Pre-Market Report – Friday 28 June: Last Trading Day of Financial Year

Market Updates

ASX to rise. SPI Futures up 26 points (+0.34%). Wall Street edged higher overnight following a choppy trading session amid mixed economic data ahead of tomorrow's PCE reading. The Dow Jones and S&P 500 ended flat, both up 0.09%, while the NASDAQ managed to eke out a small gain of 0.30%. Big night on the economic front, data showed US manufactured goods unexpectedly fell in may, while core durable goods orders eased 0.1%, vs expectations for a 0.2% rise. Bolstering bets the weaker economy may prompt the Fed to cut rates in September. US weekly job claims fell to 233k, missing expectations of 236k, and the final print of US GDP growth was revised higher in Q1 2024 to 1.4%. US treasury yields eased dropped after data showed a continued but moderated slowdown in economic activity. Benchmark 10Y yield fell back below 4.3% after reaching an over-two-week high of 4.35% earlier in the session. 2Y yield fell 4.2 basis points. Japan issued fresh warnings of currency intervention with Finance Minister Shunichi Suzuki reiterating that officials will take necessary actions, though didn’t mention on what yen level.
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