{"id":103,"date":"2025-12-05T08:30:00","date_gmt":"2025-12-04T22:30:00","guid":{"rendered":"https:\/\/kate.st\/?p=103"},"modified":"2025-12-05T04:42:55","modified_gmt":"2025-12-04T18:42:55","slug":"before-the-bell-20251205","status":"publish","type":"post","link":"https:\/\/kate.st\/?p=103","title":{"rendered":"Before the Bell &#8211; 20251205"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\">Markets<\/h1>\n\n\n\n<h2 class=\"wp-block-heading\">AUS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The S&amp;P\/ASX 200 index closed 23.2 points higher, or 0.3 per cent, at 8618.4 in a choppy session, despite an increasing probability of higher borrowing costs in the coming months.<\/li>\n\n\n\n<li>BetMakers advanced 5.7 per cent to 18.5\u00a2 as it signed an exclusive five-year agreement with Betfair to provide technology for the launch of premium wagering brand CrownBet.<\/li>\n\n\n\n<li>Vulcan Energy Resources tumbled 33 per cent to $4.1 after raising \u20ac398\u202fmillion ($710\u202fmillion) in shares at $4 to finance a renewable energy project.<\/li>\n\n\n\n<li>Regis Healthcare fell 3.9 per cent to $7.64 on news it agreed to sell its Ayr and Home Hill aged care homes in Queensland to not-for-profit provider Ozcare.<\/li>\n\n\n\n<li>Due to a surge in copper prices:\n<ul class=\"wp-block-list\">\n<li>BHP soared 3.7 per cent to $44.55, the highest level since October 2024, bringing this year\u2019s gains to 13 per cent.<\/li>\n\n\n\n<li>Rio Tinto soared to a record high of $140.12, having rallied 19 per cent this year.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">US<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Meta jumped 4% after reports that it would slash budgets for its Metaverse initiative by as much as 30%.<\/li>\n\n\n\n<li>The S&amp;P 500 edged up by 0.1% and is just 0.5% below its all-time high, continuing a relatively calm run following weeks of sharp swings.<\/li>\n\n\n\n<li>The Dow Jones Industrial Average (^DJI) was up 408.40 points (0.86%) today, reaching 47882.90, as investors focused on growing expectations for a Federal Reserve interest rate cut.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Linea and Ethereum Mainnet upgrade simultaneously for the first time with updates that enhance onboarding, security, and overall performance on Linea. (<a href=\"https:\/\/paragraph.com\/@linea\/ethereum-evolves-and-so-does-linea-introducing-the-fusaka-upgrade\" target=\"_blank\" rel=\"noreferrer noopener\">s<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Economy<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>October household spending indicator: 1.3%mth, 5.6%yr. (<a href=\"https:\/\/www.abs.gov.au\/statistics\/economy\/finance\/monthly-household-spending-indicator\/oct-2025\" target=\"_blank\" rel=\"noreferrer noopener\">ABS<\/a>)<\/li>\n\n\n\n<li>ADP data shows private employment dropped last month, following a unclear BLS September report amid ongoing government shutdown obscuring economic visibility.\n<ul class=\"wp-block-list\">\n<li>Private employers in the US shed 32,000 jobs in November, according to unofficial data that has gained a more prominent role since the record government shutdown delayed the release of official figures.\u00a0($<a href=\"https:\/\/www.ft.com\/content\/7d41313c-fb16-409c-b54d-4821937caa33\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Soft retail sales, declining consumer confidence, and another subdued manufacturing survey reinforced the case for monetary easing, boosting rate-sensitive sectors like homebuilders, transports, chemicals, and consumer stocks.<\/li>\n\n\n\n<li>Yields on Japan\u2019s benchmark government bonds rose to their highest level since 2007 as investors fretted over Prime Minister Sanae Takaichi\u2019s spending plans and braced themselves for an interest rate increase. ($<a href=\"https:\/\/www.ft.com\/content\/9818c1f0-c6b6-44b4-9a63-deeeca528365\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Bond investors have told the US Treasury they are concerned about Kevin Hassett\u2019s potential appointment as Federal Reserve chair, worrying he will cut interest rates aggressively to please President Donald Trump. ($<a href=\"https:\/\/www.ft.com\/content\/ad4bfd8b-a0f8-4f9e-a234-eed589e3d0ab\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Business<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Meta has poached top Apple design executive Alan Dye, in a blow to the iPhone maker as the social media group steps up its efforts to sell wearable artificial intelligence-powered devices. ($<a href=\"https:\/\/www.ft.com\/content\/b9b1d92a-7856-4058-adde-417a0b24fe62\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Rio Tinto will raise up to $15.1 billion in asset sales and cut spending on decarbonisation by $6 billion under chief executive Simon Trott\u2019s plan to make the miner \u201cstronger, sharper and simpler\u201d. ($<a href=\"https:\/\/www.afr.com\/companies\/mining\/rio-tinto-to-sell-up-to-15b-of-assets-cut-spending-20251204-p5nkv3\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>OpenAI has agreed to acquire Neptune, a startup that provides tools that help companies track their AI model training, the ChatGPT maker said on Wednesday. (<a