Market Updates

ASX 200 pushed 38 points higher to 7860 (+0.5%) for a third day of gains. Up 2.1% this week. Today resources took up the running, the Three Amigos of Iron ore kicked higher, BHP up 1.1%, and FMG rallying 1.3%. Gold miners were also in demand on bullion highs, NEM up 2.9% and EVN up 1.8%. Base metals slightly higher 29M up 6.0% with lithium stocks mixed, PLS down 2.9% and MIN down 1.0%. Oil and gas slightly better with WDS up 0.4% and STO rallying 0.4%. Banks pushed a little higher at the close, solidifying recent gains, the Big Bank Basket better at $216.93 (+0.5%). MQG a little better, and Insurers are once again in demand, QBE hitting highs up 0.9%. Industrials generally firm but unexciting. WES managing a kick along up 1.3%, and WOW and COL better. Tech mixed with the All-Tech Index up 0.5%. Healthcare mixed, CSL down 0.2% and RMD up 0.5%. In corporate news, GQG rallied 2.3% on very positive FUM news, 360 fell 6.1% in its US IPO listing, PWR appointed a new CEO. In economic news, we had some household spending data, and the Reserve Bank of India (RBI) kept rates unchanged. Asian markets were weaker, with Japan down 0.1%, HK down 0.7%, and China off 0.3%, with the European market expected to open slightly lower. 10-year yields at 4.23%, and the Aussie dollar edged higher, up 0.1% to 66.72c. Dow and NASDAQ Futures both up 0.2%.

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ASX 200 pushes another 53 points higher to 7822 (+0.7%), with banks leading us ever higher. CBA hitting records up 1.1% as they started making Ai chips (joking), the Big Bank Basket up to $215.88 (+1.0%). MQG also doing well, with financials generally in the green, insurers up around 1.5% and REITs better on rate cut hopes and falling yields. Industrials too up, WES up 1.0% and WOW and COL up around 0.7%. TLS gained 0.6%, and tech stocks are in demand. All-Tech Index up 0.6%, with WTC and XRO both doing well. Resources were a mixed bag, BHP quietly firm, RIO slipped 0.9%, and FMG down 0.3%. Gold miners drew strength from the bullion price, with NST up 1.3% and EVN up 2.1%. Lithium and base metals stocks mixed, PLS up 1.4% and MIN down 0.3%. Uranium stocks still sold off, PDN down 0.4% and NXG off 3.1%. In corporate news, IEL dropped 7.5% on an update following government moves to curb international students. SKC suspended its dividend in a trading update, MFG revealed some stability in FUM, gaining 1.3%. On the economic front, we had building approvals and lending, which showed room to move for the RBA perhaps. Meanwhile, Asian markets were better Japan up 0.3%, China down 0.5% and HK down 0.1%. 10Y yields at 4.22%, and the Aussie dollar edged higher 0.2%. Dow Futures down 17 points. NASDAQ Futures up 4 points.
 
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The S&P 500 jumped 1.18% to close at 5,354.03. The index also touched a new intraday all-time high of 5,354.16. The Nasdaq Composite jumped 1.96% to 17,187.90 and also hit a new record, while the Dow Jones Industrial Average added 0.25% to close at 38,807.33.  Nvidia powered those gains surging more than 5% to top a $3 trillion market valuation and surpass Apple in value.

ASX to rise. SPI Futures up 42 points (+0.54%).

• Base metals lower. Aluminium -1.17%, Zinc -1.90%, Lead 0.73%, and Tin -1.24%.
• Copper fell -0.77% sliding to near a one-month low, pausing its strongest rally in years as demand expectations for the metal are yet to translate into higher consumption. 
• Nickel down 4.43%, falling to a seven-week low.
• Gold gains 1.21% as bond yields fall after weaker-than-expected US private payrolls data.
• Iron ore fell 0.51% for a fifth consecutive session, hitting a seven-week low pressured by weak steel demand.
• 10Y Bond Yields – US 4.277%, Australia 4.210%, and Germany 2.506%.
• Currencies – AUD +0.02%, USD Index +0.18%, Euro +0.01%, and Bitcoin +0.97%.
• Oil prices rebounded from four-month lows on hopes that rate cuts in September would outweigh demand concerns after data showed an increase in US crude and fuel stocks.  WTI 1.09% and Brent Crude 1.91%.

