##{"id":98220,"date":"2021-11-26T08:43:31","date_gmt":"2021-11-25T21:43:31","guid":{"rendered":"https:\/\/www.fnarena.com\/?p=98220"},"modified":"2021-11-26T10:23:53","modified_gmt":"2021-11-25T23:23:53","slug":"the-overnight-report-thanks-2","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2021\/11\/26\/the-overnight-report-thanks-2\/","title":{"rendered":"The Overnight Report: Thanks"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n\n\n\n\n
World Overnight<\/strong><\/span><\/td>\n<\/tr>\n
SPI Overnight<\/strong><\/span><\/td>\n7411.00<\/strong><\/span><\/td>\n+ 4.00<\/strong><\/span><\/td>\n0.05%<\/strong><\/span><\/td>\n<\/tr>\n
S&P ASX 200<\/strong><\/span><\/td>\n7407.30<\/strong><\/span><\/td>\n+ 7.90<\/strong><\/span><\/td>\n0.11%<\/strong><\/span><\/td>\n<\/tr>\n
S&P500<\/strong><\/span><\/td>\n4701.46<\/strong><\/span><\/td>\n+ 10.76<\/strong><\/span><\/td>\n0.23%<\/strong><\/span><\/td>\n<\/tr>\n
Nasdaq Comp<\/strong><\/span><\/td>\n15845.23<\/strong><\/span><\/td>\n+ 70.09<\/strong><\/span><\/td>\n0.44%<\/strong><\/span><\/td>\n<\/tr>\n
DJIA<\/strong><\/span><\/td>\n35804.38<\/strong><\/span><\/td>\n– 9.42<\/strong><\/span><\/td>\n– 0.03%<\/strong><\/span><\/td>\n<\/tr>\n
S&P500 VIX<\/strong><\/span><\/td>\n18.58<\/strong><\/span><\/td>\n– 0.80<\/strong><\/span><\/td>\n– 4.13%<\/strong><\/span><\/td>\n<\/tr>\n
US 10-year yield<\/strong><\/span><\/td>\n1.65<\/strong><\/span><\/td>\n– 0.02<\/strong><\/span><\/td>\n– 1.32%<\/strong><\/span><\/td>\n<\/tr>\n
USD Index<\/strong><\/span><\/td>\n96.78<\/strong><\/span><\/td>\n– 0.04<\/strong><\/span><\/td>\n– 0.04%<\/strong><\/span><\/td>\n<\/tr>\n
FTSE100<\/strong><\/span><\/td>\n7310.37<\/strong><\/span><\/td>\n+ 24.05<\/strong><\/span><\/td>\n0.33%<\/strong><\/span><\/td>\n<\/tr>\n
DAX30<\/strong><\/span><\/td>\n15917.98<\/strong><\/span><\/td>\n+ 39.59<\/strong><\/span><\/td>\n0.25%<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

By Greg Peel<\/p>\n

Switch<\/u><\/p>\n

The highlight of what was another largely meandering session on the ASX yesterday, ahead of the US holiday, was a -0.9% fall for financials matched out by a 0.9% gain for materials.<\/p>\n

With iron ore reclaiming the US$100\/t mark on renewed Chinese steel production, which has also pushed up the prices of nickel and zinc, Nickel Mines ((NIC)) was the second best performer in the index yesterday (+7.2%) while Mineral Resources ((MIN)) came in fifth with 4.4%.<\/p>\n

The banks remain friendless, with Commonwealth Bank ((CBA)) falling another -1.5%. CBA has now fallen -11% since its September quarter update, casting a gloom over the whole sector as analysts suggest FY22 will not be much better for bank margins.<\/p>\n

Topping the boards yesterday was EML Payments ((EML)), which jumped 31.3% after the Central Bank of Ireland advised EML’s Irish subsidiary it now has permission to sign up new customers and launch new programs within agreed growth restrictions. The CBI had previously raised concerns about compliance with anti-money laundering and counter-terrorism legislation, sending the share price into a nosedive.<\/p>\n

EML is in the technology sector, which enjoyed a sharp turnaround yesterday after a sour week in gaining 2.4%. EML aside, the week has been all about Afterpay ((APT)), which has been all about Square, as Wall Street reassessed the valuation of all payment system providers including PayPal, Visa and Mastercard.<\/p>\n

Fisher & Paykel Healthcare ((FPH)), which makes ventilators, reported earnings and rose 4.6%.<\/p>\n

In economic news, Australia’s private sector capital expenditure expectations surprisingly increased 8.7% in the September quarter, suggesting companies looked ahead to the end of lockdowns to fire up the spending once more.<\/p>\n

However, machinery and investment capex fell by a greater than expected -4.4%, which will impact on next week’s GDP result. One presumes issues of supply shortages and soaring freight costs might be at play here.<\/p>\n

This weakness should nevertheless be offset in the GDP by Wednesday’s construction work done report for the quarter, which showed a much lower than expected fall of -0.3% despite long lockdowns and temporary construction bans in those periods.<\/p>\n

The GDP result is due on Wednesday.<\/p>\n

Today’s not exactly shaping up as a cracker on the ASX. With Wall Street closed the futures are showing up 4 points.<\/p>\n

