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S&P/ASX 200 (INDEXASX:XJO) surge on US rate peak: All Ordinaries (INDEXASX:XAO) gains 1.5%

News that US inflation had fallen to just 3.2% for the year to October sent a rocket up global share markets, with the All Ordinaries (INDEXASX: XAO) gaining 1.5% and the S&P/ASX 200 (INDEXASX: XJO) up 1.4% as ten of the 11 industry sectors finished higher.

The highlights were the materials sector, which gained 2.4% and the struggling property sector which finished 4.6% higher.

Materials were buoyed by news of a $137 billion stimulus package to be rolled out in China, which saw the iron ore price move above US$130 per tonne, and sent BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) up 1.8% and 2.6%, respectively.

Rio Tinto share price

In property, hopes that rate hikes may have finished in the US and mark a turning point for Australia, meant the value of properties may begin to turnaround, with Goodman Group (ASX: GMG) rallying 3.4%, Stockland Corporation Ltd (ASX: SGP) 6.1% and Scentre Group (ASX: SCG) 5.1%.

Seek gains on profit guidance: Nufarm jumps despite slowing growth

Australian wage growth jumped beyond the RBA’s target 2% to 3% band, reporting at 4.0% annual growth rate.

With the strong labour market as a backdrop, employment site Seek Ltd (ASX: SEK) gained 6% after job listings remained strong and the company reiterated prior earnings guidance.

They continue to see revenue of $1.18 to $1.26 billion and profit of $220 to $260 million.

Seek share price

Nufarm Ltd (ASX: NUF), which produces farm chemicals and seeds was among the leaders on the day, adding 8.1% despite reporting a fall in underlying profit of 8% to just $122 million. Management blamed the strength of the comparable period while flagging a return to growth in the second half of 2024.

Poker machine designer Aristocrat Leisure Limited (ASX: ALL) dropped 1% as the company reported a full year profit of $1.2 billion. Revenue increased by 13%, but it was the US segment continuing to dominate, growing profit 21% for the year on the back of the success of traditional, rather than online poker machines.

US rally gathers steam: Target jumps on strong results

News that US inflation had fallen to 3.2% on an annual basis sent all three benchmarks higher, led by the Dow Jones Industrial Average (INDEXDJX: .DJI), which gained 0.6%.

The S&P 500 (INDEXSP: .INX) and Nasdaq Composite (INDEXNASDAQ: .IXIC) added 0.4% and 0.3%, which followed the biggest one day gain in months on hopes that both a recession and further rate hikes could be avoided.

Economic data continues to evidence a slowdown, with the producer price inflation measure down 0.5% and retail sales 0.1%, the first drop in seven months.

The S&P 500 is now up more than 7% for the month all but breaking the ‘correction’ that had been in place.

Shares in discount retailer Target Corp (NYSE: TGT) jumped more than 18% after the company reported a surprise increase in quarterly profit despite seeing same store sales fall 4.9%.

Target share price

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Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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