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Stocks in the US finished slightly higher on Tuesday, as the S&P 500 and the Nasdaq added 0.1% each, while the Dow rose 140 points. Investors were digesting fresh data and assessing the health of the US economy and the future path of interest rates. The JOLTS job openings fell significantly more than forecast to 8.059m, the lowest level since February 2021, indicating a cooling labor market.

ASX to fall. SPI Futures down 4 points (-0.05%).

• Base metals lower across the board. Copper -2.24%, Nickel 2.05%, Aluminium -0.37%, Zinc -0.56%, Lead -1.86% and Tin 1.51%.
• Copper %
• Iron ore fell 2.71%, hitting near seven-week lows on signs of weakening short-term and long-term prospects from China. Dalian iron ore -1.56%.
• Gold fell 1.01% as the dollar steadied.
• WTI -1.31% and Brent Crude -1.38%.
• Currencies – AUD +0.06%, USD Index flat, Euro +0.01%, and Bitcoin +2.02%.
• 10Y Bond Yields – US 4.330%, Australia 4.232%, and Germany 2.542%.

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ASX 200 slips 24points to 7737 (+0.3%) in lacklustre trade. Banks held up after good gains yesterday, the Big Bank Basket at $212.35 (+0.6%). Insurers slipped back, and MQG went nowhere. REITs mostly weaker, GMG up 0.6% with others softer, SCG off 1.3% and GPT down 0.9%. Healthcare mixed CSL with a slight gain, SHL down 0.5% again. Industrials were flat, TLS up 0.3% and BXB down 1.2%. QAN rebounded 1.2% with retail still struggling. LOV down 2.2% on broker revisions. HVN off 0.7%. Resources were weaker with the exception of the gold miners, making up some lost ground from yesterday, NST up 1.0% and PRU up 3.0%. Iron ore stocks fell again, BHP down 1.2% as were RIO and FMG off 0.8% and 1.9% respectively. Lithium and uranium stocks fell, PLS down 1.8% and PDN off 1.5%. Oil and gas stocks smacked down on OPEC + news, WDS off 1.8% and BPT off 2.4%. In corporate news, 360 launched an IPO in the US. COE affirmed guidance, and John Borghetti was appointed chair of Crown On the economic front, the Balance of Payments came in a little undercooked. Asian markets mixed again, Japan down 0.4%, China flat, and HK up 0.5%. 10-year yields 4.31%. Dow Futures down 14 points. NASDAQ Futures down 6 points.

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Wall Street closed mixed in a choppy trading session amid soft manufacturing data, and a glitch on the NYSE caused trading halts in dozens of equities. The Dow fell 115 points (0.30%), kicking off June on a sluggish note. Up 49 points at best. Down 439 points at worst. S&P 500 turned green in the final minutes of trading, up 0.11%, buoyed by a rally in tech stocks offsetting a plunge in energy producers. The NASDAQ rose 0.56% while small caps Russell 2000 eased 0.50%. A glitch on the NYSE overnight triggered massive swings in Berkshire Hathaway and Barrick Gold. Trading in at least 60 stocks was halted due to volatility before the technical issues were fixed, and activity resumed as normal. May ISM manufacturing came in at 48.7 (Contraction), below expectations of 49.7, with new orders printing at 45.4, its weakest since May 2023, signalling ongoing soft demand as companies remain unwilling to invest due to current monetary policy. Treasury yields sank on US factory data strengthening the case for multiple rate cuts this year. 10Y down 11.4bps to 4.392% and the 2Y down 6.7bps 4.812%. Oil tumbled following OPEC+ meeting on Sunday and Bitcoin briefly topped $70k.

