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ASX 200 futures -0.5% on 12 November as gold slips below US$4,000 despite a 1.31% S&P 500 gain

S&P 500 +1.31% and SOX +5.66% on CoreWeave; gold -0.96% to US$3,991.50; iron ore -0.6%; XRO.AU lifts FY27 guidance.

Mixed3 min readBy Swingfolio Research

At a glance

ASX 2009,153+0.27%
S&P 5007,619+1.31%
NASDAQ25,466+1.60%
Dow52,486+0.49%
VIX17.49-10.13%
Gold3,992-0.96%
Brent92.53+1.14%
AUD/USD0.6848-0.33%
ASX SPI futures9,148-0.49%

ASX 200 futures -0.5% on 12 November as gold slips below US$4,000 despite a 1.31% S&P 500 gain

Sentiment: mixed ASX 200 futures: -0.5%

ASX 200 futures fell 45 points, or 0.5%, to 9,148 at 7:10am AEDT on 12 November 2026, per ABC, even as the S&P 500 gained 1.31% to 7,619.38 on a chip rally. Nasdaq 100 futures were already 1.45% higher at Wednesday's ASX close, against 2.25% now, so more than half the US gain printed during the local session; overnight, December gold then fell 0.96% to US$3,991.50/oz and iron ore 0.6% to US$92.00/t. XRO.AU reported a 46% rise in first-half revenue to NZ$1.7 billion before the open, raised its FY27 revenue guidance and announced an on-market buyback of up to A$1 billion.

Overnight drivers

  • Chip stocks: The Philadelphia Semiconductor index rose 5.66% after CRWV.US jumped 24.71% on stronger-than-expected quarterly revenue and a higher 2026 sales forecast, per Capital Brief. MU.US gained 11.89%, AMD.US 7.32% and NVDA.US 2.92% after losing about US$430 billion of market value over the previous two sessions. WTC.AU closed Wednesday at $47.14 (+2.52%) and XRO.AU at $70.86 (+1.77%) before its result.
  • US dollar and gold: The US dollar index rose 0.68% to 102.93, December gold fell 0.96% to US$3,991.50/oz and NEM.US lost 1.24%. NEM.AU fell 2.48% to $176.65 on Wednesday; NST.AU closed at $26.73 (+0.41%) and EVN.AU at $14.00 (+1.30%).
  • Oil: January Brent rose 1.14% to US$92.53 and WTI 0.40% to US$86.38 after a senior Iranian official rejected giving up enriched uranium, which points to stalled US and Iran talks, per Capital Brief. WDS.AU closed Wednesday at $30.90 (+0.52%) and STO.AU at $8.70 (+1.16%).
  • Bonds and the AUD: The US Treasury cash market closed for Veterans Day, leaving the 10-year at 4.998%. AUD/USD fell 0.33% to 0.6848 as the US dollar rose.

Overnight Wall Street

  • S&P 500: 7,619.38 (+1.31%)
  • Nasdaq: 25,466.19 (+1.60%)
  • Dow: 52,486.49 (+0.49%)
  • VIX: 17.49 (-10.13%)

Technology led the S&P 500 higher on Wednesday 11 November 2026: XLK.US rose 3.23% against 0.58% for XLF.US, and the Dow trailed with a 0.49% gain. CoreWeave's result followed a two-session drop in Nvidia, and the Nasdaq erased its post-election losses, per Yahoo Finance. The Russell 2000 rose 0.88% and the VIX fell 1.97 points to 17.49.

Europe closed higher before the US session: the STOXX 600 rose 0.72%, the DAX 1.20% and the FTSE 100 0.78%. S&P 500 futures traded 1.34% and Nasdaq 100 futures 2.25% above their prior settlement after the US close.

Commodities and FX (AU-relevant)

  • Gold (December): US$3,991.50/oz (-0.96%)
  • Brent (January): US$92.53 (+1.14%)
  • Iron ore 62%: US$92.00/t (-0.6%)
  • AUD/USD: 0.6848 (-0.33%)

BHP.US rose 1.16% and RIO.US 0.51% in New York as copper gained 0.49% to US$6.265/lb, against the 0.6% fall in iron ore. BHP.AU closed Wednesday at $60.39 (+0.87%), RIO.AU at $153.87 (+0.67%) and FMG.AU at $15.42 (+0.39%). The All Ords Gold index closed 0.04% lower on Wednesday after a 3.93% intraday fall; December gold is down US$38.70/oz on its prior settlement.

Key themes for the ASX open

  • XRO.AU: Xero reported first-half FY27 operating revenue of NZ$1.7 billion (+46%), adjusted EBITDA of NZ$362 million (+3%) and 226,000 net new customers. It raised FY27 operating revenue guidance to NZ$3,770 million to NZ$3,830 million, from NZ$3,620 million to NZ$3,730 million, citing Melio payments and a weaker NZD. Net profit fell 86% to NZ$19 million with a full half of Melio losses. Xero also announced a CFO transition.
  • Banks: Chief executives of the four major banks appear before the House Economics Committee over two days, per ABC: ANZ.AU this morning, WBC.AU this afternoon, NAB.AU and CBA.AU on Friday. CBA.AU closed Wednesday at $166.94 (-1.21%) and ANZ.AU at $39.98 (+1.37%).
  • IEL.AU: IDP Education rose 16.29% to $2.57 on Wednesday after receiving a revised unsolicited proposal from Blackstone.
  • Gold miners: December gold at US$3,991.50/oz is US$72.80 below the US$4,064.30 it traded at in Asian hours on Wednesday. NEM.AU, NST.AU and EVN.AU open against that lower price.

Economic calendar today

  • Before the open: XRO.AU first-half FY27 result
  • 11:30am AEDT: ABS Overseas Arrivals and Departures, September
  • All day: House Economics Committee hearings with ANZ and Westpac chief executives

What to watch

  • Futures at -0.5% would erase Wednesday's 24.2-point gain, when advancers led decliners 141 to 81 and Information Technology rose 1.52%.
  • Materials rose 0.77% on Wednesday with gold above US$4,060/oz in Asian trade; gold has since fallen 0.96% and iron ore 0.6%.
  • The VIX at 17.49 is 1.97 points below Tuesday's close, while the AU VIX closed Wednesday at 10.88.

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This briefing provides market observations and general information only. It is not personal financial advice and does not take into account your objectives, situation or needs. Past performance is not a reliable indicator of future performance. Consider seeking independent advice before acting on any information presented here.

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