Pre-Market Report – Monday 23 December: US markets bounce on PCE | CHESS issue sorted

Market Updates

US markets bounced on Friday night after PCE inflation numbers came in slightly less than expected. Settling some nervousness after last weeks Fed meeting thrust progress on inflation back into the spotlight. The PCE index increased from 2.3% to 2.4% in November, vs 2.5% expectations. Consumer spending also rose 0.4%, signalling economic resilience. It is the largest contributor to US GDP at 2.5% (YoY). All three major indices rebounded on the last triple-witching day of the year. The S&P 500 rose 1.09%, and the NASDAQ rose 1.03%. The Dow added 498 points (+1.18%). Up 874 points at best. Gains weren’t enough to offset losses in the week. The S&P 500 had its worst week in over a month thanks to Wednesday night’s 2.95% drop.
ASX to open near flat. SPI futures up only 13 points. CHESS issue has been sorted.
COMMODITIES

• Nippon Steel alleges undue White House influence on doomed deal review-letter.
• Lure of Anglo's copper mines could test BHP's spending resolve.
• Codelco copper output misses November target, document shows.
• Gold climbs after soft US inflation data; still set for weekly loss.
• Oil steady as markets weigh Fed rate cut expectations, Chinese demand.
• Trump wants EU to buy more US oil and gas or face tariffs.
• Copper set for weekly fall on strong dollar, concerns about demand prospects.
• Iron ore posts weekly loss as seasonally weak demand weighs.

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