ASX 200 futures are up 35 points, or +0.44% as of 8:15am 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.
Mon 13 May 24, 8:30am (AEST)
Mon 13 May 24, 8:30am (AEST)
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
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
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
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
Mon 13 May 24, 8:30am (AEST)
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.
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