Advanced Share Registry : Market Update - 30 NOVEMBER 2023

On Wednesday, US stocks are trading higher, keeping the major averages on course for their most significant monthly growth in 2023. The Dow Jones Industrial Average was up about 105 points, or 0.3%. The S&P 500 ticked up by 0.2%, and the Nasdaq Composite rose by 0.1%.

General Motors shares popped about 9.3% after the company announced a $10 billion buyback and raised its dividend, and NetApp soared 15% on an earnings beat. Phillips 66's stock jumped 4.3% after Elliott Investment Management took a $1 billion stake in the energy company.

The yield on the 10-year Treasury note fell below 4.3% for the first time since September, lending support to stock valuations. However, US bonds are on track for their best monthly performance in almost 40 years, with the Bloomberg US Aggregate bond index rising 4.3% in November, driven by expectations of Federal Reserve rate cuts next year. This could prevent a three-year losing streak, an unprecedented event in its 47-year history.

European markets closed mixed. London's FTSE fell 0.43 per cent, Frankfurt gained 1.09 per cent, and Paris closed 0.24 per cent higher. Turning to Asian markets, Tokyo's Nikkei fell 0.26 per cent, Hong Kong's Hang Seng lost 2.08 per cent while China's Shanghai Composite closed 0.56 per cent lower.

All eyes have turned on whether the OPEC subset of the group - steered by heavyweight Saudi Arabia - will have mended its differences, after sources told CNBC that Angola and Nigeria objected to lower baselines for next year. Baselines, levels off which cuts and quotas are decided, have been a bone of contention within OPEC+, stalling talks amid UAE pushback in the summer of 2021.

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