Table of Contents
Tuesday Market Overview
As of 8:30 AM AEST, ASX 200 futures are up 69 points (+0.81%), reflecting a positive sentiment in the market.
Key Highlights:
- Despite prevailing concerns, major US stock indices ended on an upward trajectory. The market displayed resilience amid escalating US-China trade tensions, ongoing conflicts in Ukraine, and disappointing manufacturing data from the US.
- Gold prices surged nearly 3%, contributing to a more than 6% increase in the VanEck Gold Miners ETF overnight.
- Trading updates and presentations are anticipated today from various companies, including Judo Capital, Regis Resources, Whitehaven Coal, and Treasury Wine.
Overnight Summary
Date: Tue, 03 Jun 2025, 8:21 AM AEST
| Major Indices Performance: | Index | Value | % Change |
|---|---|---|---|
| S&P 500 | 5,936 | +0.41% | |
| Dow Jones | 42,305 | +0.08% | |
| NASDAQ Composite | 19,243 | +0.67% | |
| Russell 2000 | 2,070 | +0.19% |
| Global Indices: | Country | Value | % Change |
|---|---|---|---|
| Canada | 26,389 | +0.82% | |
| China | 3,347 | -0.47% | |
| Germany | 23,931 | -0.28% | |
| United Kingdom | 8,774 | +0.02% |
| Commodities: | Commodity | Value | % Change |
|---|---|---|---|
| Gold | 3,370.60 | -0.30% | |
| WTI Oil | 62.52 | +2.85% | |
| Copper | 4.8585 | +1.49% |
Currency and Cryptocurrency
- AUD/USD is at 0.649, reflecting a 0.85% increase.
- Bitcoin (USD) stands at 105,218, facing a 0.44% decline, while Ethereum (AUD) has risen to 3,965 (+1.17%).
Sector Performance
In the US, various sectors exhibited movement poised for growth:
- Energy: +1.15%
- Information Technology: +0.89%
- Materials: +0.48%
Market Drivers
The markets showed robust performance, shrugging off negative factors like tariff increases and geopolitical tensions. Notably:
- The S&P 500 recorded its best May performance since 1997, boosted by a fruitful earnings season and decreasing inflation trends.
- However, June is traditionally a lacklustre month for the S&P 500, historically yielding returns only 60% of the time.
Significant Updates and Economic Context
Recent manufacturing data showed contraction in US and Chinese activity levels, raising concerns over global demand. The US ISM manufacturing index dropped to its lowest since November 2024, while China’s manufacturing also contracted amidst tariff pressures.
ASX Focus for Today
A slew of company updates is on the horizon, including:
- Judo Capital: Reiterating FY25 guidance.
- Life360: Planning to issue $250 million in convertible notes.
- Treasury Wine: Expecting lower EBIT guidance after a distribution partner exits California.
Key Events and Corporate Actions
- Economic Calendar Highlights (AEST):
- 11:30 AM: RBA Meeting Minutes
- 11:45 AM: China Caixin Manufacturing PMI
- 7:00 PM: Eurozone Inflation Data
Summarised Takeaway
The current market landscape indicates a cautiously optimistic outlook, with investors encouraged by strong performances in commodities like gold and oil, despite looming geopolitical and economic uncertainties. As key economic indicators are released, market participants will be closely watching their impact on trading sentiment and future forecasts.
This summary encapsulates the current market conditions, major indices, and expectations shaping today’s trading environment while providing actionable insights for investors.
