Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

ASX 200 afternoon report: 3 December 2024

The ASX 200 reaches a new milestone, surpassing 8500 points as positive US economic data and dovish Federal Reserve comments fuel market optimism about a potential rate cut.

ASX 200 Source: Bloomberg images

The ASX 200 trades 55 points (0.66%) higher at 8503 as of 3.00pm AEDT.

ASX 200 surpasses 8500 mark

The ASX 200 surged above 8500 for the first time today, buoyed by strong United States (US) economic data and dovish remarks from Federal Reserve (Fed) Chair Waller.

Following a surprise increase in the US ISM manufacturing purchasing managers' index (PMI) in November (48.4, up from 46.5), Fed Governor Waller indicated support for a interest rate cut at the December meeting. His comments, more dovish than recent Fed communications, raised the likelihood of a 25 basis point (bp) rate cut to about 73%.

ASX 200 stocks

Healthcare stocks

Consumer discretionary stocks

Consumer discretionary stocks extended gains after a stronger-than-expected October retail sales report (0.6% month-on-month vs 0.4% expected).

Supermarket stocks

  • Metcash soared 6.1% to $3.38
  • Coles gained 1.47% to $19.00
  • Woolworths slipped 0.40% to $30.19, amid ongoing disputes with the Australian Competition & Consumer Commission (ACCC) over alleged fake discounts.

Technology stocks

A record high in the tech-heavy Nasdaq 100 overnight boosted local tech stocks.

Financial sector

  • Macquarie gained 1.2% to $233.70
  • ANZ rose 1.1% to $31.71
  • Westpac added 0.9% to $33.57
  • NAB climbed 0.84% to $39.63
  • CBA edged up 0.1% to $158.33

Mining sector

The release of a better-than-expected Caixin manufacturing PMI for November in China (51.5 vs 50.3 prior) supported gains for the big miners.

ASX 200 technical analysis

Following the ASX 200’s sequence of higher highs over the past six weeks, we have redrawn our trend channel resistance higher. The ASX 200 needs to see a sustained break above trend channel resistance, currently at around 8495, to signal a more impulsive move higher is underway.

Otherwise, we expect to see more of the two-step forward, one-step back type price action viewed since September.

ASX 200 daily chart

ASX 200 technical analysis Source: TradingView
Open a live account to begin your journey in trading or investing.
  • Source: TradingView. The figures stated are as of 3 December 2024. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps
Find out more

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off
Log in now

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform
Log in now

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Take advantage

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.