Market Wraps

Morning Wrap: ASX 200 to fall ahead of CPI report, S&P 500 tumbles in the last hour of trade

Wed 27 Mar 24, 8:33am (AEST)

ASX 200 futures are trading 60 points higher, up 0.76% as of 8:30 am AEDT.

The S&P 500 sold off in the last hour of trade to finish the session in negative territory, Trump Media and Technology Group briefly soared as much as 60% as it goes public on the Nasdaq, gold prices briefly spike to US$2,200 before finishing the session marginally higher and Australian CPI data is due at 11:30 am.

Let's dive in.

Overnight Summary

Wed 27 Mar 24, 8:24am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,204 -0.28%
Dow Jones 39,282 -0.08%
NASDAQ Comp 16,316 -0.42%
Russell 2000 2,070 -0.19%
Country Indices
Canada 21,913 -0.14%
China 3,031 +0.17%
Germany 18,384 +0.67%
Hong Kong 16,618 +0.88%
India 72,470 -0.50%
Japan 40,398 -0.04%
United Kingdom 7,931 +0.17%
Name Value % Chg
Commodities (USD)
Gold 2,199.2 +1.24%
Iron Ore 110.28 -0.35%
Copper 4.0035 -0.17%
WTI Oil 81.23 -0.88%
Currency
AUD/USD 0.6534 -0.08%
Cryptocurrency
Bitcoin (AUD) 106,964 -1.35%
Ethereum (AUD) 5,475 -1.35%
Miscellaneous
US 10 Yr T-bond 4.234 -0.45%
VIX 13.24 +0.38%

US Sectors

Wed 27 Mar 24, 8:24am (AEST)

SECTOR % CHG
Health Care +0.34%
Financials +0.20%
Consumer Staples +0.06%
Consumer Discretionary -0.05%
Materials -0.11%
Communication Services -0.21%
SECTOR % CHG
Industrials -0.36%
Real Estate -0.45%
Energy -0.76%
Information Technology -0.76%
Utilities -1.14%

S&P 500 SESSION CHART

S&P 500 intraday
S&P 500 tumbled in the last hour of trade to finish in negative territory (Source: TradingView)

ASX TODAY

  • ASX 200 set to open lower and extend Tuesday's weakness

  • Expect a relatively uneventful session as we head towards the Easter long weekend

  • Australia CPI data due at 11:30 am and consensus expects inflation to tick up to 3.5% in February from 3.4% in the previous month

  • Westpac says February CPI could accelerate to 3.8% as "we get an update on many services including the annual update on education prices. There is uncertainty around electricity where we expect a bounce as Government Energy Rebates come to an end."

  • Platinum Asset Management turnaround plan update says targeting at least $25m in annualised run rate savings 

  • Westpac Bank issues technology simplification update, guides to FY24 total investment spend of $1.8bn and $2bn annually between FY25-28

MARKETS

  • S&P 500 tumbled into negative territory in the last hour of trade

  • Markets expected to remain slow heading into the Easter holiday

  • Gold briefly soars 1.3% to US$2,200 but ended fractionally higher

  • Bitcoin eases slightly after rallying 9.6% over the past three sessions 

  • Global hedge funds add more exposure to European stocks this year at expense of US stocks (Reuters)

  • Invesco joins Goldman in forecasting commodities rally through year-end on rate cuts (Bloomberg)

  • Cocoa surpasses US$10,000 per ton as rally continues on supply constraints (CNBC)

INTERNATIONAL STOCKS

  • Visa and Mastercard reach a US$30bn settlement to limit credit-and-debit card fees for merchants (Reuters)

  • Krispy Kreme shares soar as it plans to sell its doughnuts at McDonald’s (CNBC)

  • Trump Media stock rises 50% at market open, lifting former President Trump's net worth to US$6.5bn (CNBC)

  • Tesla offers US customers one month trial for driver-assist feature (Reuters)

  • GM and Ford say supply chains will be impacted by Baltimore Bridge collapse (Reuters)

CENTRAL BANKS

  • NY Fed research highlights China's effort to boost manufacturing drives risks of higher US inflation (Bloomberg)

  • BoJ guidance not as dovish as markets think (Reuters)

