ASX Live Coverage Summary – June 12
Welcome to our live coverage of the ASX on Thursday, June 12. We’re trialling a new format for updates, providing a high volume of posts pre-market and further updates throughout the day. For the latest insights, be sure to refresh your page regularly and share your feedback to help us enhance your experience.
Market Drivers
Market Opening Update [8:35 am]
Australian stock futures suggest a modest gain of 17 points (+0.19%) ahead of the day’s trading, following a mixed close on Wall Street. The previous day saw the market close 0.06% higher, despite a session high of 0.60%. Momentum appeared to wane as just over half of the ASX 200 constituents finished lower or at breakeven.
Key Influencers on Market Performance:
- Growing tensions in the Middle East are affecting sentiment, with the US reportedly preparing partial evacuations of some embassies in response to threats from Iran regarding US military bases.
- The heightened geopolitical unrest has driven up oil prices, with Brent crude experiencing a notable 6.2% increase to reach US$70.70 per barrel.
- An agreement framework was established between the US and China to ease export restrictions, announced on Wednesday.
- US inflation figures came in lower than anticipated, which may help allay concerns over tariffs.
The market is showing signs of fatigue after reaching an all-time high on Wednesday. As trading begins today, it will be interesting to see if there’s enough momentum for the market to strengthen further. If you’re new to the blog, quickly catch up with our Morning Wrap for today’s essential information.
Summary
The ASX is set for a slightly positive start amid a backdrop of increased oil prices and international geopolitical tensions, particularly in the Middle East. Investor mood appears cautious, showing signs of fatigue after recent highs, and a mixed performance from Wall Street indicates potential volatility ahead. As trading progresses, it will be crucial to monitor how these external factors affect the local market dynamics.
