replacing Intel +7.8% losing its spot after 25 years. For the week, Dow -0.15%, S&P 500 -1.37%, and NASDAQ off 1.50%. US treasury yields rebounded after initially tumbling on fresh economic data. 10Y yield jumped 10.1bps and the 2Y yield gained 4.2bps. 

ASX SPI up 36 - WBC up dividend 6%.

• Gold inched 0.38% lower pressured by a rising dollar and treasury yields.
• Aluminium -0.84% was the only base metal to fall overnight, with producers selling forward to lock in higher prices.
• Base metals higher supported by a weaker dollar making greenback prices metals cheaper for holders of foreign currencies. Copper +0.43%, nickel +1.40%, zinc +1.02%, lead +2.49%, and tin +2.0%.
• WTI rose 0.33% on reports that Iran was preparing a retaliatory strike on Israel.

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