Daily Overview: 9 November 2026

China's October inflation data lands this morning and is the main event for commodity markets. Producer prices are forecast to rise 5.2% year-on-year — still running hot, and a reminder that input costs across industrial supply chains remain elevated even as consumer inflation stays subdued at around 0.9%. Watch the PPI print closely: a beat would reinforce the view that the commodity price cycle is still feeding through, while a miss would suggest demand-side weakness is finally biting in the world's biggest industrial economy. The balance of trade and export figures out of Germany later in the day will add colour on European industrial demand.

Domestically, Westpac's consumer confidence survey is the number to watch. The forecast is for another fall — down 2.6% to an index of 78.3 — which would extend a run of deep pessimism after the RBA's fifth rate hike took the cash rate to an 18-year high of 4.85%. Confidence at these levels points to further weakness in discretionary retail and housing, and it is hard to see the RBA backing off while inflation sits at 4.3%. The bank's own board is already fraying over communication, with deputy governor Andrew Hauser's public rate signalling drawing a rebuke from fellow members.

Offshore, a barrage of Fed speakers — Bowman (twice), Goolsbee (twice) and Barkin — will be parsed for signals on a December hike after Friday's strong US jobs report (165,000 jobs, unemployment down to 4.1%). BoE governor Andrew Bailey also speaks. The AI selloff remains the dominant market theme: Wall Street rebounded on Friday, but the ASX is expected to outperform as investors rotate into banks, telcos and supermarkets. Macquarie's Greg Ward era begins in earnest, and the David Jones sale process will gather pace with expressions of interest due this week.

Australia

International

AI Selloff & Data Centres

• Wall Street's AI trade was routed after the Democrats' midterm sweep: the S&P 500 fell 4.4%, the Nasdaq 100 6.4%, the Philadelphia Semiconductor Index 12.3% and Nvidia 9.3%, with the VIX surging 70%, before a Friday rebound (S&P +1%, Nasdaq +1.9%).
• Atlassian posted a second consecutive quarterly profit — revenue up 24% to US$1.7bn and net income of US$189m — but shares fell 17% in after-hours trading amid the turmoil.
• Iren confirmed delays at its Texas data centre for Microsoft, with shares down 17% on Thursday before rebounding; Texas governor-elect Gina Hinojosa has pledged to halt new data centre construction.
• The federal government is pitching the US data centre backlash as an opportunity for Australia, with guidelines to ban suburban data centres and require operators to bring their own power and water, to be legislated early next year.
• Andrew Forrest warned data centres must not compete with households for power, unveiling Fortescue Zero Racing ahead of COP31, while ElectraNet's $5bn South Australian transmission upgrade will not finish until 2032, casting doubt on almost 30 data centre proposals in the state.

Macquarie, Rates & Financials

• Macquarie reported a half-year net profit of $2.48bn, up 50% and ahead of the $2.32bn consensus, with commodities and global markets contributing $2bn (up 83%); the interim dividend was $3.25 per share.
• APRA imposed a $100m capital penalty on Macquarie on top of the existing $500m overlay, saying the group breached capital requirements for its non-bank businesses dating back to 2019.
• Shemara Wikramanayake handed over to Greg Ward after eight years as CEO, warning Australia suffers a "curse of comfort" on approvals and permitting that is holding back investment.
• RBA deputy governor Andrew Hauser warned public trust is key to hitting the 2–3% inflation target, citing a survey showing 60% of companies were uncertain about the bank's commitment, up from 20% a year earlier.
• NAB and Westpac flagged rising credit impairments as the housing market turns, with NAB forecasting a 4.9% fall in housing and Westpac a 3% rebound.

Mining & Resources

• Catalyst Metals appointed Ben MacKinnon as CFO and Rob Williamson as COO to drive Plutonic gold output from about 100,000oz to 200,000oz a year.
• Core Lithium more than doubled a high-grade Blackbeard intersection to 74m at 1.32% Li₂O, strengthening the case for extending the Finniss mine life.
• AIC Mines shareholders approved the Materra Metals acquisition, owner of the Mt Cuthbert copper project (18.7Mt at 1.3% Cu), and a $70m placement to fund it.
• GB Energy's $1bn-plus Golden Beach gas storage project collapsed into administration just two weeks after Victorian approval, deepening east coast gas supply concerns.
• Forrestania Resources lifted its relevant interest in Zenith Minerals to 64.67% as its takeover enters its final week, while Falcon Metals secured 51% of the Errabiddy gold project and expanded maiden drilling to 7,500m.
• The first NSW coal industry skills audit showed more than 60% of the state's coal workers are based in the Hunter and about 40% are aged 45 or older.

Retail, Property & Consumer

• David Jones entered voluntary administration and receivership owing suppliers about $100m, Anchorage $80m and lender Hilco $140m; gift cards stopped being accepted on Saturday and at least three Perth stores are set to close.
• Qantas will raise airfares and cut domestic capacity by about 4% in 2027 as its fuel bill rises more than $1bn, though it added 10,000 frequent flyer reward seats across 10 dedicated "points planes".
• Capital city auction clearance rates stayed below 60% for a 27th consecutive week, with the preliminary rate at 51.5% and auction volumes down 43.5% year-on-year.
• Regional Queensland property prices fell 4% from a May peak, with average days on market doubling to 43, while Treasury is drafting options to scale back the $7bn home battery subsidy ahead of the mid-year budget update.