ASX 200 futures are up 29pts (+0.34%) as of 8:30 am AEDT.
In a nutshell:
A last minute rally pushed the S&P 500 to record levels and above 6,100 for the first time on record
Breath was positive, all US sectors finished green and more than two-thirds of S&P constituents were higher
Relatively quiet morning so far for the ASX, strong breadth likely a theme today as well as small cap quarterlies
Let's dive in.
Fri 24 Jan 25, 8:23am (AEDT)
Fri 24 Jan 25, 8:24am (AEDT)
Major US benchmarks higher, finished at best levels after a late rally
S&P 500 set its first fresh all-time high since 6-Dec, closing above 6,100 for the first time on record
Breadth was positive after breaking a six-session streak of days where more than two-thirds of S&P constituents were higher
Overall, a relatively uneventful session ahead of Big Tech results next week and market seeking further clarification on Trump tariffs
US equities to see US$1tn of corporate demand in 2025, representing the largest year on record for buybacks, according to Goldman Sachs
Mag-7 earnings due next week,with analysts expecting Q4 earnings to rise 21.7% year-on-year vs. 9.7% growth for the remaining 493 S&P 500 companies
CTAs cut long positions to lowest since August, aggregate positioning at two-month low (BBG)
Japan retail investors' appetite for foreign equities keeping yen gains in check (BBG)
American Airlines shares dip 8% after the company issued a disappointing Q1 outlook (CNBC)
US firms in China increasingly worried about deteriorating bilateral relations (RT)
CNN announces job cuts to 6% of workforce as it pivots its focus to streaming (BBG)
Red Bull reports record profit for 2024 but revenue growth slowed to lowest since 2020 (BBG)
Fortescue iron ore exports rise 1%, fueling supply glut concerns amid waning China demand (BBG)
Honda and Nissan exploring merger to address rapidly declining performance in China market (RT)
Fed signals extended rate pause as Trump's policies loom, PIMCO says (FT)
ECB rate cut bets surge, traders eye potential 50 bp cut by June (BBG)
Norway Central bank holds rates steady, signals March cut despite global uncertainties (BBG)
BOJ expected to hike interest rates by 25 bp Friday, Ueda's comments on rate path another focus (BBG)
Trump threatens Russia and other countries with tariffs and sanctions if Putin doesn't agree to Ukraine deal (RT)
Trump calls on OPEC+ and Saudi Arabia to lower oil prices; demands US interest rates drop immediately (BBG)
Trump speaks virtually to the 2025 World Economic Forum in Davos but added little substance to help clarify current tariff issue (RT)
Saudi Arabia pledges US$600bn investment in US, eyeing Trump's economic reforms (BBG)
Republican leaders considering big debt-and-funding deal with Democrats (PL)
US military preparing to send 1,500 troops to assist with border security (RT)
Fri 24 Jan 25, 8:23am (AEDT)
Earlypay aware that 21.4% shareholder COG Financial Services intends to sell its stake, hires corporate adviser to seek bids for the entire company (AFR)
KMD Brands reports 2.5% drop in Group sales for the first five months of FY25, expects 1H25 EBITDA between $1-3m vs. $15.1m a year ago (KMD)
Michael Hill guides to 1H25 comparable EBIT of $22.5-24m vs. $31.3m a year ago and $31.9m consensus, gross margin of 61-61.5% vs. 61.5% a year ago (MHJ)
Relatively quiet overnight session and morning so far. Solid lead in (especially after the last minute rally for US stocks), with strong breadth a likely theme for us today. Most of the above overnight ETFs were up/down 1%. Uranium was once again, another bright spot, with the Global X Uranium ETF up 2.0% (now up 13% in the last four sessions).
Ampol upgraded to Buy from Neutral; but target cut to $32 from $32.30 (GS)
Stocks trading ex-dividend:
Fri 24 Jan: Alternative Investment Trust (AIQ) – $0.042, Myer (MYR) – $0.025
Mon 27 Jan: None
Tue 28 Jan: None
Wed 29 Jan: None
Thu 30 Jan: Djerriwarrh Investments (DJW) – $0.072
Other ASX corporate actions today:
Dividends paid: 360 Capital Group (TGP), 360 Capital REIT (TOT), Elders (ELD)
Listing: None
Earnings: None
AGMs: None
Economic calendar (AEDT):
9:30 am: Japan Inflation Rate (DEC)
1:00 pm: BoJ Interest Rate Decision
6:30 pm: Germany Manufacturing and Services PMI (JAN)
7:30 pm: UK Manufacturing and Services PMI (JAN)
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