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Overnight Wall St saw second consecutive record setting day, with the S&P500 closing up 0.34% to a new all time high. The Nasdaq also rose 0.42%, and the Dow Jones added 0.09% as investors remain confident that the US Federal Government shutdown will be brief and have little impact on the economy.

European markets also saw a positive session, largely spurred by gains in the healthcare sector. This comes as a deal between Pfizer and Donald Trump to lower prescription drug prices in the Medicaid program in exchange for tariff relief was announced, sparking relief and optimism for the sector. The Stoxx600 gained 1.15%, the UK’s FTSE index added 1.03%, the German DAX closed up 0.98% and the French CAC gained 0.98%.

Locally yesterday, the ASX closed nearly flat, declining just 0.03%. Despite 8 of the 11 sectors closing in the green, the market was weighed down by declines in the materials and consumer discretionary sectors. Lithium in particular was hit hard upon further news that Chinese mining giant CATL had received government approval to reopen its biggest mine, sparking oversupply worries.

The defence sector, specifically counter-drone technology stocks continued their remarkable run yesterday, continuing its momentum from the EU’s recent commitment to the drone wall along its Eastern flank. DroneShield (ASX:DRO) surged 21%, while fellow company in the space Elsight (ASX:ELS) added 29%.

What to watch today:

• Looking ahead to today, the SPI futures indicate that the ASX200 will open up 0.5% tracking the recent gains overseas recently.
• In commodities, crude oil is trading down 1.02% today at $61 us dollars and 73 cents per barrel. Gold is trading up another 0.07% at 3861 US dollars per ounce, and silver is trading up another 1.27% at 47 US dollars per ounce, adding to its over 7% surge so far this week.

Trading Ideas:

• Bell Potter has maintained its Buy rating on Mineral Resources (ASX:MIN) and upgraded its price target to $49 per share on the back of its strong expected cash flow from iron ore sales.
• Trading Central have identified a bullish signal in Clinuvel Pharmaceuticals (ASX:CUV), indicating that the share price may rise from its current closing price of $12 per share, to the range of $15.10 to $15.90 over a period of 25 days, according to the standard principles of technical analysis.