Market Wraps

Morning Wrap: ASX 200 to rise, Arcadium and Goodman Group to report earnings, Perpetual to be broken up

Wed 08 May 24, 8:22am (AEST)

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

The RBA held rates yesterday and it's still not ruling anything in or out. But that wasn't the only major story to break late yesterday. The Financial Review is now reporting that Perpetual will be broken up and its name will be sold to American firm KKR. Wall Street finished the overnight session barely higher and we are awaiting results from Arcadium Lithium, Goodman Group, and Virgin Money UK.

Let's dive in.

Overnight Summary

Mon 13 May 24, 8:30am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,223 +1.85%
Dow Jones 39,513 +2.16%
NASDAQ Comp 16,341 +1.14%
Russell 2000 2,060 +1.18%
Country Indices
Canada 22,309 +1.65%
China 3,155 +1.60%
Germany 18,773 +0.46%
Hong Kong 18,964 +2.64%
India 72,664 -1.64%
Japan 38,229 -0.12%
United Kingdom 8,434 +3.20%
Name Value % Chg
Commodities (USD)
Gold 2,375.0 +1.48%
Iron Ore 116.93 -0.03%
Copper 4.6625 +1.69%
WTI Oil 78.26 -1.26%
Currency
AUD/USD 0.6602 -0.26%
Cryptocurrency
Bitcoin (AUD) 92,733 +0.54%
Ethereum (AUD) 4,434 +0.35%
Miscellaneous
US 10 Yr T-bond 4.504 +0.09%
VIX 12.55 -6.97%

US Sectors

Mon 13 May 24, 8:30am (AEST)

SECTOR % CHG
Utilities +4.03%
Financials +3.07%
Materials +2.58%
Consumer Staples +2.30%
Industrials +2.30%
Real Estate +2.03%
SECTOR % CHG
Communication Services +2.02%
Health Care +1.94%
Information Technology +1.41%
Energy +1.36%
Consumer Discretionary +0.16%

S&P 500 SESSION CHART

SPX Tuesday 7 May
A wild ride finishes with the S&P 500 barely higher. (Source: TradingView)

OVERNIGHT MARKETS

  • Dow logs fifth straight gain for longest win streak since December

  • European stocks close over 1% higher; UBS soars

  • 10-year Treasury yield falls as investors consider Fed policy path

  • Oil prices little changed as U.S. moves to replenish reserve, Gaza cease-fire still uncertain

  • Gold slips as traders eye Fed rate-cut path

  • Stocks and commodities haven’t moved in lockstep like this since 1980

INTERNATIONAL STOCKS

  • Rivian’s stock falls after EV maker posts wider-than-expected quarterly loss

  • Reddit shares soar 14% on Q1 revenue beat and narrower-than-expected loss

  • Disney earnings send stock sliding almost 10% to its worst day since 2022

  • Lyft puts up another quarter of positive free cash flow, following jump in rides

  • Astera Labs’ blowout first earnings report is met with a sagging stock reaction

CENTRAL BANKS

  • Fed’s Kashkari doesn’t rule out a rate hike

  • RBA leaves cash rate unchanged at 4.35%, as expected, but expresses concern over price risks

  • BoE expected to keep rates on hold for ninth month running amid splits on the MPC

ECONOMY

  • US consumers pull back sharply on credit-card use in March

  • German factory orders unexpectedly dropped in sign of enduring weakness, exports rebound

  • DIHK says German exports expected to stagnate this year, following a 1.8% decline in 2023

  • Japan April services growth at eight-month high on solid demand

  • Surveys show UK retail sales hit by bad weather and timing of Easter, softening demand

  • Global trade growth set to more than double in 2024 after last year's slump

  • Global policymakers imposing new taxes on EV as $110B fuel duty shortfall looms

ASX TODAY

  • As mentioned, Arcadium Lithium, Goodman Group, and Virgin Money UK are all due to hand down earnings.

  • GPT Group and Smartgroup are due to hold AGMs.

  • ResMed is trading ex-dividend.

  • We're almost done with the Big Bank earnings season. Commonwealth Bank hands down its Q3 trading update tomorrow, and it too is likely to report a fall in cash profits.

Industry ETFs

Mon 13 May 24, 8:30am (AEST)

Name Value % Chg
Commodities
Copper Miners 47.98 +0.15%
Gold Miners 35.25 -0.31%
Silver 25.77 -0.35%
Steel 71.1922 -0.57%
Strategic Metals 54.57 -1.21%
Uranium 31.22 -1.89%
Lithium & Battery Tech 44.94 -3.27%
Industrials
Agriculture 24.67 +1.11%
Construction 72.88 +0.59%
Global Jets 20.63 -0.05%
Aerospace & Defense 135.1 -0.19%
Healthcare
Cannabis 5.15 +0.78%
Biotechnology 133.4 -0.01%
Name Value % Chg
Cryptocurrency
Bitcoin 24.64 -2.84%
Renewables
Hydrogen 5.49 -1.96%
CleanTech 8.82 -2.33%
Solar 42.06 -2.64%
Technology
Semiconductor 220.24 +0.98%
Video Games/eSports 63.27 +0.32%
Cybersecurity 28.77 +0.28%
Robotics & AI 31.27 -0.22%
Cloud Computing 19.85 -0.35%
FinTech 25.66 -0.77%
Sports Betting/Gaming 17.391 -0.78%
E-commerce 24.24 -0.86%
Electric Vehicles 24.02 -1.11%

 

Key Events

Companies trading ex-dividend: 

  • Wednesday 8 May: Resmed (RMD) - $0.052

  • Thursday 9 May: Future Generation Australia (FGX) $0.034, United Overseas Australia $0.02

Economic calendar (AEST):

  • 4:00pm – EUR – German industrial production

  • 6:00pm – EUR – Italian retail sales

  • 12:00am – USD – Final wholesale inventories

  • 12:30am – USD – Crude oil inventories

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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