{"id":73,"date":"2025-12-01T08:47:18","date_gmt":"2025-11-30T22:47:18","guid":{"rendered":"https:\/\/kate.st\/?p=73"},"modified":"2025-12-01T08:47:18","modified_gmt":"2025-11-30T22:47:18","slug":"before-the-bell-20251201","status":"publish","type":"post","link":"https:\/\/kate.st\/?p=73","title":{"rendered":"Before the Bell &#8211; 20251201"},"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 stumbled at the close to dip 3.2 points to 8614.1, taking the total gain for the week to 2.3 per cent. However, it was not enough for the index to fall 3 per cent for November \u2013 the worst month for equities since March.<\/li>\n\n\n\n<li>Monash IVF was flat at 85\u00a2 after the Victorian government imposed certain conditions on the registration of its clinics in that state following an embryo mix-up disclosed in June.<\/li>\n\n\n\n<li>Qube fell 2.2 per cent to $4.86 as Morningstar said in a note that Macquarie\u2019s $11.6 billion bid for Qube underscores the rapid decline of listed infrastructure on the ASX, reducing opportunities for individual investors.<\/li>\n\n\n\n<li>Westpac slipped 0.8 per cent to $37.59 after its New Zealand arm was fined $NZ3.64 million ($3.19 million) for breaching lender-responsibility rules, with failures that left customers without legally required loan information and, in some cases, agreed interest-rate discounts.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">US<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A data centre fault halted activity on the CME for several hours on Friday, bringing futures trading to a standstill and fanning concerns over global markets\u2019 heavy reliance on a single exchange. ($<a href=\"https:\/\/www.ft.com\/content\/3332da74-d961-4b7f-a503-11d55d93b7c8\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Malaysian glove maker Kossan\u2019s 4Q performance is likely to be flattish on year, says CIMB Securities, expecting the industry\u2019s operating landscape to remain challenging in the long term due to demand-supply imbalances.<\/li>\n\n\n\n<li>MediaTek\u2019s shares surge amid better AI application-specific integrated circuits visibility.<\/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>Bitcoin bounced to $91,500, but a break above $98,000 and, ideally, consolidation over $100,000 is needed to invalidate the month-long downtrend from October\u2019s $126,000 peak.<\/li>\n\n\n\n<li>The Fear &amp; Greed Index sits at 20\/100 (extreme fear), up from 10 last week, signaling tentative improvement in investor sentiment.<\/li>\n\n\n\n<li>Thanksgiving trading saw subdued activity; SKY outperformed with an 8.5% gain, while ZEC and TIA slid on continued sell pressure and negative sentiment.<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Economy<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Canada\u2019s Prime Minister Mark Carney has struck a deal for a new pipeline carrying a million barrels of oil a day to Canada\u2019s west coast in a bid to pivot away from an over-reliance on the US economy. ($<a href=\"https:\/\/www.ft.com\/content\/29e0a13f-c7c7-4e91-9d22-73aeee31a6e1\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>U.S. shoppers spent $8.6 billion online on Black Friday, an Adobe Analytics report showed, as more consumers turned to laptops and phones instead of braving brisk weather to snap up deals during the holiday shopping weekend. (<a href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/us-black-friday-online-sales-hit-86-billion-says-adobe-analytics-2025-11-28\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n\n\n\n<li>China&#8217;s central bank reaffirmed its tough stance on virtual currencies on Saturday, warning of a resurgence in speculation and vowing to crack down on illegal activities involving stablecoins. (<a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/chinas-central-bank-vows-crackdown-virtual-currency-flags-stablecoin-concerns-2025-11-29\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n\n\n\n<li>Home lending is expected to grow 6 per cent next year, shrugging off a regulatory crackdown on risky lending as three ambitious bank chief executives step up the competition with market leader Commonwealth Bank. ($<a href=\"https:\/\/www.afr.com\/companies\/financial-services\/banks-to-increase-home-lending-in-2026-despite-apra-crackdown-20251127-p5nj38\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>The Reserve Bank of Australia might water down its controversial proposal to impose a ban on credit card surcharge fees, which drew a backlash from business, and the regulator is also taking steps to appease the big banks\u2019 concerns about interchange fees. ($<a href=\"https:\/\/www.afr.com\/companies\/financial-services\/rba-rethinks-credit-card-surcharge-ban-payment-fee-cut-after-stoush-20251126-p5nipy\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>Investors are anticipating a \u201cradical\u201d shift away from long-term borrowing by the UK government, after it said it was considering selling more short-term Treasury bills. ($<a href=\"https:\/\/www.ft.com\/content\/6ab1637e-9919-416a-bc69-353d05529612\" 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>Macquarie\u2019s knee-jerk reaction to having to repay $321 million to investors who lost money in the collapse of the Shield Master Trust is still causing colossal issues for a long list of affected fund managers. ($<a