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ASX 200 dips 0.1% at open, US blue-chips conclude November on a high note

Published Dec 01, 2023 09:42
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Investing.com - The S&P/ASX 200 was down by 0.1% after the first 30 minutes of Friday's trade, as futures pared earlier losses amid a strong finish in November for US blue-chip stocks. New York shares rallied significantly in the final half-hour of trading.

During Thursday's US session, the Dow rallied 520.5 points as Salesforce.com (NYSE:CRM) and Boeing (NYSE:BA) led gains. The S&P 500 lifted 17.2 points or 0.4% to 4,567.8, while the Nasdaq Composite bucked the trend, dipping 38.3 points or 0.2% to 14,226.2.

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US bonds saw a reversal in direction during the day, with the yield on the US 10-Year note rising by 8 basis points to 4.34% at 4.10 pm in New York.

Oil prices dipped despite OPEC+ agreeing to cut output, as the group offered few specifics regarding individual producing nations' commitments. Shortly after the announcement, Angola rejected its new output quota, planning to exceed it – a rare challenge to the cartel that could signal more internal disputes in the future.

Tesla (NASDAQ:TSLA) shares slid ahead of the highly anticipated release of its Cybertruck. Premier Investments will host its annual meeting on Friday.

A busy overnight session is anticipated, with EU inflation data, US personal income, spending and related inflation data, and the OPEC+ producers' meeting on the agenda. The latest inflation data indicates that central banks' efforts to curb price pressures are proving effective.

In Europe, inflation dropped faster than anticipated, prompting policymakers to push back more forcefully against expectations of rate cuts. Markets are currently predicting a rate cut in April and at least four more throughout the next year.

Today's agenda includes the release of CoreLogic November dwelling prices locally and overseas data such as NZ November ANZ consumer confidence, China Caixin manufacturing PMI, and manufacturing PMIs from the UK and the US.

European shares reached a more than two-month high on Thursday, concluding November with a significant increase as cooling inflation bolstered rate cut expectations. The pan-European STOXX 600 closed 0.5% higher, marking its largest monthly leap since January.

ASX 200 dips 0.1% at open, US blue-chips conclude November on a high note
 

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