The Reserve Bank lifted the cash rate to 4.85% on Tuesday by six votes to three, while the S&P 500 recorded its worst week since April 2025 and the Nikkei fell more than 9%. The ASX 200 still gained 1.3% to close at 9,020.8. This ASX market update November 2026 sets out what moved, what comes next and how we are thinking about income.
Global markets
Wall Street’s AI trade reset this week. Thursday brought the worst one day losses since April 2025 and pushed the Nasdaq into correction, as Democratic gains in the midterm elections raised concerns about tighter AI regulation and less investment in the sector. A chipmaker rebound lifted the Nasdaq 1.1% on Friday, but the S&P 500 still closed at 7,376.86, down 2.7% for the week, and the Nasdaq at 24,579.42, down 3.4%. The Dow Jones lost 0.9% to 51,285.73.
| US Markets | % Change | Rest of the World | % Change |
|---|---|---|---|
| The Dow Jones | -0.9% | STOXX Europe 600 | +0.2% |
| S&P 500 | -2.7% | Hang Seng | +5.1% |
| Nasdaq | -3.4% | Nikkei 225 | -9.3% |
October payrolls rose by 165,000 against forecasts near 60,000 and unemployment edged down to 4.1%, which kept a Federal Reserve hike in December in play. The US 10 year yield closed at 4.87% and the 2 year at 4.51%. Hong Kong gained 5.1% to 24,481.86 despite a 1.3% fall on Friday, and the STOXX Europe 600 closed at 648.33, up 0.2%.
The Nikkei closed at 57,435, down 9.3% for the week and its biggest weekly drop since March 2020, with Friday’s 6.0% fall driven by selling in AI and chip stocks. Brent crude fell 13.3% to US$98.32 a barrel, its steepest weekly decline since March 2020, while gold rose 5.0% to US$4,070 an ounce, rebounding from last week’s one year low.
The ASX
The ASX 200 closed at 9,020.8, up 1.3% for the week from 8,908.1. The index jumped 2.6% on Thursday to a two month high, then fell 0.5% on Friday as concerns about AI spending weighed. BHP fell 2.3% and Rio Tinto 2.0% on Friday as copper dropped to its lowest since July, and Goodman fell 3.2% on fears of US curbs on data centre construction.
| Best 3 Movers | % Change | Worst 3 Movers | % Change |
|---|---|---|---|
| NXT | +77.2% | ELS | -21.0% |
| NEC | +21.6% | EOS | -17.6% |
| OBM | +15.2% | APE | -14.4% |
Source: IRESS.
NEXTDC rose 77.2% after saying that stake building by entities linked to Goodman and Digital Realty was opportunistic rather than a takeover bid. Nine Entertainment rose 21.6% and Ora Banda Mining rose 15.2%. Elsight fell 21.0%, Electro Optic Systems fell 17.6% and Eagers Automotive fell 14.4%.
The Reserve Bank raised the cash rate by 25 basis points to 4.85% on Tuesday, the fifth increase this year and the highest rate since 2008. Six board members voted to raise and three voted to hold.
ASX market update November 2026: beyond the index
Bonds. US 10 year yields closed the week at 4.87% after touching 4.95% on Tuesday, and the 2 year at 4.51%. A haven rally on Thursday took the 2 year down 12 basis points in a session to 4.46%, and futures price about a 70% chance of a Federal Reserve hike in December.
Private credit. Kayne Anderson BDC reported net asset value of US$15.71 a share for the September quarter, down from US$16.00 at 30 June, with non-accruals rising to 3.6% of debt investments from 2.7%.
The week ahead
US October CPI is the main event, released on Tuesday in the US and early Wednesday in Sydney. Economists expect headline inflation of 0.3% for the month, down from 0.6% in September, and core inflation of 0.2%. Producer prices follow on Friday. With another 25 basis point hike priced in for December, a run of Fed speakers will be watched closely.
In Australia, Westpac consumer confidence and NAB business confidence are due on Tuesday, with the Wage Price Index and October employment the week after. China releases October CPI and trade data, and Cisco, Applied Materials, CoreWeave and Occidental Petroleum report earnings.
Higher rates at home, a repricing abroad
The RBA lifted the cash rate to 4.85% on a vote of six to three, and a split board matters. It tells you the debate is no longer about whether inflation is a problem, but about how much more the economy can absorb.
Abroad, the AI trade reset. The S&P 500 had its worst week since April 2025 and the Nikkei fell more than 9%. When a whole theme reprices in days, the lesson is about concentration, not about any single stock. NEXTDC rose 77% on the week while Goodman fell on fears of curbs on data centre construction, which shows how much of our own market trades on the same story.
Strong US jobs data keeps a Fed hike in play for December, so cheaper money is not coming from either central bank. Oil fell 13% and gold rose 5% in the same week, a reminder that diversification works by owning things with different drivers, not different labels. That thinking sits behind our investments, and our explainer on how growth structured investments work.
My view is unchanged: favour income you understand, from balance sheets that fund themselves, and be paid properly for any credit risk you take.
Book a strategy call at barkerwealth.com.au to review how your income holdings are built.
This commentary is intended for general information only and does not constitute personal financial advice. You should consider your own objectives, financial situation and needs before making any investment decisions. Target returns are not indicative or guaranteed. Past performance is not a reliable indicator of future performance. All market data refers to the week ending Friday 6 November 2026. Barker Wealth Management Pty Ltd ABN 46 695 875 962, trading as Barker Wealth, holds Australian Financial Services Licence (AFSL) 700297. Your adviser is Joshua Barker (AR 1274752).