Market Wraps

Morning Wrap: ASX 200 to rise, Rate cut bets ease, Bendigo Bank reiterated neutral at Goldmans

Mon 27 May 24, 8:21am (AEST)

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

The Americans and the Europeans are on holidays so there is no clear lead at the moment for Australian shares. There is also no major corporate news to speak of at this point but tech stocks will be in focus given the NASDAQ hit another all-time high. In fact, at this point, the most significant release this week could be Australian monthly inflation on Wednesday (where economists currently forecast a print of around 3.4%).

Locally on the corporate front, Mesoblast and Smartpay are expected to release earnings. Dicker Data hosts an AGM. And Goldman Sachs has issued a fresh note, arguing the share price of Bendigo and Adelaide Bank is now fully valued following its trading update last week. It's kept its NEUTRAL rating and $10.51 target price despite this.

Let's dive in.

Overnight Summary

Mon 27 May 24, 8:20am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,305 +0.70%
Dow Jones 39,070 +0.01%
NASDAQ Comp 16,921 +1.10%
Russell 2000 2,070 +1.04%
Country Indices
Canada 22,321 +0.54%
China 3,089 -0.88%
Germany 18,693 +0.01%
Hong Kong 18,609 -1.38%
India 75,410 -0.01%
Japan 38,646 -1.17%
United Kingdom 8,318 -0.26%
Name Value % Chg
Commodities (USD)
Gold 2,334.5 -0.12%
Iron Ore 117.66 +0.11%
Copper 4.7535 -0.81%
WTI Oil 77.72 +1.11%
Currency
AUD/USD 0.6629 +0.35%
Cryptocurrency
Bitcoin (AUD) 103,344 -0.87%
Ethereum (AUD) 5,803 +2.72%
Miscellaneous
US 10 Yr T-bond 4.467 -0.18%
VIX 11.93 -6.58%

There was no US trade on Friday, so there is no S&P 500 Session Chart and no Sectors Table included in today's Wrap. The US stock market figures are the weekly performances (e.g. the NASDAQ 100 closed the week 1.1% higher.)

 

OVERNIGHT MARKETS

  • Nasdaq closes Friday at record high as Nvidia and the AI trade rallies on

  • European stocks close lower as interest rate outlook weighs on sentiment; British grocery retailer Ocado up 6%

  • Treasury yields are flat as traders assess economic data

  • Oil prices bounce back from three-month lows but book a loss for the week

  • Gold loses momentum on ebbing rate cut speculation

MARKETS

  • US markets close tonight for Memorial Day holiday

  • European banks in Russia face ‘awful lot of risk’, Yellen says

  • The Fed probably won’t be delivering any interest rate cuts this summer (Current FedWatch pricing suggests there is now just a 45% cut of a September cut, down from 50% last week and spurred on by a stronger than expected Services PMI reading)

Industry ETFs

Mon 27 May 24, 8:20am (AEST)

Name Value % Chg
Commodities
Copper Miners 48.66 +1.88%
Uranium 32.0 +1.78%
Strategic Metals 53.32 +1.51%
Gold Miners 35.26 +1.47%
Lithium & Battery Tech 44.29 +1.00%
Steel 71.7093 +0.70%
Silver 27.74 +0.69%
Industrials
Aerospace & Defense 135.55 +1.04%
Construction 70.74 +0.87%
Global Jets 20.27 +0.50%
Agriculture 24.67 +0.16%
Healthcare
Biotechnology 135.67 +0.03%
Name Value % Chg
Cryptocurrency
Bitcoin 28.07 +3.20%
Renewables
Solar 47.5 +5.23%
CleanTech 9.77 +3.72%
Hydrogen 6.54 +2.99%
Technology
Semiconductor 238.56 +1.98%
Electric Vehicles 24.76 +1.77%
Sports Betting/Gaming 17.1409 +1.02%
Video Games/eSports 65.05 +0.93%
Robotics & AI 31.53 +0.90%
Cybersecurity 29.28 +0.72%
FinTech 25.62 +0.67%
E-commerce 24.05 +0.59%
Cloud Computing 19.93 -0.75%

 

Key Events

Trading ex-dividend this week:

  • Dalrymple Bay Infrastructure (DBI) - 27 May - $0.054

  • Elders Ltd (ELD) - 28 May - $0.18

  • Nufarm Ltd (NUF) - 29 May - $0.04

  • Technology One Ltd (TNE) - 30 May - $0.051

This Morning Wrap was written by Hans Lee and Chris Conway. This is the final edition of The Morning Wrap in caretaker form. Kerry Sun returns to Wrap and Weekend Newsletter duties tomorrow.

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.

Get the latest news and insights direct to your inbox

Subscribe free