• All ASX sectors in the red on first trading day of month
  • China’s Caixin Manufacturing PMI rose, signalling a rebound in Chinese factory activity
  • Asian also down as traders take a breather from the best month since 2020


The ASX200 retreated on the first trading day of December, down by -0.2%.

Local traders weighed OPEC+’s decision to cut output by 1 million barrels per day, against US PCE inflation index slowing to 3% in October from 3.4% in September.

On the ASX today, all 11 sectors were in the red, led by losses in Tech and Discretionary stocks. Energy was down only modestly despite a 2% decline in crude prices overnight.

Gold miners were mainly higher, while Bluescope (ASX:BSL) was the best large cap today, up almost 2%.

Earlier today, the Caixin China General Manufacturing PMI rose to 50.7 in November from 49.5 in October, beating market forecasts of 49.8.

It was the strongest growth in factory activity in China since August, highlighting the success of recent stimulus.

Across the region, Asian stocks mostly fell today as traders take a breather from the best month since 2020.

“Almost everyone was offsides coming into November,” Ryan Detrick, chief market strategist at Carson Group, told Bloomberg.

“So there’s still a big opportunity for traders to chase gains in December, too.”

Looking ahead to tonight in the US, Fed Reserve chair Jerome Powell is scheduled to speak publicly at two separate events.



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Telco firm Tuas Ltd (ASX:TUA) rose by almost 8% after holding its AGM this morning.

During the AGM, Chairman David Teoh talked about its FY23 performance, as well as outlook for FY24.

Teoh said the company’s 5G network rollout is currently ahead of plan. Fibre Broadband rollout is progressing with strong public interest. And there will be no change to FY24 CAPEX guidance of $45M-$50M. TUA’s outlook will be supported by a stable Singapore economy that’s forecasted to grow 1-3% in 2024.



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Coles (ASX:COL) was down 1% after competition watchdog, the ACCC, said it will not oppose Coles’ proposed acquisition of two milk processing plants from dairy processor, Saputo. The processing plants are located at Erskine Park, NSW and Laverton, Victoria.

Coles and Saputo both currently acquire raw milk from dairy farmers in Victoria and NSW. Coles currently has its milk processed at the Erskine Park and Laverton plants by Saputo. After the acquisition, Saputo will have its raw milk processed by Coles at these facilities under similar arrangements.

Pilbara Minerals (ASX:PLS) was down slightly after super fund, AusSuper, established a 5.1% stake in the lithium giant. It’s common market knowledge that PLS is currently the most shorted stock on the ASX.