Market Updates

Wall Street recorded a strong session, the first since Trump extended his 50% tariff on the EU from June 1st to July 9th. US consumer confidence also broke a 5 month decline, improving on the back of tariff reprieves between the US and China. S&P 500 up 2.05%, NASDAQ up 2.47%. Dow rose steadily throughout session to end near high. Up 741 points. All sectors up. Growth sectors best performers. News of tariff reprieve outweighed company specific news. Cyclicals were the top performer, boosted by Tesla (+6.9%) despite news the carmakers sales in Europe fell 49% in April from the previous year. Tech followed Cyclicals on the leaderboard. Nvidia up 3.2% ahead of earnings tomorrow Australian time. Alphabet (+2.6%) and Apple (+2.5%) shrugged off Texas law which will enforce age verification on their app stores. Financials also showed further strength as economic outlook improved. All major US banks up over 1.5%. Even Energy stocks were up despite oil falling. Weakest performing sector. Resources down. Dollar strengthening after recent weakness a drag. Oil down as US-Iran talks and OPEC+ plans spark supply concerns. Copper, nickel, iron ore all down.

ASX to rise. SPI futures up 49 points (+0.58%) - CPI today - MIN downgrades

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The ASX 200 finished up 47 points to 8408 (0.6%) ahead of US and UK reopening tonight. The banks led the market higher after a lacklustre session earlier, CBA up 0.8% and ANZ rising 1.4% with the Big Bank Basket up to $273.93 (+1.0%). MQG kicked 1.4% with other financials doing well too, NWL up 1.4% and CGF up 1.1%. REITs are flat, GMG is down 0.5%, with industrials doing better, and BXB is up 3.0% with ALL up 1.9%. TLS rallied another 0.4% on its investor day comments; Retail also improved, JBH was up 1.0%, and LOV was up 4.2%. Tech is better, WTC is continuing to push ahead after its large acquisition, XRO is up 1.5%, and the All-Tech Index is up 0.5%. In resources, iron ore stocks cheered up, BHP up 0.2% and RIO unchanged after earlier bigger falls.  Gold miners eased back, EVN down 3.1% with VAU off 2.2% and GMD down 0.2%. LYC fell 2.5% with PLS off again. Uranium stocks took a break, shorts licking their wounds, Oil and gas flat, coal slightly better. In corporate news, REA fell 3.5% on ACCC inquiry, VUL down 0.5% as it commenced drilling. On the economic front, Chinese Industrial profits climbed 3% last month from a year earlier, beating forecasts of 2.6%. Asian markets mixed again, with Japan up 0.4%, China down 0.5%, and HK up 0.3%. 10-year yields falling to 4.31%. 

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US markets were closed yesterday for Memorial Day. 

European stocks were up following first session since Trump’s tariff extension. 

ASX to rise. SPI futures up 20 points (+0.24%). TLS Investor Day - ALS placement - Iron ore at two week low

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The ASX 200 finished unchanged at 8361, as US futures improved on the Latest Trump backflip. Gold and uranium are the stand-out sectors, with BOE up 7.3% and PDN rising 8.8%. NST and EVN are both doing well, and Cu pricing is helping, too. Iron ore missed, oil and gas flat, interest stirring in base metals, S32 up % and NIC up %. Banks drifted slightly lower, ANZ down 1.4% and NAB off 0.8%. The Big Bank Basket eased to $271.19 (-0.3%) MQG gained 0.5% with insurers slightly better. Industrials were uninspiring, ORG fell 4.9% on an Octopus downgrade, in the tech space, WTC announced its biggest acquisition to date, debt funded, up 4.7% with the All-Tech Index up 0.4%. In corporate news, ELD dropped 6.7% on more underwhelming results., AX1 announced its chair would retire and GMD bought a gold project from FML.  Nothing exciting on the economic front. Asian markets mixed, Japan up 0.9%, China down 0.7% and HK off 1.1%. 10-year yields falling to 4.39%.

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Global stocks fell Friday as Trump reignited trade war fears. S&P 500 down 0.67%. Nasdaq down 1%. Dow down 256 points. Indices opened at the low, rising for most the session. VIX up 10%. The main headline: ‘here we go again’. Trump threatened 50% tariffs on EU goods after Bessent said the current deals weren’t good enough. He had been quiet since returning from the Middle-East…too quiet. Does support the narrative this new administration wants volatility. The EU exports ~€500bn to the US each year. Mostly pharmaceuticals, autos, chemicals and aircraft.

Tech and discretionary spending stocks were the biggest losers. Defensives the best. Bond yields mixed. Both the US30Y and 10Y fell while the 2Y was unchanged. 

SPI down 30 - Gold and Oil up - WTC makes big acquisition. US Markets closed tonight.

