Market Wraps

Morning Wrap: ASX 200 to edge lower, Dow posts best week of 2024, gold eyes best performance in five weeks

Mon 13 May 24, 8:35am (AEST)

ASX 200 futures are trading 52 points lower, down -0.68% as of 8:30 am AEST.

Equities were firmer and bond yields edged higher ahead of this week’s key economic data. The April jobs report for Australia, US inflation data, and the Federal Budget are all in focus. Meanwhile, a quiet record of sorts was reached on Friday - the Dow Jones is now up eight sessions in a row and last week was the index's best week for 2024.

European stocks also hit record highs, with the UK benchmark leading the way thanks to data which confirmed the UK has exited recession. Finally, gold has extended its gains again - will anything stop the yellow metal?

Let's dive in.

Overnight Summary

Mon 27 May 24, 8:20am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,305 +0.70%
Dow Jones 39,070 +0.01%
NASDAQ Comp 16,921 +1.10%
Russell 2000 2,070 +1.04%
Country Indices
Canada 22,321 +0.54%
China 3,089 -0.88%
Germany 18,693 +0.01%
Hong Kong 18,609 -1.38%
India 75,410 -0.01%
Japan 38,646 -1.17%
United Kingdom 8,318 -0.26%
Name Value % Chg
Commodities (USD)
Gold 2,334.5 -0.12%
Iron Ore 117.66 +0.11%
Copper 4.7535 -0.81%
WTI Oil 77.72 +1.11%
AUD/USD 0.6629 +0.35%
Bitcoin (AUD) 103,344 -0.87%
Ethereum (AUD) 5,803 +2.72%
US 10 Yr T-bond 4.467 -0.18%
VIX 11.93 -6.58%

Please note: There has been some issues with this morning's Market Data. We will look to have these erroneous figures rectified as soon as possible.


SPX 10th May 2024
A downturn caused by the latest consumer sentiment figures was gradually recouped. (Source: TradingView)


  • Dow jumps more than 100 points to post 8th winning day and best week of 2024

  • Europe stocks close at fresh record highs; UK exits recession

  • Treasury yields rise as new data shows expectations of higher inflation

  • Oil falls on prospect of higher-for-longer U.S. interest rates, stronger dollar

  • Gold extends gains as jobs data reinforces U.S. rate cut bets


  • Apple close to agreement with OpenAI to use its technology on iPhone

  • Arm to develop AI chips, plan to launch first products in 2025

  • Chipotle, Wingstop, Sweetgreen focus on higher-income consumers helping buck broader consumer slowdown

  • AI, cloud computing, advanced manufacturing continue to face electricity roadblock


  • Rents and housing costs remain an overhang to Fed rate path outlook

  • Frequency of Fed communication may be contributing to market volatility

  • BoE likely to choose cautious rate cutting path when it begins cutting cycle


  • US CPI expected to show first moderation in six months

  • China’s consumer prices rise for third month, signaling demand recovery

  • South Korea prepares support package worth over $7 billion for the chip industry

  • China loses spot to U.S. as Germany’s biggest trading partner


Key Events

Upcoming floats and listings

  • D3 Energy – 13 May @ 11 am

  • Sun Silver – 15 May @ 11am

Companies trading ex-dividend:

  • ANZ Group Holdings (ANZ) – 13 May - $0.83

  • Macquarie Group (MQG) – 13 May - $3.85

  • Tasmea (TEA)– 14 May - $0.025

  • Sandon Capital Investments (SNC) – 15 May - $0.028

  • Autosports Group (ASG) – 16 May - $0.10

Economic calendar (AEST):

  • 11:30 am – AUD – NAB Business Confidence

  • 1:00pm – NZD – Inflation expectations

  • Tentative – EUR – EU economic forecasts

  • 10:30pm – CAD – Building permits

This Morning Wrap was written by Hans Lee and Chris Conway.

Written By

Hans Lee

Senior Editor

Hans is one of the Senior Editors at Livewire Markets and Market Index. He created Signal or Noise and leads the team's coverage of the global economy and fixed income markets.

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