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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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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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