Daily Market Update: 24 November 2025

Weak week for the All Odds (ASX:XAO) as BHP (ASX:BHP), gold miners drags

The Australian sharemarket capped off a difficult week to 21 November 2025, with the ASX200 sliding to a six-month low and extending its losing streak to four straight weeks. Nearly $40 billion was wiped out on Friday alone as renewed AI jitters and a stronger-than-expected US jobs report pushed expectations for rate cuts further out. Materials were the biggest drag, after reports that China’s state-run iron ore buyers were halting purchases of lower-grade ore. BHP slid more than 3 per cent, while falling gold prices hit Newmont and Northern Star, down 6 and 4 per cent respectively. Energy also softened, with Woodside retreating alongside weaker Brent crude. Consumer staples were steadier—Colesedged higher and Woolworths held flat—while tech proved relatively resilient, with WiseTech Global gaining over 2 per cent. Overall, sentiment remained fragile as valuations across the index came under pressure.

Corporate moves dominate as Mayne Pharma (ASX:MYX) tumbles

It was a heavy week for corporate headlines, led by Mayne Pharma (ASX:MYX), which plunged more than 23 per cent before entering a trading halt after Treasurer Jim Chalmers blocked US giant Cosette’s $672 million takeover bid on national-interest grounds. Retail group Accent was another casualty, diving 15 per cent after delivering a “very soft” FY26 trading update that cut earnings guidance by roughly 23 per cent thanks to weaker trading and aggressive discounting. Tech names were mixed: TechnologyOne (ASX:TNE) and Codan (ASX:CDN) shed more than 3 per cent amid valuation concerns, while WiseTech Global (ASX:WTC) bucked the trend after reaffirming FY26 earnings guidance. Lovisa slumped nearly 14 per cent on softer-than-expected same-store sales growth, whereas Webjet gained after BGH Capital increased its takeover bid. Despite pockets of resilience, the overriding mood remained cautious as investors reassessed earnings, margins and pricing power across multiple sectors.

Global – Volatility surges as Nvidia and Bitcoin dominate headlines

Global markets were rattled through the week, with Wall Street navigating sharp swings in technology and crypto. Nvidia (NYSE:NVDA) whipsawed traders—falling more than 4 per cent before recovering—after reports suggested US officials may consider allowing certain AI chip exports to China. Concerns about an AI-driven valuation bubble resurfaced as GMO’s Ben Inker warned that artificial intelligence “looks like a classic investment bubble” given stretched multiples and speculative flows. Crypto markets were hit even harder: Bitcoin shed more than 30 per cent from its October peak—its worst month since the 2022 crypto winter—after US$19 billion in leveraged token bets were liquidated in a single session. Corporate news was mixed, with Gap Inc. surprising on stronger sales, Ford downplaying supply chain interruptions, and Eli Lilly and Novo Nordisk advancing employer-direct sales of their blockbuster obesity drugs. A stronger-than-expected US jobs print further reduced hopes of imminent rate cuts.