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Wall St’s November rally reignited on Wednesday with the key indices closing the session higher ahead of the Thanksgiving Day holiday as a decline in bond yields boosted investor sentiment on an equities front, alongside investors remaining optimistic that the US cash rate will be maintained at the Fed’s December meeting. The Dow Jones rose 0.5%, the S&P500 added 0.4% and the tech-heavy Nasdaq rallied 0.5%.
Over in Europe, markets closed mostly higher on Wednesday as investors digested the latest FOMC meeting minutes out in the U.S. alongside several fiscal announcements out of the U.K.
The STOXX600 rose 0.3% buoyed by travel and leisure stocks while oil and gas stocks fell 1.7%. Germany’s DAX rose 0.36% on Wednesday, the French CAC added 0.43%, and, in the U.K., the FTSE100 fell 0.17%.
U.K. finance minister Jeremy Hunt announced a tax cut impacting 27 million workers in addition to new and changes to existing measures including benefits programs, raising the minimum wage, investing in AI, business tax breaks and more. Despite these favourable measures, the U.K.’s FTSE100 closed lower on Wednesday.
Locally on Wednesday, the ASX fell just 0.07%, taking lead from the US and European sell-off on Tuesday weighed down by rate-sensitive sectors as the REIT and tech-sectors fell 1.53% and 1.13% respectively at the closing bell of the midweek session.
De Grey mining rose 4.8% after Bell Potter released a broker note responding to positive drill results out of the gold miner on Wednesday. Bell Potter retained its buy rating following positive results out of the company’s Hemi gold project.
Lovisa shares also lifted 2% on Wednesday after the fashion jewellery company released a trading update at its AGM including overall sales up strongly, driven by the company’s strong global rollout strategy with the first store in China on the horizon soon.
What to watch today: