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Welcome to Equity Espresso’s Daily Recap. 

The Aussie share market edged higher again on Thursday, as the ASX200 index closed in on its all-time high set in August 2021, finishing the day 53.1pts or 0.70% higher to 7,614.30. The ASX 200 index is now 14.60 points below its all-time high of 7,628.90 set on August 13, 2021.

Technology (+1.03%), Materials (+1.02%), and Discretionary (+1.01%) stocks led the way for the 10 sectors that closed in the green. The Iron Ore price is currenlty trading at US$142.50, with BHP Group (+0.94%), Fortescue (+1.82%) and Rio Tinto (+0.87%) all continuing their recent rise due to the higher commodity price.

In company news, Allkem (AKE) received approval from the Environmental and Social Impact Review Committee, which will allow the development of its James Bay Lithium project in Canada.

Wall Street

Markets closed slightly higher during Wednesday trade in a slower news day as the S&P 500 edges closer to its all-time highs, ending the day 0.3% higher to 4,781.58. Of the 11 major sectors in the S&P 500, Real Estate finished the day with the largest gain, while Energy stocks fell due to a lower Crude Oil price.

Bit Digital shares rose 18.6% after the Bitcoin miner said it plans to double its mining operations. Coherus BioSciences jumped 26.6% after the U.S. FDA approved the company’s drug delivery device for its infection-fighting treatment.

Economic Data

• The U.S. Manufacturing Index decreased to -11 in December from -5 in November, the lowest mark in 10 months. Shipments plummeted from -8 to -17, while new orders declined from -5 to -14.

• Japan's Housing Starts fell by 8.5% year-on-year in November 2023, a steeper drop than the 6.3% in the prior month and worse than forecasts of a 4.3% decline.

• U.S. Home Prices rose by 6.3% on a yearly basis during October, up slightly from the 6.2% increase in the previous month.

• Hong Kong house prices dropped by 2.0% in November - hitting the lowest point in seven years as high interest rates continue to weigh on buyers.

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Quick Singles

🪃 Local News

• According to a report by The AFR, two external auditors have warned Airwallex that it was not adequately performing basic probity checks on staff - including criminal history checks.

🌎️ Around The Globe

• The International Trade Commission has ruled in favour of health tech company Masimo in an infringement claim against Apple, leading to a ban on the import of Apple Watch Series 9 and Ultra 2. Despite the claim, Apple has denied infringing on any of Masimo's patents.

• Bristol Myers Squibb is set to acquire RayzeBio for $4.1 billion to strengthen its cancer drug business. This is the second deal worth billions made by the company in less than a week.

• Argentina’s government has lifted import restrictions in an effort to normalise the country’s import process, as it aims to ease inflationary pressure and goods shortages.

• Singapore has penalised Credit Suisse US$3 million for its failure to prevent or detect misconduct by its bankers, who provided clients with inaccurate or incomplete post-trade disclosures.

• Microsoft has released a new Copilot application specifically designed for Android users. This app allows users to access Copilot without having to download the Bing mobile app. The Copilot app utilises OpenAI's latest GPT-4 model and image generation capabilities through DALL-E 3.

• Moderna and Merck are collaborating to develop a cancer vaccine that uses mRNA technology. This vaccine is designed specifically for individuals who have had high-risk melanomas removed. The vaccine works by directing the body to produce proteins that are unique to cancer cells.

Markets

ASX Company Movers

Commodity Prices

Bond Prices

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A Little Extra

📉 Going Down?

Top-10 shorted stocks on the ASX - as of December 20

👨‍💼 Director Transactions

What are the insiders doing? (On-market trade only)

DISCLAIMER: None of the information provided in this newsletter should be constituted as financial advice. This newsletter is strictly for educational purposes only. It should not be taken as investment advice or a solicitation to buy or sell assets or make financial decisions. Please do your research.