Morning Wrap: ASX 200 set to fall; Bitcoin slips below US$100,000; US government shutdown looms
ASX 200 futures are trading 50 points lower, or -0.61%, to 8,114 as of 8:30AM.
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ASX 200 futures trading up 6 points, or (+0.07%), to 8,203, as of 8:30AM
The Morning Wrap will be finishing up on Tuesday 24 December 2024. It will return on Monday 6 January 2025.
Australian shares are set to fall after a choppy session on Wall Street, where early gains were wiped out by fears of a potential US government shutdown. Bitcoin has slipped below US$100,000, while oil and gold prices also dropped as markets continue to weigh the Federal Reserve's hawkish outlook.
The US faces a looming government shutdown, with funding set to run out at midnight Saturday. President-elect Donald Trump has called on Republicans to block a bipartisan funding bill, pushing to resolve the debt ceiling now to avoid dealing with it during his presidency.
One of Trump’s top priorities upon returning to office is extending his first-term tax cuts, a move projected by tax experts to add US$4 trillion to the federal government’s current US$36 trillion debt over the next decade.
Finally, don’t miss out—our Outlook Series 2025 survey closes today. Complete it by midnight for early access to market insights from top Australian fund managers, including 40 leading growth, income, and ETF ideas.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 5,974 | +0.73% |
Dow Jones | 42,907 | +0.16% |
NASDAQ Comp | 19,765 | +0.98% |
Russell 2000 | 2,234 | -0.39% |
Country Indices | ||
 Canada | 24,749 | +0.61% |
 China | 3,351 | -0.50% |
 Germany | 19,849 | -0.18% |
 Hong Kong | 19,883 | +0.82% |
 India | 78,540 | +0.64% |
 Japan | 39,161 | +1.19% |
 United Kingdom | 8,103 | +0.22% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 2,625.7 | -0.73% |
 Iron Ore | 103.84 | 0.00% |
 Copper | 4.095 | -0.13% |
 WTI Oil | 69.45 | -0.01% |
Currency | ||
 AUD/USD | 0.6251 | -0.02% |
Cryptocurrency | ||
 Bitcoin (USD) | 93,366 | -2.17% |
 Ethereum (AUD) | 5,466 | +4.03% |
Miscellaneous | ||
US 10 Yr T-bond | 4.599 | +1.66% |
VIX | 16.99 | -7.45% |
US Sectors
Sector | % Chg |
|---|---|
| Communication Services | +1.35% |
| Information Technology | +1.26% |
| Health Care | +1.04% |
| Energy | +0.61% |
| Real Estate | +0.50% |
| Consumer Discretionary | +0.42% |
Sector | % Chg |
|---|---|
| Utilities | +0.39% |
| Financials | +0.29% |
| Industrials | -0.04% |
| Materials | -0.12% |
| Consumer Staples | -0.57% |
S&P 500 SESSION CHART
The S&P 500 was set to recover until political jitters spooked investors away (Source: TradingView)
OVERNIGHT MARKETS
US equities were mostly lower in Thursday trading as stocks ended near worst levels.
However, Dow edged out slight gain, broke streak of ten-straight declines. Big tech mostly higher though TSLA lower, unable to bounce after Wednesday's big decline.
US Treasuries mixed, with 10-year yields close above 4.5% for first time since May.
US Dollar index up 0.3% with yen weakness the big story in FX.
STOCKS
Newell Brands CEO says pricier items are selling better than less-expensive offerings so far this holiday season (Bloomberg)
Amazon workers across seven facilities strike, though analysts see little risk of broad delays (Reuters)
Soho House share price surges after announcing takeover offer (FT)
Eli Lilly's weight-loss drugs Mounjaro and Zepbound are no longer in short supply in blow to compounders (Bloomberg)
TRUMP 2.0
House GOP considering a new funding plan that would raise the debt ceiling twice next year (The Hill)
Trump says Congress should get rid of debt ceiling (NBC News)
Rand Paul suggests Elon Musk be elected as Speaker of the House (Axios)
US oil industry heavyweights are lobbying Trump to fulfill energy sector promises (Bloomberg)
US ECONOMY
U.S. new vehicle sales are expected to rise 7.3% in December; 25% considering an EV (Yahoo)
Average rate on 30-year mortgage rises to highest level since late November at 6.72% (AP)
CENTRAL BANKS
BoE holds as expected, warns persistent inflation may prevent it from cutting rates quickly (FT)
Mexican central bank cuts interest rates for fourth straight meeting (Bloomberg)
Today in Review
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
| ASX 200 | 8,201.6 | +1.67% |
| All Ords | 8,452.7 | +1.64% |
| Small Ords | 3,087.3 | +1.58% |
| All Tech | 3,829.3 | +1.67% |
| Emerging Companies | 2,245.5 | +1.13% |
Currency | ||
| AUD/USD | 0.6249 | -0.04% |
US Futures | ||
| S&P 500 | 6,036.5 | +0.58% |
| Dow Jones | 43,334.0 | +0.04% |
| Nasdaq | 21,741.5 | +0.81% |
Name | Value | % Chg |
|---|---|---|
Sector | ||
| Financials | 8,664.6 | +2.38% |
| Consumer Discretionary | 3,933.4 | +2.30% |
| Real Estate | 3,853.1 | +1.95% |
| Utilities | 9,031.1 | +1.67% |
| Industrials | 7,716.7 | +1.66% |
| Information Technology | 2,752.7 | +1.46% |
| Energy | 8,407.2 | +1.38% |
| Communication Services | 1,647.2 | +1.37% |
| Materials | 16,258.4 | +0.98% |
| Consumer Staples | 11,743.2 | +0.64% |
| Health Care | 44,621.7 | +0.57% |
BROKER MOVES
Oppenheimer upgrades Afterpay's owner Block (ASX: SQ2) | (NYSE: SQ) to OUTPERFORM with $115 price target on the US listing, implying ~32% upside
Key Events
Economic calendar (AEDT):
Tonight: UK publishes month-on-month retail sales
Overnight: US publishes month-on-month Personal Consumption Expenditures Price Index
