ASX 200 LIVE:
In this news:
Australian shares are set to open down. Wall Street fell and oil rose after President Donald Trump threatened to attack Iran “very hard”.
ASX 200 futures were down 26 points or 0.3 per cent to 8640 near 4am AEST. The S&P 500 was 0.9 per cent lower near 2pm in New York; industrials paced six industry sectors lower.
While Apple rebounded more than 1 per cent, the rest of the magnificent seven megacap techs were lower. SpaceX’s pending trading debut on Friday continues to dominate Wall Street commentary.
“In the near-term, we believe the upcoming pricing of the SpaceX IPO … is probably putting some downside pressure on US equities – the IPO is oversubscribed by 4 times (now) and likely 8 times to 10 times by Friday,” Fundstrat Global’s Tom Lee said.
With shares in SpaceX to be added to the Nasdaq 100 and Russell 1000 soon after its trading debut, Lee said he estimates that this will result in fund managers needing to acquire significant additional shares in the company.
Market highlights
ASX 200 futures are pointing down 26 points or 0.3 per cent to US prices near 2pm New York time.
AUD -0.2% to US70.18¢Bitcoin +0.4% to $US61,882On Wall St: Dow -1.3% S&P -0.9% Nasdaq -1.1%VIX +1.99 to 21.86Gold -3.6% to $US4109.00 an ounceBrent oil +3.2% to $US94.37 a barrelIron ore +0.9% to $US101.55 a tonne10-year yield: US 4.55% Australia 4.89%
Today’s agenda
Australian June consumer inflation expectations are to be released at 11am AEST.
Overseas, the focus is on policymakers at the European Central Bank. TD Securities: “We expect the ECB to hike amid persistently high energy prices and likely upward revisions to inflation projections.
“If a hike materialises, the risk will be in messaging of whether it’s appropriate to maintain flexibility and stick to a data-dependent approach or acknowledge the forward-looking risks to inflation and a need for additional hikes, as a result.”
Top stories
Motorists should brace for end of fuel tax cut, says minister | Even if the excise reduction was wound up as scheduled, petrol would still be cheaper than at the outbreak of the Iran war.
Budget tax changes will be ‘devastating’ for biotech sector | A CGT carve-out alone will not save the industry from the proposed changes, says a leading scientist and angel investor. It will need R&D relief as well.
Oliver Curtis to give evidence in fight over Firmus shares | A legal dispute between two Sydney financiers over Firmus shares will embroil executives from Australia’s hottest start-up, which is slated for an IPO later this year.
Hanson says $1m war chest for Labor ‘hit list’, not Coalition seats | The firebrand senator rattled off a list of MPs she intends to target with her new “fighting fund” while on a two-day tour of Perth.
ANZ chief urges banks to return to wealth, insurance | Matos called on the top lenders to be more ambitious in their service offerings, arguing the sector’s profitability has been in decline for years.
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