AU Morning Wrap: ASX Lifts; Goodman Upgrades Guidance

The market generally closed positively on Tuesday, though indexes were weighed down. The tech-heavy Nasdaq index fell from earnings reactions and a pullback in Semiconductors.Past the closing bell PM EST, the $S&P 500 Index (.SPX.US)$ climbed 0.13%, the $Dow Jones Industrial Average (.DJI.US)$ limbed 0.18%, and the $Nasdaq Composite Index (.IXIC.US)$ fell about 0.10%.

The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.83%, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.46%.

The $AUD/USD (AUDUSD.FX)$ is trading at US65.94¢, a decrease of 0.07%.

$Copper Futures(DEC4) (HGmain.US)$ prices briefly hit $10,000 a tonne overnight as investors increased their bets on potential Federal Reserve rate cuts, while Goldman Sachs warned of intensifying supply stress. The rally in copper was part of a broader surge in risk assets following the release of soft US jobs data, which fueled speculation that the Fed may lower rates later this year. Copper initially rose by 2.1%, reaching five digits again after a brief period in late April, but later pared its gains as trading began in Europe.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $62,158, down 1.96% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,162, down 1.84% in the past 24 hours.

$Perpetual Equity Investment Co Ltd (PIC.AU)$ is set to be broken up in a $1.5 billion deal, with private equity firm KKR acquiring the 138-year-old brand name. The transaction will transform the ASX-listed group into a pure-play funds management business.

$Goodman Group (GMG.AU)$, the industrial property giant, has raised its earnings per share (EPS) growth guidance to 13% for the financial year 2024. The company cited robust demand from the data centre sector, among other factors, for the upgrade in its guidance. Goodman Group's positive outlook reflects the continued growth of the data centre industry, which has become increasingly important due to the rise of cloud computing and digital transformation.

Listed law firm $QANTM Intellectual Property Ltd (QIP.AU)$ has announced that $IPH Ltd (IPH.AU)$, a rival intellectual property law firm, has made a cash and scrip takeover bid for the group. The bid proposes 0.291 IPH shares for each QANTM share and an additional special cash dividend of 11¢ per share. QANTM's board is currently considering the offer. As of its last trading day, QANTM's shares closed at $1.68 with a market value of approximately $235.3 million.

Lithium explorer $Leo Lithium (LLL.AU)$ has signed a deal to sell its stake in a Mali mine for $US342.7 million to Chinese explorer Ganfeng.