Markets Overview
- ASX SPI 200 futures down 0.2% to 7,283.00
- Aussie up 0.5% to 0.7197 per US$
- Australia 3-year bond yield rose 1bp to 2.76%
- Australia 10-year bond yield little changed at 3.26%
- Gold spot little changed at $1,855.23
- Brent futures up 1.9% to $121.67/bbl
Economic Events
- 9:30am: (AU) May ANZ Roy Morgan Weekly Consumer, prior 90.8
- 11:30am: (AU) 1Q Company Operating Profit QoQ, est. 5.0%, prior 2.0%
- 11:30am: (AU) 1Q Net Exports of GDP, est. -1.4, prior -0.2
- 11:30am: (AU) April Private Sector Credit MoM, est. 0.5%, prior 0.4%
- 11:30am: (AU) April Private Sector Credit YoY, est. 7.9%, prior 7.8%
- 11:30am: (AU) April Private Sector Houses MoM, prior -3.0%
- 11:30am: (AU) 1Q BoP Current Account Balance, est. A$13.2b, prior A$12.7b
- 11:30am: (AU) 1Q Inventories SA QoQ, est. 0.7%, prior 1.1%
- 11:30am: (AU) April Building Approvals MoM, est. 2.0%, prior -18.5%
Australian Prime Minister Anthony Albanese’s Labor Party clinched a parliamentary majority after day’s of ballots getting counted in tightly contested seats.
Other News
Boris Johnson plans to reintroduce imperial measurements to try to attract UK voters who favored Brexit in seats the Conservatives risk losing, the Mirror reported.
British shops will be allowed — but not required — to sell products in pounds and ounces, with an announcement expected from the UK prime minister linked to Queen Elizabeth’s platinum jubilee celebrations next week, the newspaper said, citing government insiders it didn’t name.
The UK leader faces challenges including difficult elections in two parliamentary districts and a deepening cost-of-living crisis. More MPs have called for Johnson’s resignation, though not yet enough to pose a serious threat. Johnson still faces a parliamentary inquiry into whether he lied over the pandemic parties.
The UK adopted the metric system on a mostly voluntary basis from 1965 and it became a legal European Union directive in 2000 for certain products. Beer is still sold in pints, and most road signs are in miles.
