Kapitales Morning Highlights from Wall Street to ASX - 4 November 2026

Headline

• ASX 200 futures point to a weaker opening, declining 34 points (-0.38%).
• US chipmakers rebounded, lifting the S&P 500 and Nasdaq despite broader market weakness.
• Copper and gold prices continued to decline, reflecting pressure on commodity markets.
• Brent crude settled near US$104.50 per barrel, after fluctuating between US$100.80 and US$107.20 amid US-Iran diplomatic uncertainty.
• Meta attracted up to US$58 billion in orders for its US$15 billion bond offering, highlighting strong investor demand for AI-related debt.

Global Markets Overview

Global equity markets delivered a mixed performance, as gains in US technology stocks contrasted with weakness across several major international markets. Wall Street witnessed a technology-led recovery, with the S&P 500 and Nasdaq Composite advancing as renewed buying interest in semiconductor companies supported market sentiment. However, the Dow Jones Industrial Average declined, highlighting uneven performance across US equities. European markets remained under pressure, with the UK's FTSE 100 retreating amid cautious investor sentiment and broader economic uncertainty.

Canadian equities also weakened, as the S&P/TSX Composite finished lower, reflecting subdued market conditions. In the Asia-Pacific region, Japan's stock market remained closed for a public holiday, leaving the Nikkei without a fresh trading session. Meanwhile, Indian equities recorded strong gains, supported by positive investor sentiment and broad market participation. New Zealand's NZX 50 registered a modest advance, demonstrating relative resilience despite mixed global trends.

Commodities & Crypto

Commodity markets remained under pressure, with precious and industrial metals recording notable declines. Gold declined amid cautious investor sentiment, while silver experienced a sharper fall, reflecting broader weakness in precious metals. Copper also weakened considerably, indicating continued pressure on industrial metals. Uranium also declined, reflecting broader weakness across commodity markets.

Meanwhile, WTI crude oil edged higher as investors monitored geopolitical developments and uncertainty surrounding global energy supplies. In contrast, Bitcoin advanced, outperforming several traditional commodities as buying interest improved. Overall, commodity markets remained under pressure, particularly across precious and industrial metals, while crude oil demonstrated relative stability. Cryptocurrency markets showed a more positive trend, with Bitcoin recovering despite broader financial market uncertainty. Investors continued to assess geopolitical risks, inflation expectations and monetary policy developments, which remained important factors influencing commodity prices and overall market sentiment.

Bond Yields

Government bond yields increased across major markets, reflecting upward pressure on borrowing costs and continued uncertainty surrounding monetary policy. Australian government bond yields edged higher as investors assessed the Reserve Bank of Australia's tighter monetary policy stance and persistent inflation concerns. Japanese bond yields also recorded a modest increase, indicating continued adjustments in domestic interest rate expectations. Meanwhile, US Treasury yields rose more sharply, with both shorter- and longer-term benchmark yields facing upward pressure amid inflation concerns and changing Federal Reserve policy expectations. The increase in longer-term US yields highlighted continued sensitivity to economic developments and the outlook for interest rates.

Key Drivers

• US equities traded mostly higher, supported by a semiconductor-led rebound in the S&P 500 and Nasdaq.
• Market breadth remained weak, with seven of eleven S&P 500 sectors declining.
• The equal-weight S&P 500 fell 0.33%, underperforming the market-cap-weighted index by 69 basis points.
• The Philadelphia Semiconductor Index rebounded after entering bear market territory, having fallen approximately 22% from its October peak.
• Approximately 60% of S&P 500 constituents remained in bear market territory, according to a Goldman Sachs trader.
• US 10-year Treasury yields briefly reached 5.03% before easing to approximately 4.96%.
• US job openings increased to 7.5 million in September, exceeding expectations and rising from a revised 7.2 million.
• AMD reported 45% revenue growth to US$13.4 billion, exceeding market expectations.
• AMD's data centre revenue surged 97% to US$8.55 billion, supported by AI-related demand.
• AMD projected fourth-quarter revenue of approximately US$17 billion, exceeding estimates by around 5%.
• Apple shares declined 1.9%, underperforming the broader technology sector.
• Meta's US$15 billion bond offering attracted up to US$58 billion in investor orders.
• Shopify shares fell 8.0% after quarterly revenue of US$3.74 billion missed expectations.
• Palantir shares declined 1.6% despite stronger quarterly earnings and an improved revenue outlook.
• CrowdStrike announced plans to acquire AI security companies Fiddler and Dreadnode for US$495 million.
• US-listed Bitcoin ETFs recorded outflows exceeding US$1 billion across two sessions.
• UBS highlighted potential year-end gains in US equities, supported by hedge fund positioning and seasonal trends.
• The US and Iran reviewed fresh diplomatic proposals, with Qatar expecting responses within two days.
• US petrol and diesel prices reached reported Election Day highs of US$4.14 and US$6.29 per gallon, respectively.

ASX Company News

• Goodman Group (ASX: GMG) released its first-quarter FY2027 operational update on 4 November 2026, highlighting continued expansion across its global logistics property and data centre portfolio. As of 30 September 2026, the group's total property portfolio reached AU$90.0 billion, while development work in progress stood at AU$19.7 billion across 51 projects, with an estimated yield on cost of 8.3%. Data centres accounted for 79% of development work in progress, reflecting growing demand for digital infrastructure. Goodman's global power bank expanded to 6.6 gigawatts (GW), including 3.6 GW of secured power, while data centre projects under construction represented approximately 0.5 GW. Portfolio occupancy stood at 95.5%, supported by annual like-for-like net property income growth of 4.0%. Managed Partnership assets under management reached AU$76.1 billion. Looking ahead, Goodman is targeting FY2027 operating earnings per security growth of 9%, alongside a distribution target of 30.0 cents per security, supported by continued development activity and demand for logistics and data centre facilities.

Stocks trading ex-dividend today

• Qualitas Real Estate Income Fund (ASX: QRI) – AU$0.011

Key Economic Drivers (What to Watch Today)

• 9:00 AM AEDT – Australia: Ai Group Industry Index – Investors will assess manufacturing and broader industrial activity for indications of business conditions and economic momentum.
• 9:00 PM AEDT – Eurozone: Inflation Data – Markets will monitor inflation trends for insights into price pressures and the European Central Bank's monetary policy outlook.
• 2:00 AM AEDT (Next Day) – US: ISM Services PMI – Investors will assess US services sector activity, with particular attention to business demand, employment conditions and inflationary pressures.

Summary

• ASX200 futures point to a weaker opening, down 34 points (-0.38%), as a rebound in chip stocks lifted the S&P500, while commodity prices remained under pressure.
• US semiconductor stocks rebounded, supporting technology shares despite weakness across broader market sectors.
• Seven of the eleven S&P500 sectors declined, highlighting weak overall market breadth.
• Approximately 60% of S&P500 constituents remained in bear market territory, according to a Goldman Sachs trader.
• Gold declined 0.48% to US$3,928.02 per ounce, reflecting continued pressure on precious metals.
• Silver fell 2.11%, while copper dropped 2.47% amid broader weakness in metals markets.
• WTI crude oil gained 0.36%, while Brent settled near US$104.50 per barrel amid US-Iran diplomatic uncertainty.
• Government bond yields increased across Australia, Japan and the US, reflecting continued interest rate uncertainty.
• US job openings rose to 7.5 million in September, exceeding market expectations.
• AMD reported 45% revenue growth to US$13.4 billion, with data centre revenue surging 97%.

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