The Morning Bull – Australian Market Morning Update Monday, 9 Nov 2026
Australian shares are set for a mildly positive open, with SPI 200 futures up around 20 points, as strong United States jobs data keeps global risk appetite supported but also reinforces higher rate expectations.
The United States unemployment rate edged to 4.1% in October while non farm payrolls added 165,000 jobs, both pointing to a firm labour market. Pricing now suggests a high probability of a Federal Reserve rate increase in December, which is shaping the mood across equities.
A tighter United States labour backdrop tends to lift global yields and raise global borrowing costs, which can pressure valuations for rate sensitive Australian sectors while supporting companies that benefit from stronger United States demand and currency moves.
The open hinges on one key question: does the jobs strength force an even tougher Federal Reserve line when key United States inflation data land this week, or can easing consumer inflation expectations keep rate hike bets contained?
Stocks to Watch Before the Opening Bell
Ingenia Communities Group (INA)
Ingenia Communities Group is in the middle of a bidding contest, with Warburg Pincus and co investors lifting their non binding offer to A$5.55 cash per stapled security plus up to A$0.05 distribution, for up to A$5.60 total. The board has triggered fiduciary out rights under its AVID Process Deed and restarted due diligence access.
AVID now has until 10 November 2026 to match or beat the proposal, while the Peet Limited scheme implementation deed remains in place. Investors will be watching whether any bidder moves to a binding offer and how Ingenia balances competing suitors with its existing Peet acquisition plans.
Westgold Resources (WGX)
Westgold Resources features in a growing pushback from Australian miners against proposed capital gains tax changes. The reforms would replace the 50% CGT discount with cost base indexation and apply a 30% minimum tax on gains from 1 July 2027, without exemptions for mineral explorers that are available to technology start ups.
Managing director Wayne Bramwell warned the changes could damage the exploration ecosystem and weaken Australia’s competitiveness in new mineral discoveries. The focus now falls on how the government responds to industry lobbying and what that might mean for future funding appetite for exploration focused stocks such as Westgold Resources.
Evolution Mining (EVN)
Evolution Mining is part of the same industry campaign against the federal government’s proposed CGT overhaul for exploration investment. Sector leaders argue the shift to cost base indexation and a 30% minimum tax on gains would make early stage mineral funding less attractive compared with other asset classes and jurisdictions.
