Kapitales Morning Highlights from Wall Street to ASX - 3 November 2026

Headline

• ASX 200 futures point to a positive opening, rising 55 points (+0.62%).
• Wall Street loses momentum as technology stocks erase early gains.
• Dow Jones holds gains, supported by cyclical stocks.
• Oil prices record their sharpest decline in nearly three months amid US-Iran diplomatic hopes.
• US-Iran relations improve as Washington and Tehran signal willingness to pursue talks.
• US midterm elections keep investors cautious ahead of Tuesday's vote.
• AI financing remains in focus, with Oracle reportedly seeking US$20 billion.
• Anthropic reportedly discloses US$895 billion in computing commitments.

Global Markets Overview

Global equity markets delivered a mixed performance as investors assessed geopolitical developments, corporate earnings and shifting expectations for monetary policy. In the United States, the S&P 500 and Nasdaq Composite closed lower as renewed selling pressure in technology stocks weighed on broader market sentiment. However, the Dow Jones Industrial Average advanced, supported by gains in cyclical and traditional industrial sectors. European markets remained relatively resilient, with the UK's FTSE 100 finishing higher amid selective buying across major sectors. Canada's S&P/TSX Composite also strengthened, reflecting positive sentiment in parts of the domestic equity market.

In the Asia-Pacific region, Japan's Nikkei declined as investors remained cautious about economic conditions and corporate earnings prospects. Meanwhile, India's equity market recorded a strong advance, outperforming several major global benchmarks amid improved investor confidence. New Zealand's NZX 50 ended lower, indicating subdued sentiment in the domestic market. Overall, global equity markets ended mixed, with benchmarks in the United Kingdom, Canada and India advancing, while Japan and New Zealand recorded losses. US markets also diverged, as the Dow Jones gained while the S&P 500 and Nasdaq Composite declined.

Commodities & Crypto

Commodity markets recorded mixed movements, with precious metals strengthening while crude oil experienced significant selling pressure. Gold advanced as investors-maintained interest in safe-haven assets amid geopolitical and economic uncertainty. Silver also gained, reflecting broader strength across precious metals. Meanwhile, WTI crude oil declined sharply as optimism surrounding potential diplomatic progress between the United States and Iran eased concerns over supply disruptions. Uranium prices declined, reflecting weaker market sentiment.

Copper prices moved higher, indicating resilience in industrial metals despite uncertainty surrounding global demand. Bitcoin declined, reflecting subdued sentiment across cryptocurrency markets. Overall, commodity markets delivered mixed performances, with gains in gold, silver and copper contrasting with declines in crude oil and uranium, while Bitcoin also faced selling pressure.

Bond Yields

Government bond yields moved predominantly lower across major markets, with Australia and the United States recording declines, while Japan registered a marginal increase. Australia's 10-year government bond yield eased to 5.134%, indicating a modest decline in longer-term borrowing costs. In contrast, Japan's 10-year government bond yield edged higher to 2.767%, reflecting a slight upward movement in domestic yields. Meanwhile, US Treasury yields declined across longer maturities, with the benchmark 10-year yield falling to 4.911% and the 30-year yield retreating to 5.287%. Overall, bond market movements were relatively modest, with downward pressure on Australian and US yields contrasting with a slight increase in Japan.

