US markets retreated on Monday as investors positioned cautiously ahead of the Federal Reserve’s final policy meeting of the year. The S&P 500 fell 0.35%, the Nasdaq dipped 0.14% and the Dow lost 215 points, with sentiment weighed down by another rise in the 10-year Treasury yield despite widespread expectations of a rate cut this week. Futures markets now assign an 89% probability of a reduction, up from 67% a month ago, following consecutive quarter-point cuts in September and October. Softer September core PCE data helped fuel recent equity strength, with the S&P 500 and Nasdaq closing last week on four-day winning streaks. Even so, investors expect the Fed to stress that decisions remain data-dependent, particularly after last week’s ADP report signalled further cooling in the labour market.
In Australia, the local market is set for a softer open, with SPI futures down 24 points to 8609. The RBA is widely expected to hold rates steady on Tuesday, though Governor Michele Bullock’s comments on inflation will be closely watched as bond markets continue to price in at least one hike next year. The NAB business survey is due late morning, while US JOLTS job-openings data arrives early Wednesday AEDT.
In company news,
Immutep lands efti licensing deal with Dr. Reddy’s
Immutep (ASX:IMM; NASDAQ:IMMP) has entered an exclusive licensing and commercialisation partnership with Dr. Reddy’s Laboratories for its late-stage immunotherapy eftilagimod alfa (“efti”) across all territories outside North America, Europe, Japan, and Greater China. Under the deal, Immutep receives an upfront US$20m (~A$30.2m), with potential milestone payments up to US$349.5m (~A$528.4m) plus double-digit royalties, while retaining manufacturing rights and all rights in key Western markets. Efti, a first-in-class APC-activating LAG-3 immunotherapy currently in Phase III (TACTI-004) for metastatic NSCLC, is also being explored across several solid tumour indications.
West African Resources drills 16m at 11.2 g/t gold, unlocking new depth potential at Sanbrado
West African Resources (ASX:WAF) has reported highly encouraging diamond drilling results from below the M5 North open-pit reserve at its Sanbrado Gold Operations in Burkina Faso, confirming potential for mine-life extension with thick, high-grade intersections including 16m at 11.2 g/t, 45m at 1.9 g/t and 75m at 0.9 g/t gold. Mineralisation has now been confirmed more than 300m below current reserves and remains open at depth. The drilling program continues into 2026 ahead of a planned open-pit cutback study in Q1, feeding into WAF’s next Mineral Resource, Ore Reserve, and 10-year production outlook update in Q2 2026.
Summit Minerals acquires historic high-grade silver–tungsten mine in Nevada
Summit Minerals (ASX:SUM) has agreed to acquire 100% of the historic high-grade polymetallic Keystone Mine in Nevada, which historically produced 36,000 oz of silver at 32.2 oz/ton and showed untested tungsten grades between 0.5% and 2.25% WO₃ in 1940s drilling. The project covers 1,036 acres (including substantial patented land), lies within a major silver-gold-tungsten district near the Springer Mine processing facility, and is considered highly prospective for both precious and critical metals. Summit plans immediate fieldwork to validate historic data and define a development pathway in 2026.
