Marcus Today Pre-Market Podcast – Monday 26th June

The main event this week is Australia’s monthly CPI data out Wednesday. The last reading of 6.8% in April surprised the market, up from 6.3% in March, which was the lowest reading in 10 months, significantly exceeding market expectations of 6.4%, which led to a 25bps rate hike by the RBA in June. May CPI consensus at 6.1%. Also, on the domestic front, retail sales data out Thursday and housing permit data out Friday will provide some insight into the broader economy and the health of the housing market. Powell speech Thursday and Eurozone CPI data Friday.

Australian market to open lower. SPI futures down 16 points (-0.23%) to 7043 over the weekend.

Last week: The ASX 200 fell 150 points (-2.1%). Defensive stocks did well, CSL +1.49% recovering from its recent sell-off from the company’s profit warning, WOW +3.21%, RMD +1.58%, and TWE +0.35%. Travel stocks were hammered QAN -6.77%, FLT -12.35%, CTD -9.65% and WEB -5.96%. Tech sector also down with XRO falling -4.6%. Gold fell, and the energy sector was lower following the decline in oil prices.

Global equities last week: US markets snap six-week winning streak. Dow Jones down 572 points (-1.67%), S&P 500 down 1.4%, and the NASDAQ down 1.44% as recession fears remerge triggered by tight monetary policy and pressuring crude oil prices. European markets were also down, with the STOXX 600 off 2.93%, FTSE -2.37%, and DAX -3.23%, respectively.

• Gold finished 0.41% higher, weighed by hawkish comments from the fed.
• Copper fell 3.64% as hawkish fed comments and a stronger USD sent prices down.
• Nickel +0.22% Aluminium -2.11% Zinc -2.07%, Lead -2.07%, Tin -2.44%.
• WTI Crude fell 0.45% and Brent fell 0.44% on concerns of global economic growth.
• 10-year yield: US 3.74%, Australia 3.94%, and Germany 2.37%.

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