AU Morning Wrap: ASX rises; Perpetual hit by ASIC stop orders

Wall Street Summary
US financial markets were closed for the Thanksgiving holiday. Trading will resume on Friday in New York, though markets will close early at 1pm local time.

Tech and consumer discretionary led the gains, each sector rising around 0.8 per cent, while energy fell 0.9 per cent. Oil was little changed as the European Union considered a higher-than-expected price cap on Russian crude and evidence mounted of challenges to demand.

BHP announced earlier this week that it reached a deal with the union to avert a work stoppage, but the agreement had to be ratified by its members.

"This acquisition represents a significant step in the expansion of our construction materials business, establishing a new hub for MGH in Victoria," Maas chief executive Wes Maas said.

This, ASIC said, was due to deficiencies in their target market determinations and prevents Perpetual from marketing the funds for 21 days.

"ASIC is concerned that Perpetual has not appropriately considered these features and risks in determining the wide target markets for the funds," a statement from the regulator said.

Ex-dividend: None

ICBC, the largest bank in China, signed contracts with 12 property developers to provide intentional lines of credit worth up to 655bn yuan (US$91bn) for property development, M&A and mortgages.

China's State Council plans to dispatch inspection teams before the end of November to "enhance the local-level implementation of economic stabilisation policies", according to the South China Morning Post

• Oil stages a tiny bounce but still down around 2.7% for the week.

"Brent crude fell heavily on Wednesday amid reports that the group could settle on a level around $65 which is roughly where they currently sell it at, and with a sizable profit. That would blunt the effectiveness of the cap and ensure we don’t see any shortages in supply." - Oanda senior market analyst, Craig Erlam

• Gold extended gains, now on a three day winning streak, up 1.1%.