href=\"https:\/\/www.reuters.com\/business\/openai-agrees-acquire-ai-startup-neptune-boost-model-training-capabilities-2025-12-04\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n\n\n\n<li>Australia&#8217;s Fortescue said that it would cooperate with a subsidiary of China Baowu, the world&#8217;s largest steelmaker, to explore new green technology for accelerating decarbonisation in the hard-to-abate steel industry. (<a href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/fortescue-works-with-chinese-steelmaker-new-green-iron-technology-2025-12-03\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n\n\n\n<li>Hedge fund QVG Capital appears to have successfully bet against two of the Australian sharemarket\u2019s more controversial companies \u2013 DroneShield and Corporate Travel Management. ($<a href=\"https:\/\/www.afr.com\/markets\/equity-markets\/hedge-fund-qvg-to-profit-from-shorting-these-two-asx-stocks-20251203-p5nkgm\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>Cambricon Technologies Corp. plans to more than triple its production of AI chips in 2026, aiming to wrest market share from Huawei Technologies Co. in China and fill a void left by Nvidia Corp.\u2019s forced exit. ($<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-04\/cambricon-aims-to-triple-chip-output-to-replace-nvidia-in-china\" target=\"_blank\" rel=\"noreferrer noopener\">BBG<\/a>)<\/li>\n\n\n\n<li>ING Groep NV has created a new unit for private markets deals labeling the business as a \u201ckey growth\u201d area within its wholesale banking division. ($<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-04\/ing-creates-private-markets-unit-calls-it-key-growth-area\" target=\"_blank\" rel=\"noreferrer noopener\">BBG<\/a>)<\/li>\n\n\n\n<li>ANZ Group Holdings Ltd. Chair Paul O\u2019Sullivan shouldn\u2019t be re-elected, the Australian Shareholders\u2019 Association said in a recommendation that heightens the stakes at the bank\u2019s upcoming annual general meeting. ($<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-04\/australia-shareholder-group-rejects-re-election-of-anz-chairman-mir7dof2\" target=\"_blank\" rel=\"noreferrer noopener\">BBG<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Currencies<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The U.S. dollar was soft on Thursday after lacklustre economic data cemented the case for a rate cut from the Federal Reserve next week, providing relief to the yen and pushing the euro to its highest level in nearly seven weeks. (<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/dollar-weak-with-rate-cut-enthusiasm-intact-euro-7-week-high-2025-12-04\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Politics<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brussels is planning a new antitrust investigation into Meta over the rollout of artificial intelligence features within WhatsApp, in the EU\u2019s latest challenge to Big Tech. ($<a href=\"https:\/\/www.ft.com\/content\/66f20eec-1734-4eea-9ca3-7ac1d88258ab\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>President Donald Trump proposed drastic cuts to fuel efficiency standards for US vehicles, in another salvo against electric cars set to benefit the auto and oil industries. ($<a href=\"https:\/\/www.ft.com\/content\/3d6c73b1-dffb-4407-9610-29c0f540a7c2\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Australia&#8217;s internet regulator said a teen social media ban would be the first domino to fall in a global push to rein in Big Tech, as Meta&#8217;s Instagram, Facebook and Threads began locking out hundreds of thousands of accounts ahead of a deadline next week. (<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/australia-says-world-will-follow-social-media-ban-meta-starts-blocking-teens-2025-12-04\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Deal Flow<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Private credit group Blue Owl and its employees spent $200mn in recent days to buy stock in the firm and two of its publicly traded vehicles, after their shares slid following a failed merger of two of its funds. ($<a href=\"https:\/\/www.ft.com\/content\/5c7635db-5591-4abf-8f6e-9982e964442e\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Mineral explorer and developer Andean Silver has launched a $30 million capital raising to fund its drilling efforts at the Cerro Bayo silver-gold mine in southern Chile. ($<a href=\"https:\/\/www.afr.com\/street-talk\/andean-silver-launches-30m-capital-raising-20251204-p5nkrt\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>Phil Zhou, an executive financial adviser at Shaw and Partners, has made the switch to Morgan Stanley Wealth Management in a significant loss for the business. ($<a href=\"https:\/\/www.afr.com\/street-talk\/shaws-and-partners-bigwig-jumps-to-morgan-stanley-wealth-20251204-p5nkqz\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>Vulcan Energy Resources had Morgan Stanley and Canaccord Genuity open books for a $1.1 billion equity raising on Wednesday morning. ($<a href=\"https:\/\/www.afr.com\/street-talk\/vulcan-energy-launches-1-1b-equity-rasing-20251202-p5nkaa\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>US-focused critical minerals tearaway Locksley Resources went cap in hand to fund managers on Thursday, seeking to raise up to $15 million via an institutional placement. ($<a