href=\"https:\/\/www.afr.com\/opinion\/macquarie-s-fund-manager-purge-list-shrinks-by-nearly-a-third-20251127-p5nj2t\" target=\"_blank\" rel=\"noreferrer noopener\">AFR<\/a>)<\/li>\n\n\n\n<li>Infrastructure investors including BlackRock, Brookfield and Apollo are courting the leading oil and gas companies, sensing an opportunity as the sector grapples with lower prices and a lack of enthusiasm from public-market investors. ($<a href=\"https:\/\/www.ft.com\/content\/2b9b9061-0a25-4c78-ba4d-7a26a8ab2859\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Western banks have been the biggest beneficiaries of Hong Kong equity sales this year, shrugging off US-China tensions as dealmaking booms in Asia\u2019s financial hub. ($<a href=\"https:\/\/www.ft.com\/content\/58155300-5c0d-47ce-90fa-2350cd43ffff\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>OpenAI\u2019s huge early lead in the race to dominate artificial intelligence is under the greatest pressure since ChatGPT\u2019s launch, as rivals Google and Anthropic gain ground in the cutting-edge technology. ($<a href=\"https:\/\/www.ft.com\/content\/8881062d-ff4f-4454-8e9d-d992e8e2c4e3\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>China\u2019s jewellery retailers are reeling from gold\u2019s blistering rally and the reduction of a tax rebate as high prices have deterred buyers and led to hundreds of store closures in one of the world\u2019s largest consumer markets for the metal. ($<a href=\"https:\/\/www.ft.com\/content\/2a27ca70-71e5-4e4f-b98c-aef315d14ea5\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/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>Japan\u2019s Finance Minister Satsuki Katayama said it is \u201cclear\u201d that volatile yen swings aren\u2019t \u201cmoving based on fundamentals,\u201d in the latest expression of the government\u2019s frustration over the currency. ($<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-11-30\/japan-s-finance-minister-says-fx-moves-not-based-on-fundamentals\" target=\"_blank\" rel=\"noreferrer noopener\">BBG<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Politics<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Canada&#8217;s Prime Minister Mark Carney signed an agreement with Alberta&#8217;s premier on Thursday that rolls back certain climate rules to spur investment in energy production, while encouraging construction of a new oil pipeline to the West Coast. (<a href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/canada-drops-emissions-cap-oil-gas-sector-agreement-with-alberta-2025-11-27\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n\n\n\n<li>The new head of the Bank for International Settlements has said reining in hedge funds&#8217; ability to make highly leveraged bets in government bond markets should be a key priority for policymakers given rapidly increasing public debt levels. (<a href=\"https:\/\/www.reuters.com\/business\/finance\/central-bank-body-bis-warns-hedge-fund-leverage-government-bond-markets-2025-11-27\/\" target=\"_blank\" rel=\"noreferrer noopener\">TR<\/a>)<\/li>\n\n\n\n<li>Russian President Vladimir Putin has cast doubt on the latest US efforts to make a peace plan to end the war in Ukraine, but confirmed that a US delegation would travel to Moscow early next week. ($<a href=\"https:\/\/www.ft.com\/content\/39cc1303-a3ec-4452-b32e-a678d09baefd\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>The chief executive of Italian bank Banca Monte dei Paschi di Siena is under investigation for alleged market manipulation and obstruction of supervisory functions in connection with its takeover of rival Mediobanca. ($<a href=\"https:\/\/www.ft.com\/content\/65425da8-91ef-4a37-bc63-dd60d782e816\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Donald Trump has said he will pardon the former president of Honduras Juan Orlando Hern\u00e1ndez, who was convicted last year in the US of drug trafficking, ahead of a tense presidential election in the Central American country on Sunday. ($<a href=\"https:\/\/www.ft.com\/content\/04cdbfa0-38a4-4fef-a0b5-57d612455d90\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>APRA&#8217;s pre-emptive limit on mortgage lending at a high Debt-to-Income ratio highlights that good lending practice should not be distorted by system-level controls. At the margin, the policy is slightly dovish for the interest rate outlook. (<a href=\"https:\/\/www.apra.gov.au\/news-and-publications\/apra-to-limit-high-debt-to-income-home-loans-to-constrain-riskier-lending\" target=\"_blank\" rel=\"noreferrer noopener\">APRA<\/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>Deutsche B\u00f6rse has launched a bid to buy private equity-backed fund platform Allfunds for \u20ac5.3bn, as the German exchange group seeks to expand. ($<a href=\"https:\/\/www.ft.com\/content\/4cbd905d-4ebc-4e79-a99a-721652cbbfab\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>The owner of a major Chinese drone parts supplier has taken a stake in one of Russia\u2019s leading drone companies, highlighting a deepening relationship between Moscow and Beijing\u2019s military-industrial complexes. ($<a href=\"https:\/\/www.ft.com\/content\/e907c2fa-2d3b-4269-bc6c-b2fee4d9f688\" target=\"_blank\" rel=\"noreferrer noopener\">FT<\/a>)<\/li>\n\n\n\n<li>Naver bought Upbit, a crypto exchange, for $10.3 billion. ($<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-11-27\/crypto-exchange-upbit-hit-by-exploit-after-10-3-billion-deal\" target=\"_blank\" rel=\"noreferrer noopener\">BBG<\/a>)<\/li>\n\n\n\n<li>Ursa