ASX 200 to bounce, S&P 500 flat, Treasurer approves ANZ-Suncorp deal
Get up to date on overnight market activity and the big events for the day.
ASX 200 futures are trading 26 points higher, up 0.33% as of 8:30 am AEST.

S&P 500 SESSION CHART

OVERNIGHT MARKETS
- Major US benchmarks ticked higher in relatively choppy trade
- Magnificent 7 names were mostly higher but Nvidia (-1.9%) pulled back
- US bond yields lower, with the 2-year down 4 bps and not far off a 3-month low
- Bond yield backup reflecting weaker-than-expected economic data from the US and China, cautious consumer readthrough from company earnings
- Amazon hits US$2tn market cap amid AI enthusiasm and announces a new direct-from-China discount section (FT)
- Yen remains at mercy of Fed's higher-for-longer stance (Bloomberg)
- Global M&A deals hit US$1.5tn in the first half of 2024 on a surge of US takeover activity (FT)
- IPOs have had best start to the year since 2021 with more than US$20bn raised so far (Bloomberg)
STOCKS
- Big US banks pass Fed's stress test, paving way for shareholder payouts (Bloomberg)
- Micron's Q3 results largely in-line but outlook comes in below consensus due to production ramp issues, AI takeaways were positive (Bloomberg)
- Levi Strauss shares slumps after quarterly sales miss consensus (Reuters)
CENTRAL BANKS
- Fed's Bowman reiterates she still does not see interest rate cuts this year (Reuters)
- Japan inflation expectations near decade high, backing case for rate hike (Bloomberg)
- ECB's Lane says ready to respond to any surprises as it decides on its next policy steps amid uncertainty (Bloomberg)
- Riksbank keeps rates at 3.75% as expected, signaling a cautious yet optimistic approach to monetary policy (Bloomberg)
GEOPOLITICS
- White House and Israel resolved some of the problems that have slowed down US weapons shipments (Axios)
- China hopes negotiations with EU over tariffs on Chinese EVs succeed (Reuters)
ECONOMY
- US capital goods orders unexpectedly fell in May, suggesting that business spending on equipment weakened for the month (Reuters)
- China's manufacturing activity to contract for second month in June (Reuters)

US-listed sector ETFs by iShares, Global X and VanEck (Source: Market Index)
ASX TODAY
- ASX 200 set to rise after a strong reversal on Thursday, where the index finished 0.3% lower, up from session lows of -1.65%
- 5G Networks sells primary businesses to managing director for $3.2m, proposes 15 cent distribution before delisting in 2025 (5GN)
- Andrew Forrest seeking seat on Austal board – his private investment vehicle Tattarang has a 19.6% stake in the company (The Aus)
- Casino regulators clear way for Bruce Mathieson to buy up more of Star (AFR)
- De Grey Mining flagged as a potential takeover target, sources say that Agnico Eagle is gathering information (The Aus)
- Insurance Australia on track to deliver FY24 Insurance Profit and Margin around the upper end of guidance ranges, GWP growth to be consistent with the 'low-double digit' guidance (IAG)
- Newmont's Akyem gold worth close to $1bn, Chinese suitors considered frontrunners but Perseus not out of the picture (The Aus)
- Federal Treasurer approves of ANZ acquisition of Suncorp Bank (SUN)
- Ventia Services awarded 5-year Homes NSW contract valued at $570m (VNT)
BROKER MOVES
- Arcadium Lithium initiated Neutral with $6.50 target (Goldman Sachs)
- Charter Hall Group downgraded to Underperform from Outperform; target cut to $11.51 from $13.74 (CLSA)
- Emeco Holdings initiated buy with $1.10 target (Argonaut)
- Macmahon Holdings downgraded to Hold from Buy; target remains $0.30 (Argonaut)
- PWR Holdings upgraded to Positive from Neutral; target remains $13 (E&P)
- Universal Store upgraded to Buy from Neutral; but target cut to $6 from $6.25 (UBS)
KEY EVENTS
Companies trading ex-dividend:
-
Fri 28 June: Abacus Group (ABG) – $0.043, Ophir High Conviction Fund (OPH) – $0.06, Danakali (DNK) – $0.009, Abacus Storage King (ASK) – $0.03
- Fri 28 June: 38 ETFs and funds are also trading ex-dividend. See a full list here
- Mon 1 July: 210 ETFs are trading ex-dividend and funds
- Tue 2 July: None
- Wed 3 July: None
- Thu 4 July: Clime Capital (CAM) – $0.014
Other ASX corporate actions today:
- Dividends paid: None
- Listing: Alfabs Australia (AAL) at 11:00 am
- Earnings: None
- AGMs: None
Economic calendar (AEST):
- 11:30 am Australia Housing Credit (May)
- 4:45 pm: France Inflation (Jun)
- 10:30 pm: Canada GDP (May)
- 10:30 pm: US Core PCE Price Index (May)
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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