Enter your details to join our mobile app waitlist and receive early access to the Bell Direct App.
The local market rebounded from Thursday’s sell-off on Friday to close the session 0.5% higher, boosted by a surge in energy stocks on the back of a rebound in the price of oil, up 4.30% to US$98.74 per barrel. Block Inc. (ASX:SQ2) was the leading stock on Friday, gaining 10.93% after the fintech company released a Q3 trading update that beat market expectations. Coronado Global Resources (ASX:CRN) extended its rally on Friday adding 8.61%, while Allkem (ASX:AKE) added just over 6% in the last trading session of the week. On the losing end, Ramelius Resources (ASX:RMS) fell 5.63% despite no price sensitive news out of the gold mining company on Friday. Blackmores (ASX:BKL) fell 3.72%, and Hub24 (ASX:HUB) lost 3.27% on Friday.
Over in the US, Wall Street rallied on Friday after nonfarm payrolls grew by 261,000 in October, which well exceeded market expectations of an increase between 190,000 – 205,000. The unemployment rate in the US increased to 3.7% with the biggest job gainers by industry including health care, professional and technical services and leisure and hospitality. Average hourly earnings in the US also rose 0.45 for the month and were up 4.7% from a year ago. The Dow Jones added 1.26%, the Nasdaq rose 1.28% and the S&P500 jumped 1.36% on Friday. Pfizer shares jumped 1.4% after the biotech company announced it has commenced an early-stage study of a combined COVID-19 and flu vaccine.
Over in Europe, the STOXX600 closed 1.9% higher on Friday after a big week of corporate earnings results. German sportswear brand Adidas jumped 20% on Friday to top the STOXX600 after announcing new collaborations following its split from artist Kanye West. Germany’s DAX added 2.51%, the French CAC rose 2.77% and in the UK the FTSE100 added 1.03%.
What to watch today: