Morning Wrap: ASX 200 to fall, Guzman Y Gomez to list at noon, US markets closed

The US market was closed overnight for the Juneteenth holiday, major European benchmarks ticked lower, the UK's FTSE advanced following the release of cooler-than-expected inflation data and keep an eye out for Guzman Y Gomez's debut at 12:00 pm AEST.

Note: The US indices, VIX and 10-year yield refer refer to data from the previous session.

Let's dive in.

OVERNIGHT MARKETS

• US market closed in observance of Juneteenth National Independence Day and reopen tomorrow – Data from the above table largely refers to Wednesday's performance

• European indices mostly lower, including the France's CAC (-0.77%), the German DAX (-0.35%), pan-European STOXX 600 (-0.17%) while UK's FTSE (+0.17%) ticked higher

• US futures currently mixed, with Nasdaq (+0.19%), S&P 500 (+0.03%) and Dow (-0.16%)

• Relatively quiet overnight session for commodity markets, most ticker up/down slightly

STOCKS

• Golden Goose IPO pulled as demand lacked from long-only investors (FT)

• HSBC reportedly violated money laundering regulations (Guardian)

• Anglo American sees 30% drop at Los Bronces copper mine in 2025 (MiningWeekly)

• Barclays to cut ~£100m in annual costs from its UK corporate banking business by 2026 (Reuters)

CENTRAL BANKS

• Traders scale back BoE rate cut bets after sticky UK services inflation data (Bloomberg)

• Fed officials seek further inflation progress before rate cuts (Reuters)

• SNB rate decision in focus as economists split on rate cut or pause (Bloomberg)

• RBA Chief Bullock hoses down rate cut hopes (AFR)

• RBNZ economist sees progress on inflation but warns restrictive policy needed to sustain it (Reuters)

• PBOC signals imminent bond market intervention to stem plunging yields (Reuters)

GEOPOLITICS

• US visits Japan to push allies for further semiconductor export controls on China (Reuters)

• Macron appeals to "silent majority" amid rising support for far-right and left-wing rivals ahead of elections (Bloomberg)

• Kim Jong Un pledges unconditional support for Russia's Ukraine invasion (Bloomberg)

• Hong Kong visitors to EU will need travel authorisation from next year (SCMP)

ECONOMY

• UK inflation eases to 2.0% in May but services prices remain sticky (Bloomberg)

• Japan's exports surge at fastest pace since late 2022 on weak Yen (Bloomberg)

ASX TODAY

• ASX 200 to open lower as overnight momentum stalled in the absence of the US market and the lack of fresh catalysts

• Guzman Y Gomez is set to list at 12:00 pm AEST after raising $335m at $22.00 per share for an indicative market cap of $2.2bn – this is the market's largest IPO in 11 months

• City Chic Collective to report challenging conditions and sales drop, with internal documents flagged ANZ sales down ~31% (AFR)

• Goodman Group declares 2H24 dividend of 15 cents per share (GMG)

• Mineral Resources to cease iron ore shipments from Yilgarn Hub after comprehensive assessment confirmed that continuity is not financially viable (MIN)

• Mirvac nearing deals to sell two office towers – 367 Collins Street in Melbourne to PAG for $340m and 40 Miller Street in North Sydney to Barings for $145m (AFR)

• Resolute Mining receives $30m, with another $20m due by 30-Sep from Ravenswood Gold – plus cash from other ops – this gold miner is printing cash (RSG)

BROKER MOVES

• Helia Group upgraded to Outperform from Neutral; target remains $3.90 (Macquarie)

• WiseTech upgraded to Buy from Outperform; target up to $112 from $99 (CLSA)

Companies trading ex-dividend: 

• Thu 20 June: None

• Fri 21 June: CSR (CSR) – $0.12 

• Mon 23 June: None

• Tue 24 June: None 

• Wed 25 June: None

Other ASX corporate actions today: 

• Dividends paid: None

• Listing: Guzman Y Gomez – 12:00 pm 

Economic calendar (AEST):

• 9:00 pm: Bank of England Interest Rate Decision

• 10:30 pm: US Building Permits (May)