  • Traders betting BOE will begin cutting rates before Fed and ECB (Bloomberg)

  • Bank of Canada poised to move ahead of US Fed on first rate cut (Reuters)

  • BoE policymaker Mann says market is pricing in too many cuts (Reuters)

  • Economists forecast two PBOC RRR cuts this year in bid to boost economy (Bloomberg)

ECONOMY

  • US durable goods orders rebound in February after two consecutive drops (Reuters)

  • US consumer confidence steady in March, inflation expectations creep up, share of consumers expecting higher rates over the year ahead rose above 50% for the first time since November 2023 (Yahoo Finance)

  • German consumer confidence improves with other indicators (Reuters)

  • Australia consumer sentiment eases from 20-month high in March (Reuters)

  • South Korea consumer sentiment falls on higher food prices (Reuters)

  • US gasoline prices set to hit US$4 a gallon, highest since Aug-2022 (Bloomberg)

Industry ETFs

Wed 27 Mar 24, 8:24am (AEST)

Name Value % Chg
Commodities
Gold Miners 29.85 +0.07%
Uranium 28.38 -
Lithium & Battery Tech 44.7 -0.09%
Steel 71.4 -0.14%
Copper Miners 40.7 -0.97%
Silver 22.34 -1.06%
Strategic Metals 49.3 -1.75%
Industrials
Global Jets 20.45 +0.39%
Construction 73.3 +0.01%
Aerospace & Defense 129.98 -0.18%
Agriculture 24.52 -0.49%
Healthcare
Cannabis 5.15 +0.78%
Biotechnology 135.87 -0.10%
Name Value % Chg
Cryptocurrency
Bitcoin 31.71 -2.37%
Renewables
Hydrogen 5.51 +0.73%
Solar 43.02 -0.99%
CleanTech 9.22 -1.60%
Technology
Sports Betting/Gaming 18.0515 +1.13%
Video Games/eSports 62.44 +0.37%
Cloud Computing 21.74 +0.09%
FinTech 27.47 -
Cybersecurity 29.64 -
E-commerce 23.88 -
Robotics & AI 31.92 -0.06%
Electric Vehicles 24.18 -0.45%
Semiconductor 222.88 -0.75%

Key Events

Companies trading ex-dividend: 

  • Wednesday, 27 March: Myer (MYR) – $0.03, Waypoint REIT (WPR) – $0.04, IPD Group (IPG) – $0.04, Garda Property (GDF) – $0.016, Rural Funds (RFF) – $0.02, Dexus Convenience Retail REIT (DXC) – $0.05, Reece (REH) – $0.08, Wiseway Group (WWG) – $0.002, 360 Capital REIT (TOT) – $0.015, 360 Capital Mortgage REIT (TCF) – $0.035, Centuria Office REIT (COF) – $0.03, Centuria Retail REIT (CIP) – $0.04, Australian Unity Office Fund (ARF) – $0.015, Arena REIT (ARF) – $0.04 

  • Thursday, 28 March: Australian Clinical Labs (ACL) – $0.03, Sigma Healthcare (SIG) – $0.033

  • Friday, 29 March: None

  • Monday, 2 April: Regal Partners (RPL) – $0.05, Magontec (MGL) – $0.006, Harvey Norman (HVN) – $0.10 

  • Tuesday, 3 April: Ridley Corp (RIC) – $0.044 

Other ASX corporate actions today: 

  • Dividends paid: ASX (ASX) – $1.01, Domino’s Pizza (DMP) – $0.55, Fortescue (FMG) – $1.08, Insurance Australia (IAG) – $0.10, Santos (STO) – $0.26, Wesfarmers (WES) – $0.91, Aurizon (AZJ) – $0.09, IDP Education (IEL) – $0.25, Big River Industries (BRI) – $0.055, Briscoe (BGP) – $0.15, Turners Automotive (TRA) – $0.05, Ampol (ALD) – $1.20, Coles (COL) – $0.36, Peter Warren Automotive (PWR) – $0.08, IGO (IGO) – $0.11, Motorcycle (MTO) – $0.03 

  • Listing: None

Economic calendar (AEDT):

  • 11:30 am: Australia Monthly CPI Indicator (Feb) 

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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