ASX 200 to fall, S&P 500 and Nasdaq close at record highs + Gold prices slump
Get up to date on overnight market activity and the big events for the day.
ASX 200 futures are trading 33 points lower, down -0.42% as of 8:30 am AEST.

S&P 500 SESSION CHART

OVERNIGHT MARKETS
- S&P 500 higher, finished near best levels and recouped Friday’s weakness – over the last two sessions, the index is up 0.15%
- Hotter-than-expected US NFP and unemployment data pushed bond yields higher on Friday, with the US 2-year yield up 16 bps to 4.89%
- Gold slumps as China's central bank halts 18-month buying spree (Bloomberg)
- France leads European market sell-off after Macron snap election call (Bloomberg)
- Traders brace for volatility spike ahead of this week's two main macro events - US inflation, Fed decision (Bloomberg)
- Big tech driving S&P rally but the rest may need to step up as earnings slow (Bloomberg)
- Fund managers increasingly opting for software over semi stocks (Bloomberg)
- GameStop sell-off steepens as meme stock rally loses steam (CNBC)
- BofA's Hartnett says a Fed rate cut signal trouble for the economy (Bloomberg)
- Oil rises after Goldman report flags summer deficit on strong fuel demand (CNBC)
STOCKS
- Apple partners with OpenAI to integrate ChatGPT into operating system (The Verge)
- Apple unveils iOS 18 with more customisation, Siri update, focus on AI (Tech Crunch)
- Boeing's weak delivery figures this week could deliver blow to credit outlook (FT)
CENTRAL BANKS
- Investors brace for Fed to dial back its 2024 cut predictions this week (FT)
- Lagarde says ECB could wait several meetings between rate cuts (Reuters)
- ECB hawks stress caution and data-dependence following initial rate cut (Bloomberg)
- RBI leaves rates unchanged, retains hawkish policy stance (Bloomberg)
GEOPOLITICS
- US close to finalising landmark defence treaty with Saudi Arabia (WSJ)
- EU Commission expected to disclose Chinese EV tariffs (Reuters)
- Israeli forces step up Rafah campaign as tanks push west (Reuters)
- US lawmakers call to add battery companies China's CATL, Gotion to import ban list, report says (Reuters)
ECONOMY
- Japan GDP contracts in Q1 by less than estimates (Bloomberg)
- Eye-popping US May payrolls jump may set back Fed ease (Reuters)
- US job gains surge past expectations, wage growth quickens (Reuters)
- China export growth tops forecasts, but imports underwhelm (Reuters)

ASX TODAY
- ASX 200 set to open lower, playing catch up as it digests two days' worth of market movements due to the long weekend closure
- Gold down 2.7% in the last two sessions after the PBOC ended a massive 18-month buying spree – gold equities sold off sharply last Friday but bounced on Monday (e.g. Newmont down 5.0% followed by 2.3% bounce)
- Oil prices up 2.4% in the last two sessions, with Goldman expecting a sizeable deficit in the third quarter – the analysts see a US$75 floor and US$90 ceiling for Brent this year – this could see some positive flow for local energy names
- Bapcor has attracted an opportunistic suitor after three profit downgrades in the past twelve months (AFR)
- GYG beefs up IPO offer by almost $100m to $335m (AFR)
- IDP Education shares snapped up by Ellerston Capital, hoping for a rebound (AFR)
- Opthea launches $220m capital raising (AFR)
- Strike Energy holder Hancock Prospecting eyeing a possible buyout (The Aus)
BROKER MOVES
- APM downgraded to hold from buy but target up to $1.45 from $1.40 (Bell Potter)
- Brambles upgraded to Overweight from Equal-weight; target up to $16.60 from $15.70 (Morgan Stanley)
- Codan downgraded to Neutral from Outperform but target up to $11.15 from $11.14 (Macquarie)
- Emerald Resources initiated Buy with $4.60 target (Canaccord)
- SiteMinder upgraded to Overweight from Market-weight; target up o $6.50 from $5.40 (Wilsons)
KEY EVENTS
Companies trading ex-dividend:
- Tue 11 June: McGrath (MEA) – $0.016
- Wed 12 June: Tower (TWR) – $0.024, ALS (ALQ) – $0.196
- Thu 13 June: Champion Iron (CIA) – $0.11, Plato Income Maximiser (PL8) – $0.006, Incitec Pivot (IPL) – $0.043
- Fri 14 June: None
- Mon 17 June: None
Other ASX corporate actions today:
- Dividends paid: Amcor (AMC) – $0.19
- Listing: None
Economic calendar (AEST):
- 11:30 am: NAB Business Confidence (May)
- 4:00 pm: UK Unemployment Rate (Apr)
This Morning Wrap was written by Kerry Sun.
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Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.
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