Wall Street closed for Thanksgiving, European shares up, ASX set to retreat

Resolute has now made settlement payments totalling $US130 million to the government of Mali, where it operates its Syama mine. A final payment worth $US30 million is expected to be paid sometime in the next month.

Woodside Energy (up 0.1 per cent) and Santos (up 0.2 per cent) added, while Ampol – which said on Friday morning that it expects $650 million in net capital expenditure for 2024 – was down 1.5 per cent.

Overnight, European shares ticked up on after falling the previous day as trading volumes thinned ahead of the US Thanksgiving holiday.

Europe’s continent-wide STOXX 600 index rose 0.5 per cent, after falling 0.8 per cent across the previous two sessions. Trading in US equities and Treasuries was closed, but futures for the US S&P 500 were up 0.2 per cent after the index fell 0.4 per cent on Wednesday.

European markets were boosted by a rally in tech shares after Bloomberg reported the Biden administration’s curb on Chinese chips could be less severe than expected.

Data on Wednesday showed US consumer spending increased in October but the Federal Reserve’s preferred measure of inflation ticked up to 2.3 per cent in October, from 2.1 per cent the previous month.

Together with the prospect of higher tariffs on imported goods, solid spending and inflation could narrow the scope for interest rate cuts next year.

“We continue to expect the FOMC to cut the Funds rate by 25 basis points at its December meeting,” said economist Kristina Clifton at the Commonwealth Bank of Australia, referring to the United States’ rate-setting Federal Open Market Committee.

“However, another solid monthly core inflation for November will challenge the FOMC’s view that inflation is trending down to 2 per cent per year.”

The dollar index, which measures the US currency against six rivals, was 0.1 per cent higher at 106.2 after dropping 0.7 per cent in the previous session.

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In a surprise move, South Korea’s central bank cut benchmark interest rates for a second consecutive meeting on Thursday after inflation slowed more than policymakers predicted. The won weakened after the decision.

In commodities markets, oil prices ticked up after Israel said its ceasefire with Hezbollah had been breached.

Spot gold was up 0.1 per cent at $US2639 per ounce but on course for a near 4 per cent drop in November, its weakest monthly performance in over a year.