ASX 200 to edge higher, Nasdaq retreats from record highs + Gold, copper prices rise
Get up to date on overnight market activity and the big events for the day.
ASX 200 futures are trading 6 points higher, up 0.07% as of 8:30 am AEST.

S&P 500 SESSION CHART

OVERNIGHT MARKETS
- Major US benchmarks finished mostly lower, a little off worst levels
- Growth and tech lagged value for a change – Broadcom (-3.7%), Nvidia (-3.5%) and Apple (2.1%) pulled back after recent run
- Equal Weight S&P 500 (+0.06%) outperformed the official benchmark by 31 bps
- Bond yields ticked slightly higher from near three-month lows
- US dollar up 0.4% to close at highest level since 2 May
- Treasuries on verge of erasing 2024 losses on rising Fed rate cut bets (Bloomberg)
- Foreign outflows from Chinese stocks extends to an eight month (Bloomberg)
- US crude and gasoline stockpiles decline more than expected (Bloomberg)
STOCKS
- Accenture shares rally despite missing Q3 earnings and sales expectations, the company reported more than $900m in generative AI bookings for the quarter (Yahoo)
- AMD says cyber-attack won't have significant impact on operations (Bloomberg)
CENTRAL BANKS
- Switzerland delivers back-to-back 25bp rate cut; sees inflation pressure easing (Reuters)
- Norway leaves rates unchanged, sees it at current level for a while (Bloomberg)
- Brazil holds rates, halting easing cycle on rising inflation projections (Bloomberg)
- Fed's Kashkari says could take up to two years to achieve 2% inflation (Investing.com)
GEOPOLITICS
- US government to redirect Patriot air defence orders to Ukraine (FT)
- Hezbollah warns Israel of war ‘without limits’ and threatens Cyprus (FT)
- Shipping industry urges action to halt attacks from Houthis following sinking of second vessel (Reuters)
- North Korea-Russia pact calls for immediate military aid if invaded, with each side coming to defence of other (Reuters)
ECONOMY
- US initial jobless claims little changed at 238,000 (Bloomberg)
- US housing starts fall 5.5% month-on-month vs. expectations of a 1.1% rise in May, led by sharp drop in single-family housing starts (Bloomberg)

ASX TODAY
- ASX 200 to edge higher after a strong lead from value and cyclical sectors overnight
- Strong overnight session for resource-related ETFs including Silver, Gold and Copper – This could see some positive flow for local miners
- Guzman Y Gomez day 2 – Currently trading 3.6% higher pre-market , like due to US investor bids, the $30.00 level was heavily supported by a large buyer yesterday and further retail support (as they release GYG listed)
Update: The $30.00 buyer stopped at around 10:10 am AEST and without this buyer, the stock nosedived 7% lower by 10:20 am AEST
- Deterra Royalties Chair Jennifer Seabrook discloses purchase of 16,200 shares – This is interesting because DRR is trading at its lowest level since Nov-22 after plans to half its payout ratio for a largely lithium-oriented royalty company (DRR)
- Pilbara Minerals releases outcomes of pre-feasibility study at Pilgangoora, could be expanded to production volume of more than 2Mtpa (PLS)
- West African Resources says Kiaka constructions is 50% complete, costs in-line with expectations and first gold pour on track for Q3 2025 (WAF)
BROKER MOVES
- Beach Energy downgraded to Underperform from Neutral; target cut to $1.40 from $1.60 (BofA)
- REA Group upgraded to Buy from Neutral; target up to $221 from $192 (Citi)
- Treasury Wine upgraded to Buy from Overweight; target remains $14.50 (Jarden)
- Woolworths Group upgraded to Overweight from Underweight; target up to $37 from $31 (Morgan Stanley)
KEY EVENTS
Companies trading ex-dividend:
- Fri 21 June: CSR (CSR) – $0.12
- Mon 23 June: None
- Tue 24 June: None
- Wed 25 June: None
- Thu 26 June: Fisher & Paykel (FPH) – $0.218
Other ASX corporate actions today:
- Dividends paid: Calima Energy (CE1) – $0.126
- Listing: None
Economic calendar (AEST):
- 9:30 am: Japan Inflation Rate (May)
- 4:00 pm: UK Retail Sales (May)
- 5:30 pm: Eurozone Manufacturing and Services PMI (Jun)
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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