SHARESIES · MARKET UPDATE · Week of 02 November 2026
Jacki Neumann, Head of Capital Markets

↑ WHAT'S UP — Local markets outpaced Wall Street, with the ASX 200 up 1.3% for the week and the NZX 50 up 0.5%. Miners led the quarterly updates, with Boss Energy up 10%, and gains for Pilbara Minerals and Lynas. Cloud was the bright spot in big tech results: Alphabet's cloud revenue more than doubled, Microsoft's Azure revenue rose 48%, and Amazon's AWS grew 39%. Oil rose for a fourth straight week, with Brent ending around US$115 a barrel.

↓ WHAT’S DOWN — The S&P 500 fell 0.6% and the Nasdaq lost 2%, after the Nasdaq's worst day since June on Friday. Alphabet fell almost 13% on Thursday on slow growth in search. Intel plunged almost 30% on Friday, and chipmakers were among the hardest hit across tech. Microsoft gave up early gains on plans for a US$25 billion bond sale. Locally, Coles fell 7.7% after weaker-than-expected sales, Wesfarmers dropped 4% as Bunnings sales growth moderated, and Cochlear fell 3.4%.

! BIGGEST SURPRISES — The RBNZ left the cash rate on hold at 2.75% against expectations of a hike, with markets now pricing around an 80% chance of a December hike. In Australia, annual inflation rose to 4.3% in September, up from 4% in August and above forecasts, driven by a sharp rise in fuel prices. RBA Governor Michele Bullock told a Senate committee that upside risks to inflation are emerging, and markets now see more than an 80% chance of a fifth rate hike this year on Tuesday.

◎ WHAT TO WATCH — After the latest RBA decision, Deputy Governor Andrew Hauser’s speech will follow on Thursday. Westpac reports full-year results on Monday, followed by NAB on Thursday and Macquarie Group's half-year result on Friday. Whitehaven Coal and Breville hold their AGMs on Thursday, and Coles and Qantas on Friday. In the US, Apple, Berkshire Hathaway and Palantir report on Monday, AMD and Pfizer on Tuesday, Qualcomm and Uber on Wednesday, and Airbnb and Atlassian on Thursday. US midterm elections are held on Tuesday, with control of Congress at stake, and Friday's October jobs report is expected to show unemployment holding at 4.2%.

◈ BIGGER PICTURE — Inflation is pushing central banks towards further hikes. The Fed held rates as expected, but reiterated that inflation is elevated, while two officials voted for a hike. Markets now see around a 75% chance of a December hike. Higher oil prices are adding to the pressure, as diplomatic efforts with Iran continue alongside speculation about renewed US strikes to come. Big tech is also spending heavily: Amazon's capital spending hit US $77B in the quarter, well above expectations, and Microsoft plans a US $25B bond sale. Investors are judging that spending against how fast AI revenue grows.

Disclaimer:

Sharesies Market Movements is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand.

This video is general market commentary and educational in nature. It is not financial advice and does not take into account your personal objectives, financial situation or needs. Information is current at the time of recording and may be subject to change. We do not provide recommendations and nothing in this video should be taken as a recommendation to buy or sell any financial product.

Investing involves risk. You might lose the money you start with. Past performance is not indicative of future performance.

If you require personal financial advice, you should consider speaking with a qualified financial adviser. Our disclosure documents and terms and conditions, including a Target Market Determination and IDPS Guide for Sharesies Australian customers, are available on our relevant Australian or NZ website.

