US stocks finished higher on Wednesday as softer labour-market data boosted expectations that the Federal Reserve will cut interest rates next week. The Dow rose 0.9%, while the S&P 500 and Nasdaq also posted modest gains. ADP reported a surprise drop of 32,000 private-sector jobs in November, against forecasts for a 40,000 increase, prompting traders to price in an 89% chance of a rate cut on 10 December. While parts of the latest services data suggested underlying stability, monetary policy remained the main driver of sentiment.
Tech stocks were mixed, with Microsoft falling 2.5% on reports of lower AI-linked sales quotas before recovering some ground. The weakness spread to other AI names including Nvidia, Broadcom and Micron. Elsewhere, bitcoin traded above $93,000 as it continued to rebound, Marvell Technology climbed almost 8% after outlining strong data-centre growth prospects and announcing a multibillion-dollar acquisition, and American Eagle Outfitters surged around 15% after raising its full-year guidance.
In Australia, the ASX is set to open higher, with SPI futures up 21 points, or 0.2%, at 8620. Today’s focus turns to the release of Australia’s trade balance at 11.30am, while Bendigo Bank holds its investor day.
In company news,
Santana Minerals extends high-grade gold zone at RAS North
Santana Minerals (ASX:SMI) reports exceptional high-grade drilling results from the northern Honeypot zone of the Rise & Shine (RAS) gold system, including 8.7m at 30.6g/t, 27.6m at 3.5g/t, and 12.6m at 4.2g/t. The bonanza-grade interval in hole MDD487 sits within the high-grade HG1 domain, which hosts the core of the system and now extends at least 230m further down-plunge beyond the current underground mine design. The RAS deposit forms part of the wider Bendigo–Otago goldfield, one of New Zealand’s most significant orogenic gold belts, and the new results strengthen the continuity of high-grade mineralisation along strike and at depth. Santana plans continued step-out and infill drilling to support an expanded underground mining scenario.
West Coast Silver’s MOU with Artemis on Radio Hill processing
West Coast Silver (ASX:WCE) has signed a non-binding Memorandum of Understanding with Artemis Resources (ASX:ARV) to evaluate whether Artemis’ Radio Hill Processing Plant, a permitted 425,000tpa concentrator south of Karratha, can treat silver-bearing material from WCE’s Elizabeth Hill Mine. Elizabeth Hill is one of Australia’s highest-grade historic silver deposits, having produced 1.2Moz of silver from just 16,830t of ore at 2,194g/t before closing in 2000 due to low prices. The MOU allows both parties to exchange metallurgical, logistical and engineering data, undertake site visits, and assess the economic viability of toll treatment. The consolidated 180km² landholding surrounding Elizabeth Hill also covers key structures of the Munni Munni fault system, offering district-scale discovery potential. Any commercial processing agreement would require a separate definitive contract following positive technical outcomes.
Meeka Metals’ advancement of its Murchison gold project
Meeka Metals (ASX:MEK) continues to progress its Murchison gold project, supported by ongoing resource drilling, metallurgical optimisation and permitting activities. Recent testwork confirms consistently strong recoveries across the main ore domains, underpinning mine design studies that are now well advanced. The project sits within the northern Murchison goldfield, a region that hosts long-life operations such as Westgold’s Cue assets, and Meeka’s drilling around near-mine targets has reinforced the potential for extensions to both open pit and underground designs. The company is finalising technical inputs for its development pathway, with further updates expected as studies move toward completion.
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