Major Technologies, a rocket-engine startup, raised $100 million. (<a href=\"https:\/\/ursamajor.com\/media\/press-release\/ursa-major-raises-100-million-closes-series-e\/\" target=\"_blank\" rel=\"noreferrer noopener\">article<\/a>)<\/li>\n\n\n\n<li>Gate Bioscience, a protein-elimination biotech, raised $65 million. (<a href=\"https:\/\/www.gatebio.com\/gate-bioscience-announces-65-million-oversubscribed-series-b-financing-to-advance-oral-molecular-gate-medicines-into-the-clinic\" target=\"_blank\" rel=\"noreferrer noopener\">article<\/a>)<\/li>\n\n\n\n<li>Gridware, an electric-grid protection startup, raised $55 million. (<a href=\"https:\/\/www.gridware.io\/news\/gridware-raises-55-million-growth-round-to-accelerate-u-s-deployments-and-support-global-expansion\" target=\"_blank\" rel=\"noreferrer noopener\">article<\/a>)<\/li>\n\n\n\n<li>Numeric, an accounting automation startup, raised $51 million. (<a href=\"https:\/\/www.numeric.io\/blog\/numeric-raises-51m-series-b\" target=\"_blank\" rel=\"noreferrer noopener\">article<\/a>)<\/li>\n\n\n\n<li>Agentio, a creator-led advertising platform, raised $40 million. (<a href=\"https:\/\/www.agentio.com\/blog\/agentio-series-b\" target=\"_blank\" rel=\"noreferrer noopener\">article<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Independent Research<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Westpac IQ revise their dairy price forecasts due to increased global production and the New Zealand Reserve Bank&#8217;s 25-point rate cut to 2.25%, signaling a likely end to the easing cycle with potential rate rises ahead. (<a href=\"https:\/\/www.westpaciq.com.au\/economics\/2025\/11\/nz-weekly-economic-insight-28-november-2025?ai=1764209614376&amp;cd=84331&amp;cid=edm\" target=\"_blank\" rel=\"noreferrer noopener\">WIQ<\/a>)<\/li>\n\n\n\n<li>Westpac IQ&#8217;s research show that private sector credit growth accelerated in recent months, with October data showing a robust 0.7%mth increase, exceeding their forecast and consensus expectations. (<a href=\"https:\/\/library.westpaciq.com.au\/content\/dam\/public\/westpaciq\/secure\/economics\/documents\/aus\/2025\/11\/er20251128BullPrivateCreditSep.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">WIQ<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Opinion<\/h1>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Wall Street Predicts Rebound in Indian Markets After Tough Year. ($<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-11-30\/wall-street-predicts-rebound-in-indian-markets-after-tough-year\" target=\"_blank\" rel=\"noreferrer noopener\">BBG<\/a>)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Meme Cleanser<\/h1>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"717\" height=\"1024\" src=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/91930012-58ac-442f-84da-c3a0dd3f8076-717x1024.webp\" alt=\"\" class=\"wp-image-71\" style=\"width:1548px;height:auto\" srcset=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/91930012-58ac-442f-84da-c3a0dd3f8076-717x1024.webp 717w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/91930012-58ac-442f-84da-c3a0dd3f8076-210x300.webp 210w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/91930012-58ac-442f-84da-c3a0dd3f8076-768x1097.webp 768w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/91930012-58ac-442f-84da-c3a0dd3f8076-1076x1536.webp 1076w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/91930012-58ac-442f-84da-c3a0dd3f8076.webp 1206w\" sizes=\"auto, (max-width: 717px) 100vw, 717px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"487\" src=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/ba15a03c-5836-4f52-86b3-60417901afb6-1024x487.webp\" alt=\"\" class=\"wp-image-72\" style=\"width:1548px;height:auto\" srcset=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/ba15a03c-5836-4f52-86b3-60417901afb6-1024x487.webp 1024w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/ba15a03c-5836-4f52-86b3-60417901afb6-300x143.webp 300w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/ba15a03c-5836-4f52-86b3-60417901afb6-768x366.webp 768w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/ba15a03c-5836-4f52-86b3-60417901afb6.webp 1206w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"305\" src=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/801bb6fe-0976-4ad4-8604-15a6ab7cb85f-1024x305.webp\" alt=\"\" class=\"wp-image-70\" style=\"width:1548px;height:auto\" srcset=\"https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/801bb6fe-0976-4ad4-8604-15a6ab7cb85f-1024x305.webp 1024w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/801bb6fe-0976-4ad4-8604-15a6ab7cb85f-300x89.webp 300w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/801bb6fe-0976-4ad4-8604-15a6ab7cb85f-768x229.webp 768w, https:\/\/kate.st\/wp-content\/uploads\/2025\/11\/801bb6fe-0976-4ad4-8604-15a6ab7cb85f.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-73","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\/73","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=73"}],"version-history":[{"count":2,"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/posts\/73\/revisions"}],"predecessor-version":[{"id":75,"href":"https:\/\/kate.st\/index.php?rest_route=\/wp\/v2\/posts\/73\/revisions\/75"}],"wp:attachment":[{"href":"https:\/\/kate.st\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kate.st\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kate.st\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}