Good Evening,

Welcome to Equity Espresso’s Daily Recap. 

The S&P/ASX 200 rose by 0.88% and closed 64.8 points higher. This is the highest level that Aussie stocks have ever closed at on a total return basis, making us a fortunate country. We possess valuable resources that the world desires, especially as we strive to reach our target of reducing carbon emissions by 2050. Copper and lithium are expected to play a significant role in the transition to clean energy, which is now officially recognized following the final comments made in COP28. Today, brokers upgraded their forecasts for these and other metals, leading to strong gains for resources companies.

Today's market was dominated by resource stocks. If your stock is involved in extracting materials from the ground, then it most likely saw an increase. The S&P/ASX 200 Materials Sector (XMJ) saw a rise of 1.9% and the S&P/ASX 200 Energy Sector (XEJ) also experienced a 1.9% increase due to the rise in base metals and energy prices.

There has been a lot of focus on copper since the COP28 climate change conference's closing statement, which referred to the need for transitioning away from the use of fossil fuels. In an article I wrote yesterday, I discussed how this statement may have impacted the prices of lithium. However, it's worth noting that copper prices have also significantly increased since the announcement.

Real Estate Investment Trusts (XPJ) had a tough day today, dropping by 0.6%. This is after a great week where it gained 5.1%. Some may attribute today's move to profit taking ahead of the weekend. However, property stocks are currently at their highest level since February.

Economic Data

• China's industrial production rose 6.6% YoY in November 2023, up from 4.6% in the previous month, exceeding market expectations of 5.6%.

• China's retail sales in November 2023 rose by 10.1% YoY, compared to 7.6% the previous month and below the market consensus of 12.5%.

• The December 2023 GfK Consumer Confidence indicator for the United Kingdom increased to -22 from -24 in November due to Britons feeling more positive about their financial future and lower inflationary pressures.

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Quick Singles

🌏 Around The Globe

• Tesla recalls more than 2 million vehicles sold in the US between 2012 and 2023 due to safety concerns over Autopilot software

• Etsy announces it will lay off 225 people, or 11% of its workforce, to reduce costs amid weakening demand for handcrafted goods.

• A former Meta employee who led DEI programs pleaded guilty to stealing more than $4 million from the company.

• Uniqlo plans to expand across North America with 20+ new stores in 2024, aiming for 200 stores by 2027. Currently, it has 72 stores.

• Netflix unveiled its most-watched show of the first half of 2023, "The Night Agent: Season 1," in its inaugural engagement report, which it plans to release biannually from now on.

• According to sources familiar with the matter, Credit Suisse has dismissed all its wealth management team in China. The bank has abandoned its plan to become one of the largest foreign money managers in the country, as its rival UBS Group AG has decided not to take on the dismissed staff.

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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.