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ASX 200 futures show an uptick of 62 points (+0.73%) as of 8:30 am AEST. Here’s a brief overview of key developments:
Key Highlights:
- Major US indices managed to rise despite early losses, hitting strong closing positions.
- The situation in the Middle East remains stable post US military actions, with Iran’s response not escalating as anticipated.
- Federal Reserve Governor Michelle Bowman indicated that if inflation remains steady or decreases, a rate cut could be feasible next month.
Overnight Summary (24 June 2025)
- US Markets: All major US indices ended positively, signalling investor confidence.
- Middle East Tensions: Following US airstrikes, market concerns eased as Iran’s retaliation appeared limited, avoiding significant disruption.
- Oil Prices: Brent crude experienced a notable drop of 9.1%, settling around $67 per barrel, attributed to the absence of immediate oil threats and maintained activity through the Strait of Hormuz.
- Market History: Deutsche Bank reported that geopolitical disruptions often lead to temporary market downturns but historical trends show recovery shortly thereafter.
- Fed Sentiment: The Fed’s cautiously dovish tone further buoyed market sentiment, with discussions of potential rate cuts.
Market Overview
Major Indices Performance:
| Index | Value | % Change |
|---|---|---|
| S&P 500 | 6,025 | +0.96% |
| Dow Jones | 42,582 | +0.89% |
| NASDAQ Composite | 19,631 | +0.94% |
| Russell 2000 | 2,133 | +1.11% |
Commodities (USD):
| Commodity | Value | % Change |
|---|---|---|
| Gold | 3,358.31 | -0.32% |
| Copper | 4.8839 | +1.20% |
| WTI Oil | 68.51 | -7.22% |
Currency Exchange Rate:
| Currency Pair | Value | % Change |
|---|---|---|
| AUD/USD | 0.6459 | +0.50% |
Cryptocurrency Market:
| Cryptocurrency | Value | % Change |
|---|---|---|
| Bitcoin (USD) | 104,263 | +4.50% |
| Ethereum (AUD) | 3,669 | +8.07% |
Sector Performance in the US (24 June 2025)
| Top Performing Sectors: | Sector | % Change |
|---|---|---|
| Consumer Discretionary | +1.75% | |
| Real Estate | +1.49% | |
| Consumer Staples | +1.30% | |
| Industrials | +1.29% | |
| Utilities | +1.26% | |
| Materials | +1.22% | |
| Financials | +1.21% | |
| Information Technology | +1.01% | |
| Communication Services | +0.85% | |
| Health Care | +0.11% | |
| Energy | -2.51% |
Key News Updates
- Energy Sector: Oil prices tumbled, affecting related stocks negatively while positively impacting companies like Qantas.
- Investor Insights: Analysts foresee Virgin Australia’s IPO performing strongly, with it debuting at $2.90 per share amidst substantial interest.
- Corporate Earnings: Collins Foods posted a modest revenue increase while Cogstate raised its profit guidance for FY25, aiming for $12-14 million.
What’s Next?
- Economic Indicators: Key data releases expected include Germany’s Business Confidence and Canadian inflation figures, alongside Fed Chair Powell’s testimony, which may influence market dynamics further.
Conclusion
As trading begins today, the ASX could reflect positive sentiment from the previous night’s US market performance, alongside attention towards the energy sector’s volatility and upcoming IPOs. Investors should keep an eye on broader economic indicators and corporate earnings as they navigate through today’s market.
