Good morning! ASX 200 futures are up 23 pts (+0.27%). The overnight session in a nutshell:
- Wall Street steadied, with the S&P 500 and Nasdaq higher, but Dow lower
- Friday's rout (Nasdaq down 4.18%, worst since April 2025) followed a hot May jobs report that pushed traders to price in a possible Fed hike
- US 2-year yield jumped 10 bps on the jobs report, with Fed funds futures pricing in 21 bps of hikes by year-end (vs. 13 bps prior to the report)
- Oil whipsawed on the first direct Israel-Iran exchange since April, Brent near US$94 after touching ~US$98, before Iran halted strikes
- Commodities traded broadly lower over the last two days, copper tumbled 4.0% last Friday but bounced 1.1% overnight
Key ASX 200 updates:
- L1 Group appoints James Allaway as new CFO, starting in September 2026
- Gold undercuts the 200-day moving average for the first time since October 2023
- Veem upgrades FY26 EBITDA guidance, with a significant H2 improvement
- Bain joins the bidding war for oOh!media, opening a three-way contest against PEP and I Squared
- S&P/ASX 200 rebalance: Five resources names in, growth and travel names out
- Helloworld Travel cuts FY26 EBITDA guidance due to Middle East disruption
- Dexus updates on APAC injunction and commences a strategic review of infrastructure funds
- Insider trades: Weebit Nano and Navigator Global
- Three central bank events frame the week, with a focus on oil-driven inflation
- US payrolls smash May estimates, sealing the strongest three-month run in over two years
- AI equity supply wave builds as SpaceX IPO heads for record $75bn raise
- Iran and Israel pull back from escalation as Trump pushes truce
- Aramco cuts Asia crude pricing for July
- BofA's Subramanian flags too many red flags, urging investors to take profits
- JPMorgan trims tactical view as AI unwind risks more choppy weeks
- Nvidia CEO calls tech selloff a buying opportunity, with AI buildout still early
- Wall Street strategists shrug off selloff, lift S&P 500 targets
- Wall Street rout leaves nowhere to hide as AI trade cracks
- Kospi crashes as AI-fuelled rally unravels
