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ASX Morning Wrap: Market Updates and Economic Insights
ASX 200 Futures: Down 20 points (-0.23%) as of 8:30 AM AEST.
Key Points:
- US benchmark indices displayed mixed outcomes; the S&P 500 remained unchanged while the Nasdaq gained ground driven by technology stocks.
- The Federal Reserve maintained interest rates at 4.25-4.50%, aligning with market predictions.
- Economic outlooks from the Fed suggested potential rate cuts by year-end while also lowering GDP growth forecasts for 2025, alongside a rise in inflation predictions.
Overnight Summary (19 June 2025)
Here’s how the major indices and commodities fared:
| Indices | Value | Change (%) |
|---|---|---|
| S&P 500 | 5,981 | -0.03 |
| Dow Jones | 42,172 | -0.10 |
| NASDAQ Comp | 19,546 | +0.13 |
| Russell 2000 | 2,113 | +0.52 |
Country Indices
| Country | Value | Change (%) |
|---|---|---|
| Canada | 26,560 | +0.07 |
| China | 3,389 | +0.04 |
| Germany | 23,318 | -0.50 |
| Hong Kong | 23,711 | -1.12 |
| India | 81,445 | -0.17 |
| Japan | 38,885 | +0.90 |
| UK | 8,843 | +0.11 |
Commodities (in USD)
| Commodity | Value | Change (%) |
|---|---|---|
| Gold | 3,375.00 | -0.37 |
| Copper | 4.855 | +1.36 |
| WTI Oil | 75.14 | +0.40 |
Currency
- AUD/USD: 0.6507 (+0.45%)
Cryptocurrency
| Currency | Value | Change (%) |
|---|---|---|
| Bitcoin (USD) | 105,152 | +0.63 |
| Ethereum (AUD) | 3,899 | +0.66 |
US Sectors Performance
| Sector | % Change |
|---|---|
| Information Technology | +0.36 |
| Utilities | +0.25 |
| Real Estate | +0.14 |
| Financials | +0.01 |
| Energy | -0.68 |
| Consumer Staples | -0.10 |
| Consumer Discretionary | -0.18 |
| Health Care | -0.18 |
| Materials | -0.33 |
| Communication Services | -0.67 |
Market Analysis
- The recent session showed a muted response, following the Fed’s announcement to keep rates steady. Market expectations for future rate cuts remain in focus.
- Geopolitical tensions, particularly regarding the Israel-Iran conflict, continue to impact trading dynamics, notably with energy stocks.
Corporate Updates
- HomeCo Daily Needs REIT announced a portfolio gain of $142 million and maintained its FY25 guidance.
- KMD Brands reported a sales slowdown, marking a decline from +0.5% in the first half to -1.9% in the second half.
What to Watch Today:
- The ASX is likely to face modest declines for the third consecutive session, reflecting the broader trend observed in US markets. Focus will remain on economic updates and corporate earnings.
- Key Economic Calendar:
- 11:30 AM: Australia Unemployment Rate (May)
- 9:00 PM: Bank of England Interest Rate Decision (anticipated hold at 4.25%).
Broker Moves
- Centuria Office REIT downgraded to Sell from Hold.
- Platinum Asset Management upgraded to Hold though target price was adjusted downwards.
- Initiation of coverage on Sonic Healthcare with a Buy rating.
This summary encapsulates the critical market movements, economic indicators, and corporate actions impacting investors ahead of a new trading session. As always, stay informed and consider the broader implications of global economic events on Australian markets.
