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ASX Live Coverage Summary – June 18
Welcome to our live coverage of the Australian Securities Exchange (ASX) for Wednesday, June 18. We are implementing a new format and aim to provide frequent updates throughout the trading day. Don’t forget to refresh the page manually for the latest insights, and let us know how we can enhance your experience.
Market Movements and Influences
08:35 AM Update: Major indices in the US finished largely lower, closing the day near their lowest points. Several factors are influencing market sentiment:
- Geopolitical Tensions: Former President Trump has demanded an "unconditional surrender" from Iran, claiming knowledge of where their supreme leader is located but indicating no immediate action will be taken. He will hold a meeting with his national security team on Thursday to discuss future actions, which may include military strikes on Iranian nuclear facilities.
- Polymarket forecasts a 73% likelihood of US military intervention in Iran by the end of the month, a significant rise from approximately 4% just two weeks prior.
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Israel has reaffirmed its commitment to military operations against perceived threats from Iran’s missile and nuclear capabilities, irrespective of US diplomatic efforts.
- Economic Indicators: The US reported a surprising decline in retail sales for May, dropping by 0.9% month-on-month. This decrease is primarily attributed to a reduction in sales of automobiles and building materials.
- Ongoing trade discussions, particularly between the US, Japan, and the European Union, remain stagnant, with little progress being made to bridge gaps.
Market Opening
08:30 AM Update: Futures for the S&P/ASX 200 have decreased by 17 points, translating to a drop of 0.19%. This follows a relatively weak performance from US markets with renewed attention on tensions in the Middle East. Trump’s evacuation order for Tehran has added to market apprehension, and Israel’s stance shows no intention of lowering tensions.
For those new to this blog, you can catch up on today’s key insights in the Morning Wrap.
This summary encapsulates the latest updates and market conditions affecting the ASX, providing a coherent view of current events for investors and readers alike.
