Market Wraps

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

Thu 20 Jun 24, 8:30am (AEST)

ASX 200 futures are trading 21 points lower, down -0.27% as of 8:30 am AEST.

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 Summary

Thu 20 Jun 24, 8:24am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,487 +0.25%
Dow Jones 38,835 +0.15%
NASDAQ Comp 17,862 +0.03%
Russell 2000 2,025 +0.16%
Country Indices
Canada 21,517 -0.44%
China 3,018 -0.40%
Germany 18,068 -0.35%
Hong Kong 18,430 +2.87%
India 77,338 +0.05%
Japan 38,571 +0.23%
United Kingdom 8,205 +0.17%
Name Value % Chg
Commodities (USD)
Gold 2,342.7 -0.18%
Iron Ore 107.11 -
Copper 4.51 +0.43%
WTI Oil 81.47 -0.12%
Currency
AUD/USD 0.6671 +0.21%
Cryptocurrency
Bitcoin (AUD) 97,372 -0.21%
Ethereum (AUD) 5,350 +2.93%
Miscellaneous
US 10 Yr T-bond 4.217 -
VIX 12.48 +1.46%

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)

Key Events

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)

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.

Get the latest news and insights direct to your inbox

Subscribe free