Monday 2nd November – ASX 200 falls 52 ahead of RBA and Cup. Resources under pressure – Banks drift – WBC results solid – KMD gets interest from US.

02 Monday Nov 2026

Posted by in Daily Reports

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The ASX 200 gave up some early strength to close down 52 points at 8,857 (0.6%), with the banks turning negative despite a solid result from WBC, which rose 1%. Elsewhere, CBA, NAB, and ANZ all slid. The Big Bank Basket fell to $283.71 (0.8%). Financials elsewhere were mixed. MQG fell 0.4% ahead of results later this week, AMP was sold down 7.5% on no news, GQG also suffering as tech stocks in the US fell. Insurers also drifted lower, led by QBE down 1.4%. REITs were mixed with GMG down 1.3% and CHC making up some ground. Healthcare eased, RMD fell 5.8% on results, CSL managed a small rise, FPH also falling 3.5%.

Industrials were mixed, ALL up 1.0% and TCL doing better, CPU dropped 1.2% and WOW and COL found sellers. Tech stocks eased, WTC down 0.7% and XRO off 0.7%. The All – Tech Index fell 0.2%. In resources, weakness continued, with BHP down 1.4% and RIO down 1.2%. Lithium stocks drifted somewhat lower, and the gold miners were also easier, led lower by NST down 4.8%. Bullion prices rose in Asian trade, helping some to be only modestly lower. Oil and gas stocks fell, with WDS down 1.9%, and coal stocks also eased, with WHC down 1.2%. Uranium was slightly firmer as bargain hunters emerged on stronger spot prices.

In company news, Westpac WBC results were solid but uninspiring. KMD looks to be in takeover talks with the U.S. aggressor.

In economic news, Chinese factory activity expanded at a slower pace for the first time since July, and we saw both NAB and CBA cut estimates for local economic growth.

Asian markets firmed, Japan up 0.4%, China up 1.3% and HK up 0.6%.

US Futures pushing higher.

HIGHLIGHTS

  • Winners: FRS, A4N, 4DX, REH, TUA, NUF
  • Losers: SBM, TCG, HLI, AMP, CYL, GQG
  • Positive Sectors: Retail. Industrials.
  • Negative Sectors: Iron ore. Gold. Tech. Supermarkets. Healthcare.
  • ASX 200 Hi 8909 Lo 8842
  • Big Bank Basket: Eases to $283.71 (0.8%)
  • All-Tech Index: Down 0.2%
  • Gold: Slips to $5553
  • Bitcoin: Steady at US$78333
  • 10-year yields: Steady at 5.14%.
  • AUD: Eases to 70.21c

MARKET MOVERS

  • 4DX +6.6% ASX query.
  • A4N +7.2% commencement of debt drawdown.
  • TUA +5.9% bargain hunters.
  • HUM +13.3% no words – Results cheer.
  • KMD +10.4% US M&A approach.
  • APX +10.4% bargain hunters.
  • ARR +7.8% change of director’s interest.
  • SBM -13.9% Maiden underground reserve update.
  • TCG -9.8% capital raise.
  • GQG -6.7% zigs when it should have zagged!
  • DTR -9.3% US court update.
  • Speculative Stock of the Day: ALV +26.9% maiden drilling results – DyTb enriched Boa Vista HREE project.

ECONOMIC AND OTHER NEWS

  • In economic news, CBA has slashed its mid-2027 Australian growth forecast from 1.8% to just 1%. NAB also slashed its local economic growth forecast to just 1%, down from 1.6%, citing very strong soft growth in household consumption.
  • Gold prices bounced off a one-year low as some bargain hunters stepped back in.
  • Chinese factory activity cooled with a slowdown in export orders. The China manufacturing PMI slipped slightly to 52 from 52.1 in September.
  • Chinese stocks rose on a report of some support from the regulator.
  • Citi has cut its lithium price forecasts on worsening battery demand outlook.
  • The Gulf is braced for an escalation of war between the U.S.-Israel alliance and Iran.
  • The UK is to offer cheaper university fees to EU students at a reset summit.
  • Binance sees US$3.64bn in net outflows as withdrawals resume after massive attack.
  • Marco Rubio says Trump wants to solve the Iran war ‘peacefully’.
  • Goldman Sachs has raised its oil price forecast for December and 2027.

And finally…

According to recent surveys 6 out of 7 dwarfs are not happy!

Because of gambling I have lost contact with my wife and kids.

I won millions and moved to Hawaii.

Clarence

XXX

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