Table of Contents
Market Wrap-Up: A Friday Overview
ASX Futures Trend
As of 8:30 am AEST, ASX 200 futures have risen by 22 points (+0.26%).
Key Takeaways
- Major US stock indices closed near the breakeven point after a late sell-off diminished earlier gains.
- Bond yields stabilised, with most down by 3-6 basis points following a weak auction of 20-year notes on Thursday.
- Trading updates were issued by Bendigo Bank and Myer.
Overnight Summary: 23 May 2025
| Name | Value | % Change |
|---|---|---|
| Major Indices | ||
| S&P 500 | 5,842 | -0.04% |
| Dow Jones | 41,859 | 0.00% |
| NASDAQ Comp | 18,926 | +0.28% |
| Russell 2000 | 2,046 | -0.05% |
| Country Indices | ||
| Canada | 25,854 | +0.06% |
| China | 3,380 | -0.22% |
| Germany | 23,999 | -0.51% |
| Hong Kong | 23,544 | -1.19% |
| India | 80,952 | -0.79% |
| Japan | 36,986 | -0.84% |
| United Kingdom | 8,739 | -0.54% |
Commodities (in USD)
| Name | Value | % Change |
|---|---|---|
| Gold | 3,295.0 | +0.01% |
| Copper | 4.6795 | +0.74% |
| WTI Oil | 61.2 | -0.60% |
Currency Market
| Currency | Value | % Change |
|---|---|---|
| AUD/USD | 0.6412 | -0.36% |
Cryptocurrency
| Name | Value | % Change |
|---|---|---|
| Bitcoin (USD) | 111,038 | +2.30% |
| Ethereum (AUD) | 4,119 | +5.29% |
US Market Sectors Performance
| Sector | % Change |
|---|---|
| Consumer Discretionary | +0.56% |
| Communication Services | +0.32% |
| Information Technology | +0.12% |
| Industrials | 0.00% |
| Materials | -0.07% |
| Financials | -0.11% |
| Real Estate | -0.41% |
| Consumer Staples | -0.41% |
| Energy | -0.44% |
| Health Care | -0.76% |
| Utilities | -1.41% |
Market Insights
The S&P 500 showed minimal movement after a last-minute sell-off. Despite slight declines in bond yields, the market faces pressures including uncertainties related to tax policies, upcoming inflation reports, and upcoming monetary policy discussions.
Key Stock Movements
- Nike announced plans to increase prices on footwear and apparel while returning to sell on Amazon.
- Walmart is set to cut approximately 1,500 positions in its tech division.
- AT&T confirmed the acquisition of Lumen’s consumer fibre operations for $5.7 billion.
- Amazon shareholders rejected several climate-focused proposals at the recent AGM.
- Nestle is restructuring its operations amid economic pressures.
Central Bank Insights
The European Central Bank is expected to consider interest cuts in June; however, rising euro and energy costs are complicating economic forecasts.
Trade Dynamics
Trade discussions are ongoing, with focus on tariffs as G7 ministers seek consensus on non-tariff barriers and China’s practices.
Economic Outlook
- The US Manufacturing PMI for May registered a rise to 52.3, while the Services PMI rebounded to 52.1.
- In the Eurozone, the Composite PMI contracted to 49.5, reflecting weakness in service sectors despite manufacturing stabilisation.
- Japan’s manufacturing activity continues to contract, signalling sustained economic challenges.
What to Expect on ASX Today
- Bendigo Bank reported a Q3 cash net profit after tax down 8% to $122.2 million.
- Myer released its trading update for 2H25, noting a 1.9% increase in total sales.
- Expect a relatively quiet session in the market today as it digests recent developments.
Broker Updates
- Cromwell Property was upgraded to Overweight, target at $0.45.
- Insurance Australia Group downgraded to Neutral with a target increase to $8.70.
- Wesfarmers maintained at Buy, with its target lifted to $87.30.
For further economic insights, major economic indicators and corporate actions are scheduled for review as the week progresses.
