Market Wraps

Morning Wrap: ASX 200 to rise, Dow notches 7th consecutive day of gains, Life360 release earnings

Fri 10 May 24, 8:22am (AEST)

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

Yesterday was a brutal day despite futures only indicating a flat open at first. But it was not just because Commonwealth Bank disappointed. A slew of disappointing trading updates from some of the country's largest retailers did their bit to send the Consumer Discretionary sector 2.5% lower at the close. Today, QBE Insurance and West African Resources will hold AGMs while Life360 is due to hand down earnings. The last time the latter reported results, it led to a 24% day-of share price surge.

Meanwhile, in the US, the value-heavy Dow Jones Industrial Average has extended its best winning streak for 2024 - up seven days in a row. The S&P 500 also reclaimed the psychologically important 5,200 level at the close.

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 Thu 9 May 2024
A good, solid session for the benchmark bourse. (Source: TradingView)

OVERNIGHT MARKETS

  • Dow closes more than 300 points higher, securing 7th winning day

  • European stocks close higher as BOE holds rates; Sabadell up 3% on fresh BBVA bid

  • 10-year Treasury yields falls after new data, strong bond auction

  • Oil edges up to one-week high on rising demand hopes after China, U.S. data

  • Gold gains over 1% as soft U.S. jobs data lifts Fed rate-cut bets

INTERNATIONAL STOCKS

  • Dropbox’s results get a break from investors after big selloff in February

  • Arm’s stock dips after earnings, but here’s the case for optimism

  • Unity names a permanent CEO while reporting better-than-expected results

  • AMC is gaining market share, but debt sparks analyst concern

  • Tesla ramping up job cuts in China

  • Sources say Musk's AI startup set to close funding round at a valuation of around $18 billion as soon as this week

CENTRAL BANKS

  • Bank of England keeps interest rates at 5.25% but hints at a June cut

  • ‘It’s our duty’: Bank of England chief says cutting rates before a UK election wouldn’t be an issue

  • BOJ's Ueda in strongest signal yet, hints possible policy action if yen moves impact inflation

  • Sweden's central bank enacts 25 bps hawkish rate cut, its first in eight years

  • Markets fade chance of RBA rate hike this year, while rate cut calls undermined by strong inflation

ECONOMY

  • China's exports rose slightly more than expected in April, while imports surged

  • Two major Chinese cities scrap remaining curbs on residential property purchases

  • China adopts America's GFC-era cash for clunkers policy in bid to boost consumer spending

  • China's overcapacity alarms the world; problem solvable with short-term pain

  • Japan real wages extend record declines, hopes turn to data from around June

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

Economic calendar (AEST):

  • 4:00pm – GBP – GDP, construction output, goods trade balance, industrial production, manufacturing production, business investment

  • 10:30pm – CAD – Employment change, unemployment rate

  • 12:00am – University of Michigan consumer sentiment and inflation expectations

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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