Commodities<\/u><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Spot Metals,Minerals & Energy Futures<\/strong><\/span><\/td>\n<\/tr>\n
Gold (oz)<\/strong><\/span><\/td>\n1788.40<\/strong><\/span><\/td>\n+ 0.80<\/strong><\/span><\/td>\n0.04%<\/strong><\/span><\/td>\n<\/tr>\n
Silver (oz)<\/strong><\/span><\/td>\n23.56<\/strong><\/span><\/td>\n+ 0.04<\/strong><\/span><\/td>\n0.17%<\/strong><\/span><\/td>\n<\/tr>\n
Copper (lb)<\/strong><\/span><\/td>\n4.46<\/strong><\/span><\/td>\n+ 0.04<\/strong><\/span><\/td>\n0.85%<\/strong><\/span><\/td>\n<\/tr>\n
Aluminium (lb)<\/strong><\/span><\/td>\n1.24<\/strong><\/span><\/td>\n+ 0.02<\/strong><\/span><\/td>\n1.54%<\/strong><\/span><\/td>\n<\/tr>\n
Lead (lb)<\/strong><\/span><\/td>\n1.05<\/strong><\/span><\/td>\n+ 0.01<\/strong><\/span><\/td>\n1.17%<\/strong><\/span><\/td>\n<\/tr>\n
Nickel (lb)<\/strong><\/span><\/td>\n9.52<\/strong><\/span><\/td>\n+ 0.19<\/strong><\/span><\/td>\n2.06%<\/strong><\/span><\/td>\n<\/tr>\n
Zinc (lb)<\/strong><\/span><\/td>\n1.55<\/strong><\/span><\/td>\n+ 0.03<\/strong><\/span><\/td>\n1.64%<\/strong><\/span><\/td>\n<\/tr>\n
West Texas Crude <\/strong><\/span><\/td>\n78.03<\/strong><\/span><\/td>\n– 0.29<\/strong><\/span><\/td>\n– 0.37%<\/strong><\/span><\/td>\n<\/tr>\n
Brent Crude<\/strong><\/span><\/td>\n82.22<\/strong><\/span><\/td>\n+ 0.04<\/strong><\/span><\/td>\n0.05%<\/strong><\/span><\/td>\n<\/tr>\n
Iron Ore (t)<\/strong><\/span><\/td>\n100.10<\/strong><\/span><\/td>\n– 3.35<\/strong><\/span><\/td>\n– 3.24%<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The easing of restrictions on Chinese steel production has had nickel and zinc prices on a steady rise all week. But this week’s estimates of US and European manufacturing PMIs for November have helped boost all metals.<\/p>\n

The US estimate showed a slip to 56.5 from 57.6, but this is seen as a very positive result (anything over 50 implies expansion) in the face of what all and sundry keep banging on about – supply shortages, labour shortages, crippling energy prices and soaring freight costs.<\/p>\n

Europe has copped the worst of energy prices, and the eurozone’s PMI estimate came in at 58.6, up from 57.3 in October.<\/p>\n

Iron ore slipped back a bit but held US$100\/t, while the action was minimal elsewhere with the US shut.<\/p>\n

The Aussie is steady at US$0.7202.<\/p>\n

Today <\/u><\/p>\n

The SPI Overnight closed up 4 points.<\/p>\n

Locally we’ll see a revised October retail sales report.<\/p>\n

Wall Street closes at 1pm New York time tonight.<\/p>\n

The Australian share market over the past thirty days…<\/strong><\/p>\n<\/p>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS<\/span><\/td>\n<\/tr>\n
APA<\/td>\nAPA Group<\/td>\nUpgrade to Add from Hold<\/td>\nMorgans<\/td>\n<\/tr>\n
AVG<\/td>\nAustralian Vintage<\/td>\nDowngrade to Hold from Add<\/td>\nMorgans<\/td>\n<\/tr>\n
BAP<\/td>\nBapcor<\/td>\nDowngrade to Hold from Buy<\/td>\nOrd Minnett<\/td>\n<\/tr>\n
CQR<\/td>\nCharter Hall Retail REIT<\/td>\nDowngrade to Underweight from Equal-weight<\/td>\nMorgan Stanley<\/td>\n<\/tr>\n
NIC<\/td>\nNickel Mines<\/td>\nUpgrade to Outperform from Neutral<\/td>\nMacquarie<\/td>\n<\/tr>\n
SCP<\/td>\nShopping Centres Australasia Property<\/td>\nDowngrade to Equal-weight from Overweight<\/td>\nMorgan Stanley<\/td>\n<\/tr>\n
TNE<\/td>\nTechnologyOne<\/td>\nDowngrade to Underperform from Neutral<\/td>\nMacquarie<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nDowngrade to Sell from Neutral<\/td>\nUBS<\/td>\n<\/tr>\n
WEB<\/td>\nWebjet<\/td>\nUpgrade to Add from Hold<\/td>\nMorgans<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For more detail go to FNArena's Australian Broker Call Report<\/a>, which is updated each morning, Mon-Fri.<\/p>\n

All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website.  Click here<\/a>. (Subscribers can access prices on the website.)<\/em><\/p>\n

(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author's and not by association FNArena's – see disclaimer on the website)<\/strong><\/em><\/p>\n

All paying members at FNArena are being reminded they can set an email alert specifically for The Overnight Report. Go to Portfolio and Alerts on the website and tick the box in front of The Overnight Report. You will receive an email alert every time a new Overnight Report has been published on the website.<\/em><\/p>\n

Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided. www.fnarena.com<\/em><\/p>\n

FNArena is proud about its track record and past achievements: Ten Years On<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Wall Street was closed last night keeping markets quiet, although base metal prices saw positive moves. (Available for non-subscribers after 10am)<\/p>\n","protected":false},"author":8,"featured_media":98230,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[84],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/98220"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=98220"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/98220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media\/98230"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=98220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=98220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=98220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}