Market Highlights and 5 ASX Small Caps to watch on Thursday

Wall Street falls as US inflation hits 30-year high

US stocks continued their slide overnight, as the latest data showed that consumer prices rose at a pace not seen since the early 1990s.

Prices in the US jumped 0.9% in October, and 6.2% from a year ago which was the highest jump in three decades.

China also released inflation data yesterday, and consumer prices there grew by 1.75%, the fastest pace since September 2020.

All three major US benchmarks were down overnight- the Dow Jones by 0.66%, the S&P 500 by 0.82%. and tech heavy Nasdaq by 1.66%.

In the biggest US IPO of the year, stocks in EV car maker Rivian Group surged 50% on debut, valuing it at US$100bn.

Meta (or Facebook) and Microsoft announced a tieup to integrate their respective platforms, Workplace and Teams. But both stocks fell in a broad selloff on the Nasdaq.

In other markets, the spot iron ore price keeps falling. It fell by another 3.7% overnight and is now trading below US$90 at US$88.90/t. Oil prices eased, falling by around 2-3%.

Eurozone shares +0.1%
US shares -0.8%, Nasdaq -1.7% after a further acceleration in US inflation
US 10 yr yld +11bp to 1.56%
Oil -3.8% to $81.2
Gold +1% to $1850.2
Iron ore -3.2% to $89.5
ASX futures -0.1%$A 0.7326 with $US index +0.9%

— Shane Oliver (@ShaneOliverAMP) November 10, 2021

Meanwhile in cryptos, Bitcoin is selling down to US$66,700 at 8am AEDT, from US$67,500 yesterday.

The JP Morgan crypto spinoff known as Kadena has been on fire in recent weeks and Aussie crypto trader Eunice Wong has been all over it.

She first bought in at US65c in August. On Wednesday afternoon KDA was trading for US$21.79, having gained 212 per cent in the last fortnight;

Read the rest of that story here on Stockhead.

ASX 200 to open lower on Thursday

The ASX 200 looks set to open lower this morning, with futures markets (December contracts) pointing down by 0.12% at 8:30am AEDT.

Yesterday, the local index lost ground in the afternoon to finish 0.14% lower.

Lithium play Green Technology Metals (ASX:GT1) became the latest ASX IPO to surge higher on debut, when it jumped by 52% to close the day at 38c.

Today will see the anticipated Australian unemployment rate for October released. The print was 4.6% in September, and the market expects to rise to 4.7% in October.

5 ASX small caps to watch today

Plenti (ASX:PLT)
The company announced a strategic entry into the fast-growing electric vehicle (EV) financing market. It’s launching a suite of EV finance products and tools, with rates at least 0.5%p.a. less than existing normal car loan rates.

Kazia Therapeutics (ASX:KZA)
The company said that a study of PNOC022, which includes Kazia’s investigational drug paxalisib, has been initiated at the University of California with the first patient successfully enrolled. The study will provide data on the potential use of the drug in DIPG, a highly aggressive form of childhood brain cancer.

Universal Biosensors (ASX:UBI)
UBI has entered into a collaboration agreement with Mayo Clinic, one of the world’s most prestigious oncology research and treatment institutions based in Rochester,Minnesota. The agreement covers multiple potential projects including work on UBI’s Tn antigen cancer biosensor.

Black Cat Syndicate (ASX:BC8)
The company has received a $146k grant from the WA Department of Mines, Industry Regulation and Safety, to support 50% of the drilling costs associated with its Balagundi Cu-Zn-Pb-Au Project near Kalgoorlie.

Western Gold Resources (ASX:WGR)
Results of the Sub-Audio Magnetics (SAM) survey completed at the Gold Duke Project have indicated potential mineralisation. The results show that flexures in shear zones, particularly where they intersect fault zones and areas of stratigraphic thinning, are highly prospective.