ASX 200 futures are down 20ts (-0.23%) as of 8:30 am AEST.
In a nutshell:
US stocks tumbled as the Israel-Iran conflict intensified over the weekend
The conflict is expected to take "weeks, not days", according to the the US and Israeli officials
Gold and oil prices soared amid a flight to safe havens and concerns about supply
Let's dive in.
Mon 16 Jun 25, 8:27am (AEST)
Mon 16 Jun 25, 8:27am (AEST)
Major US benchmarks sharply lower and near worst levels
US weekly recap: Russell 2000 (-1.49%), Dow (-1.32%), Nasdaq (-0.63%) and S&P 500 (-0.39%)
Risk off session amid rising geopolitical tensions, with Iran retaliating with ballistic missiles on Israel after Israel conducted air strikes against Iran’s nuclear facility, killing senior military officials and nuclear scientists
Volatile oil prices, with Brent crude closing the session 5.8% higher (US$74.3), down from session highs of 11.6% (US$78.4)
US equity funds hit by biggest outflows in 11 weeks, BofA says (BBG)
US corporate insiders selling stock at fastest pace since November (BBG)
Nvidia to exclude China from earnings guidance (CNN)
Apple's iPhone sales surged in May, led by China and growing 15% globally (RT)
Meta finalizes $15bn investment for a 49% stake in Scale AI, enhancing its AI capabilities and strategy (BBG)
Amazon, Walmart exploring issuing their own stablecoins in the US, alongside discussions by Expedia and airlines (BBG)
Adobe sales guidance tops expectations but shares slip as investors skeptical about its ability to compete with AI-focused startups (BBG)
Novo Nordisk becomes Europe's most valuable public company, surpassing SAP, with a market cap of $365bn (BBG)
Israel, Iran trade attacks for third consecutive day in what PM Netanyahu calls "an existential campaign", Tehran's Foreign Minister says Iran's responses will stop if Israel's strikes stop (BBG)
Trump says Iran and Israel need to make a deal, says many calls and meeting now taking place, may also suggest possible US involvement (ABC)
Trump says remains committed to diplomatic resolution to Iran nuclear issue but Iran says will not join further talks with the US (RT)
Israel's operations against Iran's nuclear sites marks a new Middle East war (BBG)
Israel's attacks killed Iran's top military leaders, potentially destabilising Tehran's command and escalating conflict (BBG)
China withholding export of certain military-use rare earths, while the US maintains its export curbs on China's purchases of AI chips, signaling lack of progress despite recent handshake deal (Reuters)
US and Vietnam closing in on trade deal that could put Vietnam tariffs in 20-25% range and include tougher enforcement of transshipment of Chinese products (BBG)
Trump-Xi call helped ease tensions, but prospect of meeting unclear with Xi not expected to attend UN GA in September (SCMP)
Trump administration mull using Defense Production Act to prioritise and fund rare earths projects (BBG)
China activity data forecast to show steady industrial and fixed-asset investment in May, while retail sales growth likely slipped below 5% (BBG)
China's credit growth slowed in May, with new loans below expectations amid economic pressures (BBG)
Eurozone industrial production fell 2.4% in April, signaling economic challenges amid US tariff impacts (RT)
Mon 16 Jun 25, 8:27am (AEST)
Adriatic Metals to be acquired by Dundee Precious Metals, shareholders to receive 0.159 new DPM shares, valuing Adriatic at $5.56 per share (ADT)
Black Cat Syndicate says 4,500 oz of gold has been retained and in storage, with management saying its hard to justify producing a safe haven asset and then converting it into an asset that's losing purchasing power, in cash (BC8)
Bubs Australia launches new infant formula submission with US FDA (BUB)
Middle East volatility: Israel and Iran continued intense bombardments over the weekend, with growing international concern the conflict will turn into a wider regional war. Key gas and oil-related facilities have not been targeted so far, according to Bloomberg. Commodity markets have just opened, with gold trading around 0.2% higher and Brent crude up around 2% to US$76/lb. The conflict will likely drive further downward pressure on equities, and upward pressure on key commodities.
Domino's Pizza upgraded to Neutral from Underweight but target cut to $22.90 from $29.50 (JPM)
Stocks trading ex-dividend:
Mon 16 Jun: Whitefield Income (WHI) – $0.006
Tue 17 Jun: None
Wed 18 Jun: Aft Pharmaceuticals (AFP) – $0.011
Thu 19 Jun: None
Fri 20 Jun: None
Other ASX corporate actions today:
Dividends paid: Otto energy (OEL)
Earnings: None
IPOs: None
AGMs: None
Economic calendar (AEST):
11:30 am: China House Price Index (May)
12:00 pm: China Industrial Production, Retail Sales, Fixed Asset Investment (May)
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