ASX to fall. SPI Futures down 12 points (-0.15%).

• Base metals mixed. Copper +1.15%, Nickel -1.42%, Aluminium +1.13%, Zinc -1.31%, Lead +0.62% and Tin -0.25%.
• Iron ore and Dalian iron ore fell 3.91% and 0.86% to their lowest level in more than six weeks on signs of weakening steel demand from China.
• Gold up 0.98% on weaker-than-expected US economic data cementing bets that the Fed would cut rates later this year.  
• Oil prices tumbled to their lowest level in nearly four months following OPEC+ decision on Sunday to extend most of its oil output cuts into 2025.  WTI -3.48% and Brent Crude 4.20%.
• Currencies – AUD -0.01%, USD Index -0.57%, Euro -0.01%, and Bitcoin +2.16%.
• 10Y Bond Yields – US 4.392%, Australia 4.298%, and Germany 2.584%.

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ASX 200 jumps 59 points to 7761(0.8%) as US gives a positive start to the week. Banks as usual leading the charge higher, the Big Bank Basket up to $210.96 (). WBC jumping 2.5%. MQG is up slightly with insurers doing well, QBE is up 2.6%, and SUN rallied 1.3%. REITs strong too, GMG up 1.9% and SGP up 1.8%. Industrials mixed, REA and CAR eased, WES up 0.8% and COL doing well, utilities also in demand, ORG up 1.2% and APA up 1.2%. Tech slipped WTC down 1.3% and the All -Tech Index down 0.3%. Healthcare mixed, PME up 0.9% and RMD slipping 0.8%. In resources, BHP moved another 0.7% higher, despite iron ore falling to a six-week low, PLS and the lithium players modestly better, IGO up 2.2% and LTR up 2.3%. Gold miners on the nose again, EVN down 1.0% and NST off 0.7%. Oil and gas stocks slightly firmer on OPEC Plus news. In corporate news, IMM raising $100m and signing up Merck with a new drug. LOV dropped 10.4% on the CEO succession plan, VUL tapped Gina for some more money, up 7.2%, APM agreed to a scheme from Madison Dearborn and RPL bought Merricks Capital for $235m. In economic news, China’s manufacturing activity expanded at the fastest rate in almost two years in May. Asian markets jumped Japan up 1.2% with HK up 2.3% and China unchanged. 10-year yields 4.37%.

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Wall Street closed mixed following PCE results. The Dow Jones jumped 575 points (+1.51%), registering its biggest daily percentage gain since Nov-23. S&P 500 broke 5,200 before rallying above that level as every sector rallied, gaining 0.80%, and the NASDAQ slipped 0.01%. For the week, Dow fell 384 points (-0.98%), S&P 500 -0.51%, and NASDAQ -1.10% breaking five straight weeks of gains. For May, indices rose rebounding after a weak April Dow +2.3%, S&P 500 +4.8% and NASDAQ +6.88%. PCE price index rose 0.3% MonM in April, matching forecasts and core PCE rose 0.2%, the slowest rate in four months, below expectations. While both annual headline and core PCE inflation remained steady at 2.7% and 2.8% respectively. Treasury yields fell after data showed US inflation stabilised, 10Y yield slid 4.3bps. On the month the 10Y yield has fallen 17.6bps.

ASX SPI up 34 points.

COMMODITIES

• Codelco and SQM ink pact set to reshape Chile's lithium sector.
• Saudi Arabia sets new test for international interest with $13.1bn Aramco sale.
• Hess shareholder vote on Chevron deal easily met majority required -filing.
• Saudi Arabia invites OPEC+ ministers to Riyadh for June 2 meeting, sources say.
• Oil settles down ahead of OPEC+ meeting, posts weekly loss.
• US oil producers maintain modest growth as OPEC+ eyes extended cuts.
• Gold posts fourth monthly rise on Fed rate cut hopes.
• Copper rebounds after US inflation data pushes dollar down.
• Iron ore posts weekly decline on softening near-term China demand.

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