Morning Report 10 Oct 25: ASX to fall as Wall Street rally stalls
Description
Wall Street pulled back from record highs with the S&P 500 facing another heat check as the rally faltered. Albemarle shares rose after a broker upgrade on cash flow prospects, while rare earth stocks surged after China tightened its grip on global supplies. Delta Airlines reported robust demand heading into 2026, and PepsiCo announced a portfolio overhaul under activist pressure. In Europe, Ferrari suffered its worst single-day drop on record, overshadowing the launch of its new EV technology. In commodities, oil eased 1.5% following a Gaza ceasefire, copper climbed to a 16-month high, and gold slipped below $4,000 an ounce. Back home, Aussie shares are expected to end the week on the back foot, with the local dollar weakening against a stronger Greenback.
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