The ASX 200 started in fine form after the Fed rate cut, but finished up only 13 points to 8592 (0.2%) as enthusiasm waned after the jobs data. A mixed picture across the market, CBA fell 0.7% as the other three rose, the Big Bank Basket unchanged at $267.77 . MQG bounced 1.4% and other financials mixed. Healthcare stumbled into casualty, CSL dropped 1.6%, RMD down 2.3% and TLX dropped 2.1%. Retails also under pressure again, JBH off 1.5% and APE dipping 3.9%. PMV fell hard too off 5.2%. Tech remained under a cloud, WTC down 2.2% and XRO falling another 1.3% with 360 off 2.2%. The All-Tech Index fell another 1.4%. REITs made up some lost ground as bond yields fell on jobs data.

In resources, iron ore miners pushed higher, FMG up 0.4% and RIO up 1.8%, with BHP up 1.3%. Gold miners were mixed, RMS rose 6.7% on broker comments, NEM also doing well, up 2.1%. Lithium stocks, a little depressed, and rare earths under pressure again. LYC down 0.9% and ARU off 8.2% as a large block trade went through the market. Uranium stocks slightly positive.

In corporate news, IAG fell 1.2% after the ACCC knocked back its RAC QLD acquisition. AMP settled a class action and rose 1.1% with ORG up 0.4% on further expansion at Eraring.

On the economic front, the jobs data came in below expectations although the headline rate at 4.3% remained unchanged.  

Meanwhile in Asia, Japan down 0.9%, HK flat and China down 0.2%.

10-year yields dropped to 4.71%

US Futures – Dow down 185 and Nasdaq down 282 on Oracle.

European markets set to open weaker.

HIGHLIGHTS

  • Winners: DTR, MYR, IMM, JHX, RMS, BRE, FLT
  • Losers: PDI, CYL, ARU, SBM, CHN, DRO, LRV
  • Positive Sectors: Iron ore. Gold miners. REITs
  • Negative Sectors: Retail. Tech. Healthcare. Lithium.
  • ASX 200 Hi 8659 Lo 8574.
  • Big Bank Basket: Unchanged at $267.77
  • All-Tech Index: Down 1.4%.
  • Gold: Rises to $6346
  • Bitcoin: Falls to US$90361
  • AUD: Steady at 66.38c.
  • Asian markets, Japan down 0.9%, HK flat and China down 0.2%.
  • 10-year yields lower at 4.71%.

MARKET MOVERS

  • DTR +11.9% rebounds on bargain hunting.
  • MYR +9.8% AGM presentation.
  • JHX +7.1% US rate cuts.
  • RMS +6.7% positive broker comments.
  • IMM +7.3% continuation rally.
  • FEX +14.9% 3-year production plan.
  • IMB +8.3% acquisition.
  • 3DA +7.0% accelerated growth initiatives.
  • PDI -11.4% board goes with revised RXR deal.
  • ARU -8.2% large block trade at 25c.
  • CHN -7.5% platinum pricing.
  • DRO -6.6% profit taking.
  • SRL -6.1% volatility continues.
  • LRV -6.4% profit taking.
  • Speculative Stock of the Day: MEU +83.1% spectacular assays.

ECONOMIC AND OTHER NEWS

  • Jobs data came in below estimates. Unemployment steady at 4.3%. Full-time employment dropped by 57,000 people in November, with males down 40,000 and females down 16,000.
  • The Australian ETF industry continued its strong run in November 2025, recording $4.3bn of inflows despite global market volatility. This lifted total funds under management to a new record high of $324.9bn, up $3.2bn, or 0.98%, for the month.
  • The Hearts & Minds Investment fund (HM1) has written down its stake in Corporate Travel to zero as it reported a 5.7% decline in November.
  • Oracle falls 11% after hours on weak revenue. Softbank drop 7%. Large shareholder.
  • Japan’s 20-Year Bond sale sees strongest demand since 2020.

And finally….

I got a new job at the clock factory. It’s about time I got paid to watch the hours tick by.

Clarence

XXX