Markets

AUS

The S&P/ASX 200 index rose 10.8 points, or 0.1 per cent, to 8617.3 by the close of trading after briefly falling into the red, in a lightly traded session ahead of the US Thanksgiving holiday. While most sectors traded in the black, the energy sector weighed on the bourse.
Reece gained 4 per cent to $12.73 as it announced an on-market share buyback of up to $35 million, following the completion of its $365 million off-market buyback in October.
NRW Holdings jumped 3.5 per cent to $5.30 after it upgraded its full-year guidance, forecasting revenue of about $4.1 billion and underlying earnings of $260 million to $265 million.
Megaport added 1.1 per cent to $14.39 as it completed its acquisition of Latitude.sh, a globally scalable compute-as-a-service platform.
The Lottery Corporation edged up 0.7 per cent to $45.46 as it appointed Wayne Pickup as chief executive to replace Sue van der Merwe.
DroneShield was the biggest laggard on the ASX 200 after it fell 7.8 per cent to $2 as investors looked to take profits following a 25 per cent jump in the previous five sessions.

U.S. indexes rose for a fourth consecutive session, extending a recovery from last week’s selloff. Rising expectations for an interest-rate cut next month and easing artificial-intelligence bubble fears have helped.
Nvidia shares gained 1.4% Wednesday, but remain sharply down from peaks earlier in the month.
Nasdaq’s International Securities Exchange proposed quadrupling the daily trading limit for options tied to BlackRock Inc.’s iShares Bitcoin Trust ETF as demand from investors increases. ($BBG)
Johnson & Johnson reached a $500 billion stock market valuation on Wednesday as investors keep raising their bets that the firm’s strategy to cope with eroding sales for its major psoriasis drug will pan out. ($BBG)

Tether’s ability to maintain its peg to the US dollar has been called into question by S&P Global Ratings, which downgraded the stablecoin operator’s reserves to its lowest measure due to rising exposure to high-risk assets. ($FT)
Bitcoin has climbed above $US90,000 ($137,821) for the first time in almost a week, clawing back ground after a more than month-long selloff, as a broad rally in risk assets and easing volatility gave traders room to push higher. ($AFR)

The UK’s national energy system operator has warned of the risk of gas shortages within five years as the country becomes more reliant on imports of the fuel, raising questions over the government’s energy strategy. ($FT)
U.S. Weekly jobless claims provided more evidence that the labor market is stuck in neutral: Layoffs are subdued, but hiring is flagging too.
The country’s biggest banks face new restrictions on real estate lending as regulators pre-empt the risk that a sudden rise in interest rates or unemployment will collide with increasingly indebted families. ($AFR)
Confidence among businesses in the eurozone was broadly stable this month, pointing to modest growth in the 20-nation currency area that has so far weathered the impact of trade tariffs and political uncertainty. ($WSJ)
Japan’s primary dealers have requested more sales of two-, five- and 10-year government notes, as well as a decrease in issuance of super-long bonds, according to a Ministry of Finance briefing on Thursday. ($BBG)
U.S. Mortgage rates fell after three weeks of increases, giving prospective buyers some relief from price pressures. ($WSJ)

Australia’s largest technology investors are brushing off concerns about a bubble forming in artificial intelligence stocks, with some funds using this month’s sell-off to top up their exposure to the sector. ($AFR)
The country’s largest pubs and clubs would be paid hundreds of thousands of dollars by Tabcorp under an ambitious strategy to turn around the bookmaking giant by enticing punters to gamble in venues. ($AFR)
Strong demand for Apple’s iPhone during China’s Singles’ Day shopping festival single-handedly drove growth in smartphone sales during the period, research firm Counterpoint said on Thursday. (TR)
Top Chinese companies are training their artificial intelligence models overseas to access Nvidia’s chips and bypass US efforts to prevent their development of the powerful technology. ($FT)

Australia is poised to overhaul its environment laws after the Greens agreed to back the centre-left Labor government’s legislation, paving the way for the bill to pass the Senate on Thursday, Prime Minister Anthony Albanese said. (TR)

Sydney’s Betashares is in advanced talks to acquire a minority stake in Macropod, a stablecoin issuer that in September became the first-ever player to be approved by the Australian Securities and Investments Commission. ($AFR)
Chinese sports apparel company Anta Sports Products Ltd. is among firms exploring a potential takeover of Puma SE, according to people familiar with the matter. ($BBG)

According to Westpac IQ, Private capex surprised on the upside growing 6.4%qtr and 6.9%yr in the September quarter 2025. There was a broad-based lift in actual and expected capex as businesses respond to the firmer consumer and the fall in machinery prices. This suggest the economic upswing is broadening. (WIQ)