AU Morning Wrap: Australia Shares Dip; Lendlease Rises Post $480m Deal
G'day, mooers! Check out the latest news on today's stock market!
• U.S. stocks fall Friday, but still end strong first half of 2024
• Australia shares dip; Lendlease rises post $480m deal
• Stocks to watch: Lendlease
Wall Street Summary
U.S. stocks fell on Friday as traders reacted to PCE data showing slowing inflation and better-than-expected consumer sentiment data. However, they still had a strong first half in 2024.
The broad market $S&P 500 Index (.SPX.US)$ was down 0.41%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.71%, closing at 17732.60. The $Dow Jones Industrial Average (.DJI.US)$ dropped 0.12%.
The S&P 500 climbed 14.5% in the first half of the year. The AI-driven trades boosted the techy-heavy Nasdaq Composite to an 18.1% gain in the first half of 2024, and the Dow Jones Industrial Average advanced 3.8% in the same period.
AU Market Watch
The Australian stock market commenced the trading day on a subdued note, as investors braced themselves for impending elections in the United Kingdom and France, alongside persistent worldwide ambiguity.
At the opening bell, the benchmark $S&P/ASX 200 (.XJO.AU)$ witnessed a decline of 0.7 percent, dropping by 52.6 points to settle at 7714.9, with a downturn observed across 11 sectors.
The eyes of Australian investors are set to closely monitor the initial phase of the French electoral process, with Australia poised to be among the initial markets to respond to these developments. Meanwhile, the UK's electoral proceedings are slated for Thursday (Friday AEST).
On the domestic front, anticipation is building for the upcoming disclosure of the Reserve Bank of Australia's May policy minutes, slated for release tomorrow. RBA Governor Michele Bullock has previously indicated that the institution's board contemplated an interest rate hike during their last assemblage.
Additionally, the market is gearing up for the publication of May's retail figures and building approvals data, which are expected to be unveiled on Wednesday, potentially providing new insights into the Australian economic landscape.
ASX 200 futures are currently trading at 7,708.5, down by 31.5 points, indicating a 0.41% decrease.
Commodity
In the latest trading session in New York, the price of spot gold experienced a marginal decrease of 0.04%, settling at $US2326.75 per ounce.
Meanwhile, Brent crude oil saw a slight uptick of 0.02%, closing at $US86.41 per barrel.
Iron ore prices rose by 1%, reaching $US106.75 per tonne.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $62,741, up by 3.06% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,435, up by 1.85% in the past 24 hours.
Stocks to Watch
$Lendlease Group (LLC.AU)$ experienced a 1.3% increase in its share price following the announcement of its agreement to divest its US military housing division. The business is being acquired by an entity overseen by Guggenheim Partners Investment Management for a sum of $480 million.
Economic Calendar (AEST)
11:45 am: China Caixin Manufacturing PMI (Jun)
3:00 pm: Japan Consumer Confidence (Jun)
10:00 pm: Germany Inflation (Jun)
12:00 am: US ISM Manufacturing PMI (Jun)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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