Markets Overview

  • ASX SPI 200 futures up 0.3% to 9,061.00
  • S&P 500 up 0.8% to 6,791.69
  • Dow Average up 1.0% to 47,207.12
  • Aussie up 0.5% to 0.6544 per US$
  • US 10-year yield little changed at 4.0007%
  • Australia 3-year bond yield rose 1 bp to 3.37%
  • Australia 10-year bond yield rose 1.9 bps to 4.14%
  • Gold spot down 0.3% to $4,113.05
  • Brent futures little changed at $65.94/bbl

Economic Events

  • 19:15: (AU) RBA’s Bullock-Fireside Chat

RBA Governor Michele Bullock participates in a fireside chat at the Australian Business Economists’ Annual Dinner in Sydney. A rekindling of price pressures would likely see the central bank stand pat next week after three rate cuts this year.

US equity futures climbed in early Asia trading after the US and China signaled they were nearing completion of a sweeping trade deal, as President Donald Trump visits the region for a series of diplomatic talks.

S&P 500 futures rose 0.7%, while contracts for Japan, Australia and Hong Kong all pointed to gains. The US benchmark closed 0.8% higher on Friday and the Nasdaq 100 rose 1%, both hitting new closing highs, as did an MSCI gauge of global stocks. Oil rose.

The Australian and New Zealand dollars edged higher in early Asian trading Monday, while the greenback was mixed against other major currencies.

The moves were a sign investors are set to cheer a potential trade accord between the world’s two largest economies as the top trade negotiators for both countries said they came to terms on a range of contentious points, setting the table for a deal.

The comments from both sides followed two days of talks in Malaysia that wrapped up on Sunday. A Chinese official said the countries had reached a preliminary consensus on topics including export controls, fentanyl and shipping levies.

“This looks like more of a de-escalation rather than a new dawn,” Sean Keane, chief Asia Pacific strategist at JB Drax Honore Singapore Pte Ltd, wrote in a client note. Removing the threat of additional US tariffs on China that would have come in from Nov. 1 “simply avoids the ramp up that might have occurred otherwise, though few in the market seemingly believed it would end up being implemented,” he said.

Traders will be looking ahead to a busy week of central bank announcements that includes rate decisions from the Federal Reserve, European Central Bank and Bank of Japan. The Fed is forecast to cut rates by 25 basis points, while the ECB and BOJ are expected to leave rates unchanged.

The week ahead “will be crucial for markets,” as central bank announcements coincide with the US earnings season, said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg.

“These developments set the stage for heightened volatility as investors navigate central bank policy shifts, geopolitical trade easing, and corporate earnings signals—all factors that will shape market direction into year-end,” he said.