Australian Stocks Rise as Wall Street Rally Boosts Market

Disclaimer: thisOn Wall Street: Dow up 1.6 per cent, S&P 500 up 1.2 per cent, Nasdaq up 1.2 per centSpot gold: Down 0.1 per cent to $US1994.89 an ounceChevron workers endorse pay deal

For Gorgon and Wheatstone Downstream, the Offshore Alliance was negotiating on behalf of its members with Chevron since the start of 2023, and since mid-2022 for its members at the Wheatstone Platform. "Chevron employees now have union representation, arbitration of disputes in the Fair Work Commission, improved overcycle provisions and significantly enhanced training provisions, including additional payment, allowances and the right to refuse additional work."The market price of bitcoin is back to almost half of its former glory and other cryptocurrencies are along for the ride.

later in the day to assess the economic recovery of Australia's top trading partner. A Reuters poll showed China's manufacturing activity likely expanded for a second straight month in October., Origin Energy fell 0.6 per cent after superannuation fund AustralianSuper said it plans to vote against a Brookfield-led consortium's $US9.78 billion takeover offer for the company., winemaker Treasury Wine agreed to a $US900 million buyout of California's DAOU Vineyards.

AustralianSuper owns a 13.68 per cent stake in Origin Energy and said the offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer. The Brookfield-led consortium has given no indications publicly it is considering upping the value of its bid. AustralianSuper, which engaged consultancy firm Frontier Economics to review the independent expert's report, said the firm was also of the opinion that the assumptions used to come at a business valuation were "unrealistically low".

The company's statutory loss for fiscal 2023 will be revised to $248.9 million from $417.7 million previously reported, it said.Among the worst performers at open were Block, Bellevue Gold and Weebit Nano.

"Today is an earnings rebound," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. "The market got oversold, and the reality is that earnings have been pretty good, the US economy continues to chug along, and is likely to do so in the fourth quarter and into the first part of next year."

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