ASX 200 flat ahead of RBA and BoJ decisions, S&P 500 snaps three-day losing streak

LiveWire03-19

ASX 200 futures are trading 3 points higher, up 0.03% as of 8:30 am AEDT. Source: Market Index S&P 500 SESSION CHART S&P 500 higher but finished at worst levels (Source: TradingView...

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ASX 200 set for a flattish open ahead of several high-profile macro events. ANZ CEO looks for India, China growth as focus shifts . Small caps struggled, the Russell 2000 underperformed the S&P 500 by 130 bps. Near-term overhangs include corporate blackout window , US$25bn of equities for sale by pensions as part of quarter-end rebalancing, unfavourable seasonality trends for late-March and stretched sentiment. Massive week for high-profile macro events including Nvidia’s GPU Technology Conference as well as interest rate decisions from the Bank of Japan, Fed and RBA. Fed swaps now pricing less than 50% chance of rate cut in June . Apple in talks to build Google's Gemini AI engine into the iPhone . Pfizer plans to sell ~$2.5bn of shares in UK consumer health company Haleon . 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Here are its key takeaways:\n\nOil demand on track to grow ~1.5 million barrels a day this year, slightly above historical trend growth, driven by jet fuel, and regionally by China and India\nSupply forecast for OPEC and Russia revised down in Q2-3 after OPEC+ agreement extension and recent drone attacks on Russian refineries\nNon-OPEC non-Russia supply outlook broadly unchanged\n1Q24 forecast of US$85 (up from US$82.5), 2Q24 forecast of US$87.5 (up from US$82.5) and 3Q24 of US$90 (up from US$80)\n\nSectors to Watch\nIt's a bit of a waiting game for markets ahead of new monetary policy guidance from the RBA and Fed as well as the Bank of Japan's widely expected plans to end negative interest rates.\nOvernight winners – Uranium ETF (URA) up for a third straight session (up only 1.08% so nothing wild but still a positive for uranium equities)\nChoppy sectors – Rare Earths/Strategic Metals ETF (REMX) finished around breakeven following a choppy session for Chinese lithium carbonate futures (finished Monday session up 3.0%, down from session highs of 4.6% and unchanged over the last five sessions).\nOvernight losers – Several ETFs from the above watchlist eased overnight including Biotech, Homebuilders, Gold Miners (despite slightly higher gold prices) and Copper Miners (despite relatively unchanged copper prices).\n\nKEY EVENTS\n\nASX corporate actions occurring today:\n\n\nTrading ex-div: Auckland International Airport (AIA) – $0.06, LGI (LGI) – $0.012, Briscoe Group (BGP) – $0.154, Seek (SEK) – $0.19, Credit Corp (CCP) – $0.15, Adrad (AHL) – $0.013 \n\nDividends paid: Amcor (AMC) – $0.189, Challenger (CGF) – $0.13, Resimac (RMC) – $0.035, HiTech (HIT) – $0.05, REA (REA) – $0.87, Baby Bunting (BBN) – $0.018, Johns Lyng (JLG) – $0.047, Dalrymple Bay (DBI) – $0.05 \n\nListing: None\n\nEconomic calendar (AEDT):\n\n\n2:00 pm: Bank of Japan Interest Rate Decision\n\n2:30 pm: RBA Interest Rate Decision\n\n9:00 pm: Germany ZEW Economic Sentiment Index (Mar)\n\n11:30 pm: Canada Inflation (Feb)\n\n11:30 pm: US Building Permits (Feb)\n\nThis Morning Wrap was written by Kerry Sun.\n\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2420239680"}