href=\"https:\/\/www.afr.com\/street-talk\/california-critical-minerals-play-locksley-kicks-off-equity-raising-20251203-p5nkj1\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>BGH Capital bets on $200m childcare business, defying sector jitters. ($<a href=\"https:\/\/www.afr.com\/street-talk\/bgh-capital-bets-on-200m-childcare-business-defying-sector-jitters-20251204-p5nkwa\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>Quadrant Private Equity has owned MotorOne for almost 10 years, slotting it into a continuation fund in 2022. Now, Brisbane\u2019s Alvia Private Capital is betting on a little-known auto parts business, The Automotive Group, to ride the same thematic. ($<a href=\"https:\/\/www.afr.com\/street-talk\/pe-firm-buys-majority-stake-in-sydney-s-the-automotive-group-20251204-p5nkrc\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>ARN Media trims stake in Southern Cross Media; Barrenjoey on trade. ($<a href=\"https:\/\/www.afr.com\/street-talk\/barrenjoey-crosses-line-in-southern-cross-media-20251204-p5nkyp\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>Abu Dhabi\u2019s Mubadala Investment Co., one of the region\u2019s most prolific private credit players with a $20 billion portfolio, said its bets were holding up well and batted away concerns over structural issues within the sector. ($<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-04\/mubadala-backs-private-credit-bets-after-plowing-in-20-billion\" target=\"_blank\" rel=\"noreferrer noopener\">BBG<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Independent Research<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>JP Morgan release their 2026 Market Outlook with the title, &#8220;Promise and Pressure \/\/ Investing in the new frontier of AI, fragmentation and inflation&#8221;. (<a href=\"https:\/\/assets.jpmprivatebank.com\/content\/dam\/jpm-pb-aem\/global\/en\/documents\/outlook2026\/JPMorganOutlook2026PromiseandPressure.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">s<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Opinion<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>HSBC has pulled forward its forecasts of a rate hike by the Reserve Bank due to high inflation. It is now tipping the start of the tightening cycle in the September quarter of 2026, from early 2027 in a previous forecast.<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Meme Cleanser<\/h1>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"856\" height=\"1024\" src=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/ed05e117-099e-46c4-aa36-f991b7bb52d9-856x1024.webp\" alt=\"\" class=\"wp-image-89\" srcset=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/ed05e117-099e-46c4-aa36-f991b7bb52d9-856x1024.webp 856w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/ed05e117-099e-46c4-aa36-f991b7bb52d9-251x300.webp 251w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/ed05e117-099e-46c4-aa36-f991b7bb52d9-768x919.webp 768w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/ed05e117-099e-46c4-aa36-f991b7bb52d9.webp 1206w\" sizes=\"auto, (max-width: 856px) 100vw, 856px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"826\" height=\"1024\" src=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/3fd4c443-866b-431a-91bc-fc736c0091e0-826x1024.webp\" alt=\"\" class=\"wp-image-98\" srcset=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/3fd4c443-866b-431a-91bc-fc736c0091e0-826x1024.webp 826w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/3fd4c443-866b-431a-91bc-fc736c0091e0-242x300.webp 242w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/3fd4c443-866b-431a-91bc-fc736c0091e0-768x952.webp 768w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/3fd4c443-866b-431a-91bc-fc736c0091e0.webp 1206w\" sizes=\"auto, (max-width: 826px) 100vw, 826px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"492\" src=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/8a6886e8-fdc7-49c3-a461-78d04ca8bb8a-1024x492.webp\" alt=\"\" class=\"wp-image-99\" srcset=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/8a6886e8-fdc7-49c3-a461-78d04ca8bb8a-1024x492.webp 1024w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/8a6886e8-fdc7-49c3-a461-78d04ca8bb8a-300x144.webp 300w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/8a6886e8-fdc7-49c3-a461-78d04ca8bb8a-768x369.webp 768w, https:\/\/kate.st\/wp-content\/uploads\/2025\/12\/8a6886e8-fdc7-49c3-a461-78d04ca8bb8a.webp 1206w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Markets AUS US Crypto Economy Business Currencies Politics Deal Flow Independent Research Opinion Meme Cleanser<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-103","post","type-post","status-publish","format-standard","hentry","category-before-the-bell"],"acf":[],"_links":{"self":[{"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/posts\/103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kate.st\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=103"}],"version-history":[{"count":1,"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/posts\/103\/revisions"}],"predecessor-version":[{"id":104,"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/posts\/103\/revisions\/104"}],"wp:attachment":[{"href":"https:\/\/kate.st\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kate.st\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kate.st\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}