ASX 200 to fall, Guzman Y Gomez to list at noon, US markets closed

ASX 200 futures are trading 21 points lower, down -0.27% as of 8:30 am AEST.

OVERNIGHT MARKETS

• No 'Overnight summary, US sectors and ETF tables' as US market closed in observance of Juneteenth National Independence Day 
• European indices mostly lower, including the France's CAC (-0.77%), the German DAX (-0.35%), pan-European STOXX 600 (-0.17%) while UK's FTSE (+0.17%) ticked higher
• US futures currently mixed, with Nasdaq (+0.19%), S&P 500 (+0.03%) and Dow (-0.16%)
• Relatively quiet overnight session for commodity markets, most ticker up/down slightly

STOCKS

• Golden Goose IPO pulled as demand lacked from long-only investors (FT)
• HSBC reportedly violated money laundering regulations (Guardian)
• Anglo American sees 30% drop at Los Bronces copper mine in 2025 (MiningWeekly)
• Barclays to cut ~£100m in annual costs from its UK corporate banking business by 2026 (Reuters)

CENTRAL BANKS

• Traders scale back BoE rate cut bets after sticky UK services inflation data (Bloomberg)
• Fed officials seek further inflation progress before rate cuts (Reuters)
• SNB rate decision in focus as economists split on rate cut or pause (Bloomberg)
• RBA Chief Bullock hoses down rate cut hopes (AFR)
• RBNZ economist sees progress on inflation but warns restrictive policy needed to sustain it (Reuters)
• PBOC signals imminent bond market intervention to stem plunging yields (Reuters)

GEOPOLITICS

• US visits Japan to push allies for further semiconductor export controls on China (Reuters)
• Macron appeals to "silent majority" amid rising support for far-right and left-wing rivals ahead of elections (Bloomberg)
• Kim Jong Un pledges unconditional support for Russia's Ukraine invasion (Bloomberg)
• Hong Kong visitors to EU will need travel authorisation from next year (SCMP)

ECONOMY

• UK inflation eases to 2.0% in May but services prices remain sticky (Bloomberg)
• Japan's exports surge at fastest pace since late 2022 on weak Yen (Bloomberg)
  
  

ASX TODAY

• ASX 200 to open lower as overnight momentum stalled in the absence of the US market and the lack of fresh catalysts
• Guzman Y Gomez is set to list at 12:00 pm AEST after raising $335m at $22.00 per share for an indicative market cap of $2.2bn – this is the market's largest IPO in 11 months
• City Chic Collective to report challenging conditions and sales drop, with internal documents flagged ANZ sales down ~31% (AFR)
• Goodman Group declares 2H24 dividend of 15 cents per share (GMG)
• Mineral Resources to cease iron ore shipments from Yilgarn Hub after comprehensive assessment confirmed that continuity is not financially viable (MIN)
• Mirvac nearing deals to sell two office towers – 367 Collins Street in Melbourne to PAG for $340m and 40 Miller Street in North Sydney to Barings for $145m (AFR)
• Resolute Mining receives $30m, with another $20m due by 30-Sep from Ravenswood Gold – plus cash from other ops – this gold miner is printing cash (RSG)

BROKER MOVES

• Helia Group upgraded to Outperform from Neutral; target remains $3.90 (Macquarie)
• WiseTech upgraded to Buy from Outperform; target up to $112 from $99 (CLSA)
  
  

KEY EVENTS

• Thu 20 June: None
• Fri 21 June: CSR (CSR) – $0.12
• Mon 23 June: None
• Tue 24 June: None
• Wed 25 June: None

• Dividends paid: None
• Listing: Guzman Y Gomez – 12:00 pm

• 9:00 pm: Bank of England Interest Rate Decision
• 10:30 pm: US Building Permits (May)

This Morning Wrap was written by Kerry Sun.