AU Morning Wrap: ASX Surges 2.6pc In Broad Rally; Tech Stocks Soar

Wall Street Summary
The $Dow Jones Industrial Average (.DJI.US)$ jumped nearly 1,200 points on speculation the top in interest rates may not be as far off as previously projected. The $Nasdaq Composite Index (.IXIC.US)$ surged 7.3 per cent and the $S&P 500 Index (.SPX.US)$ 5.5 per cent.

Stocks took wing after measures of both headline and core inflation came in weaker than expected for October. The consumer price index increased just 0.4 per cent for the month, below the 0.6 per cent gain expected by economists. Annual price growth of 7.7 per cent was down from 8.2 per cent in September.

AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ rallied 2.56% in the opening minutes of trade, as softer-than-expected US inflation data spurred bets that the Federal Reserve will slow the pace of its aggressive policy tightening.

$Ramsay Health Care Ltd (RHC.AU)$: Ramsay says activity and profitability has improved across all regions over the September quarter as COVID-19 cases fell in the community, and costs associated with the pandemic in Australia and the UK eased.

$Nine Entertainment Co. Holdings Ltd (NEC.AU)$: Nine Entertainment has sealed a five-year deal for the Australian Open for $425 million in cash, providing the network with a major sporting event to begin the year until 2029.

The deal is about $125 million higher than the existing contract, which will run until 2024. The arrangement was finalised late Thursday.

$The Star Entertainment Group Ltd (SGR.AU)$: The Star Entertainment Group has appointed Deborah Page and Toni Thornton as non-executive directors, subject to casino regulatory approvals.

Mrs Page is currently chairman of Pendal Group and a non-executive director of Brickworks, Growthpoint Properties Australia and Service Stream.

$Accent Resources NL (ACS.AU)$: Accent reported total group owned sales increased 52 per cent in the first 18 weeks of the 2023 financial year compared to the prior corresponding period.

Ex-dividend: $Challenger Ltd (CGF.AU)$

Dividends paid: $CPT Global Ltd (CGO.AU)$ $Charter Hall Long WALE REIT (CLW.AU)$ $Newmark Property REIT (NPR.AU)$

Commodities
• Iron ore futures rose 1.6% to US$88.6 a tonne.

Oil did not bounce with much conviction after a three-day slide that shaved off -7.3%.

• Gold surged past US$1,750 as a cool inflation report revived hopes of a more dovish Fed moving forward. The yellow metal is up 7.7% in the last five sessions.