ASX 200 to fall, Nasdaq hits record high + Silver, copper and nickel extend gains

LiveWire05-29

ASX 200 futures are trading 46 points lower, down -0.59% as of 8:30 am AEST. Source: Market Index S&P 500 SESSION CHART S&P 500 recovers some of its late session losses (Source: ...

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Major US benchmarks finished mixed, though ended off worst levels. Nvidia gains helped push the Nasdaq to a fresh record close. US market digesting a number of moving pieces coming out of the long holiday. Bullish drivers include an upbeat AU sentiment, buoyant consumer confidence data and softening house price growth. Bearish drivers include bond yield backup, commodity rally, hawkish Fedspeak and retailer supply cuts. Strong overnight session for both soft and hard commodities – base metals including aluminium, copper and gold continued to bounce from last week’s pullback. Apple's China iPhone shipments surge 52% as rebound gains steam after poor start to 2024 . Amazon in talks with Italy to invest billions of Euros in cloud plan . Minneapolis Fed's Kashkari said he would need to see \"many more months of positive inflation data\" before contemplating rate cuts","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"QLD":"纳指两倍做多ETF","QQQ":"纳指100ETF","FPH.AU":"FISHER & PAYKEL HEALTHCARE C","SQQQ":"纳指三倍做空ETF","SFR.AU":"SANDFIRE RESOURCES LTD","NEM.AU":"Newmont Corp","ADT":"Adt Inc.","SPXU":"三倍做空标普500ETF","IVV":"标普500指数ETF","OEF":"标普100指数ETF-iShares","VOO":"Vanguard标普500ETF","MOT.AU":"Metrics Income Opportunities Trust","SSO":"两倍做多标普500ETF","29M.AU":"29Metals Ltd","TCF":"TCF Financial Corp","CTM":"Castellum, Inc.","NEM":"纽曼矿业","NIC":"Nicolet Bankshares Inc.","ADT.AU":"ADRIATIC METALS PLC-CDI","NUF.AU":"NUFARM LTD","GCI.AU":"GRYPHON CAPITAL INCOME TRUST","MXT.AU":"Metrics Master Income Trust","NIC.AU":"Nickel Industries Ltd","SPY":"标普500ETF","KKC.AU":"KKR CREDIT INCOME FUND",".IXIC":"NASDAQ Composite","FT":"富兰克林通用信托","HGO.AU":"HILLGROVE 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200指数下跌，纳斯达克创历史新高+银、铜、镍延续涨幅","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MOT.AU":1,"SS1.AU":1,"SVL.AU":1,"SFR.AU":1,"TCF":1,"TCF.AU":1,"TNE.AU":1,"PIA.AU":1,"NUF.AU":1,"NIC.AU":1,"NIC":1,"NEM.AU":1,"NEM":1,"NDAQ":1,"MXT.AU":1,"KKC.AU":1,"HGO.AU":1,".IXIC":1,"29M.AU":1,"ADT":1,"ADT.AU":1,"AIS.AU":1,"CTM":1,"CTM.AU":1,"FPH":1,"FPH.AU":1,"FT":1,"GCI":1,"GCI.AU":1,"FDN":0.8,"VOO":0.6,"UPRO":0.6,"TQQQ":0.6,"XJO.AU":0.6,"XKO.AU":0.6,"SSO":0.6,"XAO.AU":0.6,"SQQQ":0.6,"SPY":0.6,"SPXU":0.6,"SH":0.6,"SDS":0.6,"QQQ":0.6,"QLD":0.6,"PSQ":0.6,"OEX":0.6,"OEF":0.6,"IVV":0.6,"MNQmain":0.6,".SPX":0.6},"content_text":"ASX 200 futures are trading 46 points lower, down -0.59% as of 8:30 am AEST.\n\n\n\n\n\n\n\n\n\n\nSource: Market Index\nS&P 500 SESSION CHART\n\n\n\n\n\n\n\n\n\nS&P 500 recovers some of its late session losses (Source: TradingView)\nOVERNIGHT MARKETS\n\n\nMajor US benchmarks finished mixed, though ended off worst levels\n\nNvidia gains helped push the Nasdaq to a fresh record close\n\nS&P 500 closed around breakeven but only 130 stocks managed to tick higher\n\nUS market digesting a number of moving pieces coming out of the long holiday\n\nBullish drivers include an upbeat AU sentiment, buoyant consumer confidence data and softening house price growth \n\nBearish drivers include bond yield backup, commodity rally, hawkish Fedspeak and retailer supply cuts\n\nStrong overnight session for both soft and hard commodities – base metals including aluminium, copper and gold continued to bounce from last week’s pullback\n\nOld-school sectors like utilities, energy and materials are outpacing the wider US market (WSJ)\n\nINTERNATIONAL STOCKS\n\n\nApple's China iPhone shipments surge 52% as rebound gains steam after poor start to 2024 (Bloomberg)\n\nElon Musk's xAI raises US$6bn from Valor, a16z and Sequoia (Axios)\n\nAmazon in talks with Italy to invest billions of Euros in cloud plan (Reuters)\n\nGameStop shares soar premarket on completion of US$933m stock sale (WSJ)\n\nVolkswagen announces it will develop low-cost EVs for EU market (Reuters)\n\nGlobal sales for weight loss drugs by 2023 now projected to be US$150bn (Reuters)\n\nCENTRAL BANKS\n\n\nMinneapolis Fed's Kashkari said he would need to see \"many more months of positive inflation data\" before contemplating rate cuts (Bloomberg)\n\nFed's Bowman backs maintaining pace of QT, while Fed's Mester wants more detailed policy statement (Bloomberg)\n\nGEOPOLITICS\n\n\nIsrael PM Netanyahu says strike on Rafah civilian camp \"tragic mistake\", prompting fresh calls to halt attacks (FT)\n\nChina praises restart of communications with Japan and South Korea as leaders pledge to revive free trade talks (FT)\n\nEurope's defence ministers debating whether to permit Ukraine to hit Russia with their weapons aid (Bloomberg)\n\nECONOMY\n\n\nChinese industrial profits return to growth in April, underlining authorities' efforts to boost manufacturing (FT)\n\nJapan services PPI inflation rises at fastest pace in more than 30 years (Bloomberg)\n\nGlobal shipping rates spike as businesses expect more disruption from ongoing Red Sea attacks (FT)\n\nAustralian retail sales remain tepid as households hunker down (Bloomberg)\n\n\n\n\n\n\n\n\n\n\n\n\nUS-listed sector ETFs (Source: Market Index)\nASX TODAY\n\n\nASX 200 futures pointing towards a sizeable drop and potentially pushing the index to a two-week low\n\nAustralian CPI due at 11:30 am and consensus expects inflation to ease from 3.5% in March to 3.4% in April\n\n\nBig overnight session for the resource space, I'll list some of the notable ETF movers plus some relevant stocks below:\n\n\niShares Silver Trust +5.4%: The main names that come to mind include Adriatic Metals (ADT), Silver Mines (SVL) and the recently listed Sun Silver (SS1)\n\nGlobal X Copper Miners ETF +2.9%: Names like Sandfire (SFR), Aeris Resources (AIS) and Hillsgrove (HGO) have taken a breather in recent weeks. 29Metals (29M) is on the verge of breaking out but a cap raise is a risk to be weary of\n\nSprott Nickel Miners ETF +2.7%: There aren't many nickel names alive after last year's exodus but Centaurus Metals (CTM) has been running hot and Nickel Industries (NIC) is trying to settle after the recent run\n\nVanEck Gold Miners ETF +2.4%: Gold is on a three-day win streak but still down around 2.5% in the last five sessions. There are way too many gold names to think about but some of the more interesting ones include Ramelius, Newmont (recently smashed quarterly earnings expectations), West African Resources and Resolute Mining (Africa-based names) \n\n\n\nAdriatic Metals completes US$50m institutional placement at $4.15 per share (ADT)\n\nBHP and Anglo American fail to make progress on negotiations amid fundamental disagreement on deal structure (FT)\n\nFisher & Paykel reports FY24 result with FY25 guidance – FY underlying NPAT of NZ$264.4m slightly ahead of consensus NZ$258.8m (FPH)\n\nBROKER MOVES\n\n\nData#3 upgraded to Overweight from Equal-weight; target up to $8.4 from $8.10 (MS)\n\nFortescue initiated Underweight with $19.11 target (Jarden)\t\n\nPerseus Mining initiated Buy with $3.0 target (Argonaut Securities) \n\n\nKEY EVENTS\n\nCompanies trading ex-dividend: \n\n\nWed 29 May: Nufarm (NUF) – $0.04\n\nThu 30 May: Technology One (TNE) – $0.05, KKR Credit Income Fund (KKC) – $0.017, Gryphon Capital (GCI) – $0.015, 360 Capital Mortgage REIT (TCF) – $0.035, Pengana International (PIA) – $).014, Metrics Income Opportunities (MOT) – $0.013, Metrics Master Income Trust (MXT) – $0.014\n\nFri 31 May: None\n\nMon 3 June: Newmont (NEM) – $0.268\n\nTue 4 June: None\n\nOther ASX corporate actions today: \n\n\nDividends paid: None\n\nListing: None\n\nEconomic calendar (AEST):\n\n\n11:30 am: Australia Monthly CPI Indicator (Apr)\n\n3:00 pm: Japan Consumer Confidence (May)\n\n4:00 pm: Germany Consumer Confidence (Jun)\n\n10:00 pm: Germany Inflation (May)\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":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"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":"4.24.2","shortVersion":"4.24.2","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/2439532791"}