AU Morning Wrap: ASX Slips Before Budget; Real Estate Stocks Weaken Ahead of US CPI Data

Moomoo News AU wrote a column · May 13 19:34

G'day, mooers! Check out the latest news on today's stock market!
• Dow snaps 8-day winnning streak
• ASX slips before budget; Real estate stocks weaken ahead of US CPI data
• Stocks to watch: ARN Media, Seven Group, Transurban

AU Morning Wrap: ASX Slips Before Budget; Real Estate Stocks Weaken Ahead of US CPI Data

Wall Street Summary

Meme stock volatility hit the market Monday, sending indexes higher, but shortly before noon EST, the market boomeranged back down. Just after the closing bell, the $S&P 500 Index(.SPX.US)$ had fallen flatly 0.02%, the $Dow Jones Industrial Average(.DJI.US)$ also declined 0.17%, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 0.28%.

The $U.S. 2-Year Treasury Notes Yield(US2Y.BD)$ was 4.86%, the $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ was 4.48%.

AU Market Watch

Australian shares have opened slightly lower as investors await the federal budget announcement and key inflation data from the US. The $S&P/ASX 200(.XJO.AU)$ dropped 0.1% at the opening bell, with none of the benchmark 11 sectors moving more than 0.5% in either direction.

The federal budget, set to be announced on Tuesday, is expected to forecast a surplus of $9.3 billion for the current financial year. However, economists have warned that any handouts aimed at reducing household bills may not help to curb underlying inflation, which could undermine the efforts of the Reserve Bank of Australia.

Lithium and nickel miners, who have been lobbying for tax breaks from the government, are said to be among the big winners from the budget.

ASX 200 futures are currently trading at 7,779, up 2.0 points, indicating a 0.03% increase.

The $AUD/USD(AUDUSD.FX)$ is trading at US66.10¢, an increase of 0.02%.

Commodity

Spot gold prices fell by 1% to $US2337.10/oz at 1:44 pm in New York

Brent crude prices rose by 0.5% to $US83.17 a barrel

Iron ore prices increased by 0.8% to $US116.90 a tonne

Crypto

As of latest data, $Bitcoin(BTC.CC)$ is priced at $62,859, up 2.15% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $2,951, up 0.63% in the past 24 hours.

Stocks to Watch

$Transurban Group(TCL.AU)$, the toll road operator, has restructured its executive structure by eliminating state-based lead executive roles. This move is part of a shake-up aimed at streamlining the company's operations.

$ARN Media Ltd(A1N.AU)$'s Chairman, Hamish McLennan, has stated that he still plans to pursue a deal with Southern Cross Media, despite its buyout partner withdrawing from the offer.

$Seven Group Holdings Ltd(SVW.AU)$, owned by billionaire Kerry Stokes, is continuing to purchase shares in $Boral Ltd(BLD.AU)$ as it seeks full control of the cement and asphalt group. After months of share buy-ups and a $1.9 billion buyout bid for the company, Seven's stake in Boral has now reached 91.2% for the first time.

Economic Calendar (AEDT):

4:00pm – GBP – Claimant count change, average earnings, unemployment rate

Tentative – CNY – Foreign direct investment

7:30pm - AUD - Federal Budget Speech

Source: Dow Jones Newswires, AFR

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