SHARESIES &middot; MARKET UPDATE &middot; Week of 02 November 2026 Jacki Neumann, Head of Capital Markets
&uarr; WHAT'S UP &mdash; Local markets outpaced Wall Street, with the ASX 200 up 1.3% for the week and the NZX 50 up 0.5%. Miners led the quarterly updates, with Boss Energy up 10%, and gains for Pilbara Minerals and Lynas. Cloud was the bright spot in big tech results: Alphabet's cloud revenue more than doubled, Microsoft's Azure revenue rose 48%, and Amazon's AWS grew 39%. Oil rose for a fourth straight week, with Brent ending around US$115 a barrel.
&darr; WHAT&rsquo;S DOWN &mdash; The S&amp;P 500 fell 0.6% and the Nasdaq lost 2%, after the Nasdaq's worst day since June on Friday. Alphabet fell almost 13% on Thursday on slow growth in search. Intel plunged almost 30% on Friday, and chipmakers were among the hardest hit across tech. Microsoft gave up early gains on plans for a US$25 billion bond sale. Locally, Coles fell 7.7% after weaker-than-expected sales, Wesfarmers dropped 4% as Bunnings sales growth moderated, and Cochlear fell 3.4%.
! BIGGEST SURPRISES &mdash; The RBNZ left the cash rate on hold at 2.75% against expectations of a hike, with markets now pricing around an 80% chance of a December hike. In Australia, annual inflation rose to 4.3% in September, up from 4% in August and above forecasts, driven by a sharp rise in fuel prices. RBA Governor Michele Bullock told a Senate committee that upside risks to inflation are emerging, and markets now see more than an 80% chance of a fifth rate hike this year on Tuesday.
◎ WHAT TO WATCH &mdash; After the latest RBA decision, Deputy Governor Andrew Hauser&rsquo;s speech will follow on Thursday. Westpac reports full-year results on Monday, followed by NAB on Thursday and Macquarie Group's half-year result on Friday. Whitehaven Coal and Breville hold their AGMs on Thursday, and Coles and Qantas on Friday. In the US, Apple, Berkshire Hathaway and Palantir report on Monday, AMD and Pfizer on Tuesday, Qualcomm and Uber on Wednesday, and Airbnb and Atlassian on Thursday. US midterm elections are held on Tuesday, with control of Congress at stake, and Friday's October jobs report is expected to show unemployment holding at 4.2%.
◈ BIGGER PICTURE &mdash; Inflation is pushing central banks towards further hikes. The Fed held rates as expected, but reiterated that inflation is elevated, while two officials voted for a hike. Markets now see around a 75% chance of a December hike. Higher oil prices are adding to the pressure, as diplomatic efforts with Iran continue alongside speculation about renewed US strikes to come. Big tech is also spending heavily: Amazon's capital spending hit US $77B in the quarter, well above expectations, and Microsoft plans a US $25B bond sale. Investors are judging that spending against how fast AI revenue grows.
Disclaimer:
Sharesies Market Movements is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand.
This video is general market commentary and educational in nature. It is not financial advice and does not take into account your personal objectives, financial situation or needs. Information is current at the time of recording and may be subject to change. We do not provide recommendations and nothing in this video should be taken as a recommendation to buy or sell any financial product.
Investing involves risk. You might lose the money you start with. Past performance is not indicative of future performance.
If you require personal financial advice, you should consider speaking with a qualified financial adviser. Our disclosure documents and terms and conditions, including a Target Market Determination and IDPS Guide for Sharesies Australian customers, are available on our relevant <a href="http://sharesies.com.au">Australian</a> or <a href="https://www.sharesies.nz/legal-documents">NZ</a> website.

A conversation with experts, CEOs, and you. We talk to company leaders and industry experts every week. Listen or watch over lunch or whenever for what’s happening in the economy, the markets, and the companies you invest in.

Investing involves risk. This channel is brought to you by Sharesies Limited (NZ) in New Zealand. Information provided is general advice only and current at the time and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the product disclosure documents available from the product issuer before making a financial decision. Our disclosure documents, can be found on our website.

If you require financial advice, you should seek advice from a qualified financial advisor. The views expressed by individuals are their own and Sharesies does not endorse any of the guests or the views they hold.

A conversation with experts, CEOs, and you. We talk to company leaders and industry experts every week. Listen or watch over lunch or whenever for what&rsquo;s happening in the economy, the markets, and the companies you invest in.
Investing involves risk. This channel is brought to you by Sharesies Limited (NZ) in New Zealand. Information provided is general advice only and current at the time and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the product disclosure documents available from the product issuer before making a financial decision. Our disclosure documents, can be found on our website.
If you require financial advice, you should seek advice from a qualified financial advisor. The views expressed by individuals are their own and Sharesies does not endorse any of the guests or the views they hold.

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A surprise RBNZ hold, Alphabet slides, miners rally | Market Movements

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