Key Drivers

• US markets ended mixed, with the S&P 500 down 0.51%, Nasdaq falling 1.07% and Dow gaining 0.41%.
• S&P 500 and Nasdaq erased early gains of 1.1% and 1.4%, respectively.
• Brent crude plunged approximately 8% to US$103 per barrel amid renewed US-Iran diplomatic hopes.
• US 10-year Treasury yield declined 2 basis points to 4.91% as falling oil prices eased inflation concerns.
• Consumer discretionary and materials outperformed, while technology and energy stocks lagged.
• Amazon and Walmart shares advanced approximately 2–3%, supporting consumer-related equities.
• Anthropic reported approximately US$17 billion in quarterly revenue, representing 1,127% annual growth.
• Anthropic disclosed US$895.4 billion in purchase and lease commitments, primarily related to computing infrastructure.
• Oracle announced plans to raise US$20 billion through equity and debt financing for AI infrastructure expansion.
• Oracle shares declined approximately 6% during midday trading amid concerns over financing requirements.
• Deutsche Bank upgraded US technology stocks to overweight, citing historical sector gains averaging 32%.
• Morgan Stanley suggested the US equity market correction could be approaching its final stages.
• US midterm elections on 3 November remained a key focus amid expectations of changes in congressional control.
• Iran's supreme leader reportedly authorised negotiations with Washington, raising hopes of diplomatic progress.
• Trump reportedly favoured allowing US-Iran negotiations to continue before considering further military action.
• Apple is set to report fiscal Q4 results after market close, with revenue estimated at US$113.4 billion and EPS at US$1.99. Shares fell approximately 2% ahead of the announcement.
• US ISM manufacturing PMI increased to 55.5 in October from 54.5, exceeding expectations of 54.6.
• US manufacturing production reached 59.0, while the Prices Paid Index moderated to 75.2 from 77.9.
• China's RatingDog manufacturing PMI eased to 52.0 in October from 52.1, indicating continued but slightly slower expansion.

ASX Company News

• Tivan Limited (ASX: TVN) announced an upgraded Mineral Resource Estimate for its Speewah Fluorite Project on 3 November 2026, strengthening confidence in the Western Australian critical minerals development. The updated JORC-compliant resource stands at 45.0 million tonnes grading 7.8% calcium fluoride (CaF₂), containing approximately 3.5 million tonnes of CaF₂. Total resource tonnage increased 4% compared with February 2026, while the high-grade component comprises 8.6 million tonnes at 22.3% CaF₂, containing 1.9 million tonnes. Indicated Resources increased 37% to 37.9 million tonnes, supported by a drilling campaign comprising 135 holes covering 14,025 metres during 2026. Significant drilling results included 76 metres at 21.6% CaF₂ and 61.2 metres at 18.1% CaF₂. Looking ahead, Tivan is advancing its Definitive Feasibility Study and maiden Ore Reserve Estimate, targeting a future mining and processing operation producing acid-grade fluorspar exceeding 97% CaF₂ for international markets.

Stocks trading ex-dividend today

• WAM Global Limited (ASX: WGB) – AU$0.066

Key Economic Drivers (What to Watch Today)

• 2:30 PM AEDT – Australia: RBA Interest Rate Decision – Markets anticipate a 25-basis-point increase to 4.85%, with investors closely monitoring the central bank's policy outlook and inflation commentary.
• 2:00 AM AEDT (Wednesday) – US: JOLTS Job Openings Report – The latest labour market data will provide insights into hiring demand and employment conditions, potentially influencing expectations for future Federal Reserve interest rate decisions.

Summary

• ASX 200 futures point to a positive opening, rising 55 points (+0.62%), as oil prices tumble amid renewed hopes for US-Iran diplomatic progress.
• S&P 500 declined 0.51%, Nasdaq fell 1.07%, while Dow Jones gained 0.41%.
• Brent crude plunged approximately 8% to US$103 per barrel amid renewed US-Iran diplomatic hopes.
• US ISM manufacturing PMI climbed to 55.5 in October, surpassing market expectations of 54.6.
• Gold climbed 1.79% to US$3,945.13 per ounce, while silver gained 1.70%.
• Copper advanced 0.82%, while uranium declined 4.15% and Bitcoin fell 1.35%.
• US 10-year Treasury yield eased to 4.911%, while Australia's 10-year yield declined to 5.134%.
• RBA interest rate decision is scheduled for 2:30 PM AEDT, with markets anticipating a 25-basis-point hike to 4.85%.

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