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The ASX 200 limped 12 points higher to 8361 (+0.2%) ahead of a long weekend in the US. For the week, we are up 17 points. Banks once again firm, CBA up another 0.7% with the Big Bank Basket up to $271.95 (+0.6%). ANZ outperforming. Insurers rose slightly, and financial services better, with XYZ up 5.5% and GQG bouncing 2.4%. REITs were firm, GMG up 2.2% and SGP rising 0.2% as 10-year yields steadied to 4.45%. Healthcare is flat, tech stocks are slightly better, XRO is up 0.7%, and the Index is up 0.9%. ‘Old Skool’ platforms are doing ok, REA up 0.5% and CAR up 1.3%. TLS continues to push ahead. Retail better, JBH up 1.6% and MYR up 5.4% following a sales update. Utilities are under a little pressure on an ORG downgrade, off 1.1%. Resources were mainly weaker; iron ore stocks eased back, FMG was down 2.4%, with gold miners drifting slightly lower. Uranium stocks are on fire as Reuters reported that Trump will sign an order to benefit the uranium and nuclear industry. BOE up 12.1%, PDN up 6.7% and SLX up a huge 15.3%. Oil and gas are moving a smidge higher.

In corporate news, BEN results out this morning, up 0.8%, and NUF continued to fall as one broker lost faith in the stock. Nothing locally on the economic front, Japanese CPI picked up more than anticipated, 3.5% excluding fresh food. Asian markets firmed, Japan up 0.6%, and HK up 0.3%. Dow futures flat, Nasdaq futures down 0.3%.

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The S&P 500 ended Thursday near flat, as investors grappled with fears of rising rates and worries about a ballooning U.S. deficit. The 30-year Treasury yield hit its highest since October 2023 as lawmakers passed a bill that investors fear could worsen the U.S. deficit.

The Dow Jones Industrial Average slipped 1.35 points, closing at 41,859.09. The S&P 500 lost 0.04% and ended at 5,842.01, while the Nasdaq Composite advanced 0.28% and settled at 18,925.73.

In a party line vote early Thursday, House members approved the bill that includes lower taxes and additional military spending.

SPI up 22 - Gold eases - Bitcoin hits new record - Yields fall - MYR sales update.

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ASX to fall. SPI futures down 82 points (-0.98%).

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The ASX 200 rallied another 44 points to 8387 (+0.5%). Off its highs but still looking ok. Once again, the banks led us up, CBA hitting a record high, up 1.5%, with the Big Bank Basket up to $273.04 (+1.2%). MQG is up 1.0% with insurers flat. 10-year yields at 4.48%. Other financials eased, and REITs drifted slightly higher. Industrials mixed, TLS continuing higher up 0.6% and ALL down 1.5% with retail taking a break. Tech stocks saw selling in WTC and XRO, but TNE was up 5.9% again as retail eased back. Healthcare stocks resumed the uptrend, with RMD bouncing back 4.0% and FPH up 3.1%, too. In resources, BHP and RIO rose, but FMG drifted 0.1% lower. Gold miners were better, bullion and geo-political risks helping here, NEM up 3.6% and NST rallying 3.2%, with PRU doing very well, up 9.7%. Lithium stocks slipped lower, and oil and gas stocks were pushed higher on rumours that Israel would attack Iranian nuclear facilities. Uranium stocks are rallying slightly.

In corporate news, JHX fell 6.2% on disappointing numbers, and MYX dropped 29.8% as the bidder is trying to wriggle out of the deal with private equity. NUF collapsed 30.1% after downgrading guidance. CAT jumped 13.7% on a 19% increase in revenues. Gold and silver are pushing ahead again in Asian trade. On the economic front, Commonwealth Bank expects the Reserve Bank to cut interest rates earlier than expected. Asian markets saw Japan fall 0.2% with HK up 0.4% and China up 0.1%.

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Wall Street recorded a negative session as markets contemplated US fiscal concerns while Congress debated a bill for tax cut. Ended a streak of six consecutive gains for the S&P 500. S&P 500 down 0.39%, NASDAQ down 0.38%. Dow down 115 points. Dropped at open and maintained level for most of session. Ended mid range. Mostly negative sector performance. Energy once again worst sector. Long-term global growth concerns. Growth sectors performed poorly. Tech down. Alphabet down 1.5% despite pushing AI at its Input/Output annual conference. Cyclicals also down. Tesla (+0.5%) rare positive as Musk stated its ready to trial robotaxi in Austin this June. Financials also eased as growth and fiscal concerns came into spotlight. JP Morgan (+0.3%) exception as shareholders approved executive pay packages and appointment of new directors. Utilities and Healthcare only two sectors up. Utilities benefitted from shift into defensives. Healthcare regained some of recent losses after Trump stated tariffs on sector on the way – no update as of yet. Home Depot down 0.6% despite beating estimates. Stated it would swallow tariffs rather than pass on to consumers. Resources up. Weaker dollar a boost. Aluminium, zinc, lead all up over 1%.  

ASX to rise. SPI futures up 48 points (+0.62%).

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