ASX 200 to edge lower, Dow posts best week of 2024, gold eyes best performance in five weeks

Get up to date on overnight market activity and the big events for the day.
The Morning Wrap

Livewire Markets

ASX 200 futures are down 15 points to 7,765, as of 8:20am AEST.

Equities were firmer and bond yields edged higher ahead of this week’s key economic data. The April jobs report for Australia, US inflation data, and the Federal Budget are all in focus. Meanwhile, a quiet record of sorts was reached on Friday - the Dow Jones is now up eight sessions in a row and last week was the index's best week for 2024.

European stocks also hit record highs, with the UK benchmark leading the way thanks to data which confirmed the UK has exited recession. Finally, gold has extended its gains again - will anything stop the yellow metal?

Let's dive in.

Please note: There is an error in this morning's Market Data. We will look to have these erroneous figures rectified as soon as possible.

S&P 500 SESSION CHART

A downturn caused by the latest consumer sentiment figures was gradually recouped. (Source: TradingView)
A downturn caused by the latest consumer sentiment figures was gradually recouped. (Source: TradingView)

OVERNIGHT MARKETS

  • Dow jumps more than 100 points to post 8th winning day and best week of 2024
  • Europe stocks close at fresh record highs; UK exits recession
  • Treasury yields rise as new data shows expectations of higher inflation
  • Oil falls on prospect of higher-for-longer U.S. interest rates, stronger dollar
  • Gold extends gains as jobs data reinforces U.S. rate cut bets

INTERNATIONAL STOCKS

  • Apple close to agreement with OpenAI to use its technology on iPhone
  • Arm to develop AI chips, plan to launch first products in 2025
  • Chipotle, Wingstop, Sweetgreen focus on higher-income consumers helping buck broader consumer slowdown
  • AI, cloud computing, advanced manufacturing continue to face electricity roadblock

CENTRAL BANKS

  • Rents and housing costs remain an overhang to Fed rate path outlook
  • Frequency of Fed communication may be contributing to market volatility
  • BoE likely to choose cautious rate cutting path when it begins cutting cycle

ECONOMY

  • US CPI expected to show first moderation in six months
  • China’s consumer prices rise for third month, signaling demand recovery
  • South Korea prepares support package worth over $7 billion for the chip industry
  • China loses spot to U.S. as Germany’s biggest trading partner

Key Events

Upcoming floats and listings

  • D3 Energy – 13 May @ 11 am
  • Sun Silver – 15 May @ 11am

Companies trading ex-dividend:

  • ANZ Group Holdings (ANZ) – 13 May - $0.83
  • Macquarie Group (MQG) – 13 May - $3.85
  • Tasmea (TEA)– 14 May - $0.025
  • Sandon Capital Investments (SNC) – 15 May - $0.028
  • Autosports Group (ASG) – 16 May - $0.10

Economic calendar (AEST):

  • 11:30 am – AUD – NAB Business Confidence
  • 1:00pm – NZD – Inflation expectations
  • Tentative – EUR – EU economic forecasts
  • 10:30pm – CAD – Building permits

This Morning Wrap was written by Hans Lee and Chris Conway.

........
Livewire gives readers access to information and educational content provided by financial services professionals and companies (“Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

2 topics

The Morning Wrap
Markets Wrap
Livewire Markets

Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.

Comments

Sign In or Join Free to comment