With gold prices dropping below US$1800/oz, traders will be looking to see whether the precious metal can pare its losses. Australia-China trade tension looms as a talking point for the likes of Treasury Wine and other exporters, while third-quarter GDP could show a return to economic growth.
As the surge in lithium stocks continued, there were signs of life among coal stocks, with each of the big names in this segment performing strongly. Elsewhere, digital payments companies faced a difficult time, while the poor run of form among gold stocks persisted.
Banks enter the new week full of momentum, having notched up some of their best weekly performances in recent times, and supporting a strong rally across the market that has the ASX looking to re-test its recent multi-month high.
Momentum was one of the key investment themes this week, with stocks from the lithium and bank segments entrenching their recent gains with strong performances, while at the other end of the scale, gold stocks and tech oriented favourites like Kogan, NextDC and Codan saw their recent slumps extend.
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Tech and gold stocks will be eyeing a better week after last week’s vaccine news dented some of their momentum. The IPO market also heats up, and Australian unemployment data for October will test economists’ mettle when it comes to forecasting.
Investors rotated out of growth stocks and into recovery plays following preliminary results regarding the vaccine being developed by Pfizer and BioNTech. REITs, travel and energy stocks sprung to life, while tech and gold were casualties.
See which shares were favoured, or fell out of favour among the SelfWealth community during October
The election may have yielded a result, but whether the fight continues remains to be seen, with the prospect of legal challenges set to occupy headlines over the coming days. Locally, bank shares line up to trade ex-dividend this week, and gold explorers eye the rising price of gold.
Despite the outcome of the US presidential election dragging on and facing some uncertainty, the ASX managed to jump higher this week, led by travel stocks, real estate trusts and gold shares, to name but a few of the key-performers.
In an eventful week, the US presidential election will take place, while central banks in the US and Australia convene to decide interest rates. US job numbers are also set to come into focus, as will Westpac’s full-year results.
Record GDP growth in the US was not enough to spark a turnaround in the ASX, which was dragged down by concerns over the major increase in COVID cases overseas. With M&A activity in the spotlight, however, alongside various trading updates, some names fared well this week.
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