ASX Live Coverage: Friday, June 27 – Market Insights and Stock Ratings
Introduction
Welcome to our live coverage of the Australian Securities Exchange (ASX) for Friday, June 27. We are testing a new format that allows us to keep you updated with a high volume of pre-market posts and regular updates throughout the trading day. Don’t forget to refresh your page for the latest information and share your feedback on how we can improve.
Broker Rating Changes
8:48 am – Macquarie has made a series of adjustments to ratings and target prices, particularly within the lithium sector. Here’s a summary of the key upgrades and downgrades:
- Amcor: Upgraded to Buy from Neutral; target price increased to $18.25 from $16.90 (UBS).
- Atlantic Lithium: Downgraded to Neutral from Outperform; target price reduced to $0.16 from $0.25 (MQG).
- Coronado Global Resources: Downgraded to Underperform from Neutral; target price decreased to $0.11 from $0.19 (MQG).
- Aurizon: Upgraded to Outperform from Neutral; target price remains at $3.39 (MQG).
- Liontown Resources: Downgraded to Underperform from Neutral; target price cut to $0.55 from $0.65 (MQG).
- Mineral Resources: Downgraded to Neutral from Outperform; target price lowered to $22 from $35 (MQG).
- Nickel Industries: Downgraded to Neutral from Outperform; target price changed to $0.75 from $0.87 (MQG).
- Ora Banda Mining: Upgraded to Outperform from Neutral; target stays at $1.05 (MQG).
Market Drivers
8:45 am – The overnight performance of US markets has been robust, with the S&P 500, Nasdaq, and Dow rising by 0.80%, 0.97%, and 0.94% respectively. Key contributors to this positive sentiment include:
- Decreased Volatility: The VIX index, a measure of market volatility, has seen a consecutive decline, dropping from 20 to 16 over four sessions.
- Pressure from Trump on the Federal Reserve: Donald Trump has mentioned potential candidates to replace Jerome Powell as Fed Chair, reiterating criticism towards Powell for not lowering interest rates, referring to him as a "very stupid person".
- Falling Yields: The US 10-year treasury yield has dipped for seven consecutive sessions to 4.24%, the lowest since May 2. This decline is driven by favourable inflation data, rising expectations for rate cuts, and a successful bond auction of $44 billion in 7-year notes.
- Tariff Discussion: Trump suggested he might extend the deadline for implementing reciprocal tariffs, with White House Press Secretary Karoline Leavitt stating that the July 9 date is "not critical".
Morning Overview
8:30 am – Early indicators for the S&P/ASX 200 futures show an increase of 61 points (+0.59%), signalling a strong opening likely near record levels. This positive trend follows a strong US market performance where indices almost reached all-time highs.
For those new to our updates, please check today’s Morning Wrap for a quick overview and insights into the day’s expectations.
Thank you for joining us for today’s market coverage. Stay tuned for further updates and insights throughout the trading day.
