Pre-Market Report – Monday 15 July: ASX 200 eyes 8000 with SPI up 51 - US Markets Rally Again

Market Updates

English - July 14, 2024 22:00 - 10 minutes - 7.59 MB
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Previous Episode: End of Day Report – Friday 12 June: ASX 200 hits Record. CBA bigger than BHP.

Next Episode: End of Day Report – Monday 15 July: ASX hits 8000 in Broad Based Rally. Banks Continue to Lead Charge

Wall Street ended the week on a positive note, with gains across all major indices. Fresh economic data reinforced bets that the Fed will cut rates in September, and banks kicked off the start of the US reporting season. The Dow traded higher all session, topping 40,000, narrowly missing a fresh all-time high, up 247 points (+0.62%). Dow up 503 points at best. The S&P 500 gained 0.55%, to 5,615, a fresh record high. NASDAQ rose 0.63%, rebounding from its worst day since April, led by Nvidia +1.4% and Tesla +3.0% a day after tumbling over 8%. On the economic front, US Consumer sentiment fell for a fourth consecutive month, and Producer prices rose more than expected in June, up 0.2% MonM. Results raised bets of a September rate cut to 88.1%, according to CME FedWatch tool. Treasury yields slumped. 2Y yield fell 6bps and 10Y dipped 2.7bps. USD index slid, while Bitcoin edged up 0.35%.

Wall Street banks kick off reporting season with mixed results. JPMorgan (-1.21%) reported record profits for Q2, driven by a 46% rise in investment banking revenue and strong trading performance. Citigroup surpassed profit expectations, driven by a 60% jump in investment banking fees, but shares fell 1.81% due to concerns over expenses and market share. Wells Fargo missed analysts' interest income estimates, with NII decreasing 9%, causing shares to drop over 6%, despite a 38% rise in investment banking revenue.

ASX up 54 points

COMMODITIES

BHP, Vale agree deal over 2015 Brazil dam collapse proceedings in UK.Weak market for critical minerals seen dampening Western efforts to counter China.Gold holds firm above $2,400 level, set for third weekly rise.Oil prices settle down after data shows weaker US consumer sentiment.Copper prices rise on weaker dollar, some draw-down from stocks.China June copper imports slide to 14-month low on weak demand.Iron ore heads for weekly fall ahead of key China meeting

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