Morning Wrap: ASX 200 to rise, US market closed, European stocks bounce on Trump tariff delay
ASX 200 futures are up 20pts (+0.23%) as of 8:30 am AEST.
ASX 200 futures are up 20pts (+0.23%) as of 8:30 am AEST.
In a nutshell:
US market was closed in observance of Memorial Day, the UK market was also closed for the Spring Bank Holiday
European stocks bounced and finished at best levels after Trump delayed 50% EU tariffs till 9 June
Expect a relatively low volume and quiet session, since two key equity markets were closed overnight
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 5,803 | -0.67% |
Dow Jones | 41,603 | -0.61% |
NASDAQ Comp | 18,737 | -1.00% |
Russell 2000 | 2,040 | -0.28% |
Country Indices | ||
 Canada | 26,073 | +0.75% |
 China | 3,347 | -0.05% |
 Germany | 24,028 | +1.68% |
 Hong Kong | 23,282 | -1.35% |
 India | 82,176 | +0.56% |
 Japan | 37,532 | +1.00% |
 United Kingdom | 8,718 | -0.24% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 3,342.2 | +0.02% |
 Copper | 4.847 | +5.83% |
 WTI Oil | 61.53 | 0.00% |
Currency | ||
 AUD/USD | 0.6488 | -0.05% |
Cryptocurrency | ||
 Bitcoin (USD) | 109,474 | +1.67% |
 Ethereum (AUD) | 3,951 | +1.57% |
Miscellaneous | ||
US 10 Yr T-bond | 4.509 | 0.00% |
VIX | 20.57 | -7.72% |
S&P 500 CHART
S&P 500 daily chart (Source: TradingView)
OVERNIGHT MARKETS
Note: All US-related data (S&P 500, Nasdaq, Dow, Russell 2000 and bond yields refer to the previous session)
European equities finished broadly higher and near best levels after President Trump delayed the roll out of 50% tariffs on the EU till 9-Jun
Pan-European Stoxx 600 closed 1.0% higher, with all sectors in positive territory
Stronger yuan to boost Chinese stocks, says Goldman Sachs (BBG)
Philippine Peso advances to strongest since 2023 on dollar, oil (BBG)
STOCKS
Chinese EV stocks tumble after BYD slashes prices as much as 34%, fanning the flames of a renewed sector-wide price war(BBG)
CENTRAL BANKS
Fed Kashkari says shock of tariffs is ‘stagflationary’ and ‘not sure’ on interest rate moves by September (BBG)
TARIFFS
EU agrees to accelerate trade negotiations with the US to avoid 50% tariffs (BBG)
Malaysian PM Anwar Ibrahim asks Trump for a meeting with Southeast Asian nations over US tariffs (BBG)
Trump says he’s eyeing Russia sanctions, calls Putin ‘crazy’ (BBG)
ECONOMY
No major economic announcements
ASX TODAY
ALS reports FY25 revenue up 21.8% to $2.99bn, underlying NPAT down 1.4% to $312.1m (vs. Macquarie ests of $309.7m), total dividend for the year down 1.5% to 38.6 cents (ALQ)
Betr Entertainment holder Tanarra Capital increases holding from 8.0% to 10.1% (BBT)
Syrah Resources clarifies Tesla offtake agreement as conditional final qualification of anode material was set to no later than 31-May-25, but this date is no longer relevant and pushed back 2026-27 (SYR)
Woodside’s North West Self expected to receive Federal government sign off next week (AFR)
WHAT TO WATCH TODAY
Low volume: The session should be a fairly uneventful and illiquid one, as two key markets (US and UK) were closed overnight.
US futures higher: S&P 500 and Nasdaq futures are currently trading 1.1% and 1.3% higher, respectively. The strength reflects accelerated US-EU trade talks and the market's growing reluctance to take tariff threats at face value.
BROKER MOVES
Region Group initiated Buy with $2.65 target (BP)
Vulcan Energy initiated Buy with $6.10 target (BP)
Key Events
Stocks trading ex-dividend:
Whitefield Industrials (WHF) – $0.105
Tue 27 May: None
Wed 28 May: None
Thu 29 May: 360 Capital Mortgage REIT (TCF) – $0.06, Technology One (TNE) – $0.066
Fri 30 May: Pengana International Equities (PIA) – $0.014
Other ASX corporate actions today:
Dividends paid: None
Earnings: ALS (ALQ)
IPOs: None
AGMs: None
Economic calendar (AEST):
4:45 pm: France Inflation (May)
10:30 pm: US Durable Goods (Apr)
