Markets Overview

  • ASX SPI 200 futures down 0.4% to 7,210.00
  • Dow Average down 1.0% to 32,899.70
  • Aussie down 0.7% to 0.7215 per US$
  • U.S. 10-year yield rose 2.7bps to 2.9332%
  • Australia 3-year bond yield fell 3bps to 2.95%
  • Australia 10-year bond yield fell 2bps to 3.48%
  • Gold spot down 0.9% to $1,851.19
  • Brent futures up 1.8% to $119.72/bbl

Economic Events

  • 11am: (AU) May Melbourne Institute Inflation, prior -0.1%
  • 11am: (AU) May Melbourne Institute Inflation, prior 3.4%
  • 11am: (AU) Australia to Sell A$300 Million 1.75% 2051 Bonds
  • 11:30am: (AU) May ANZ Job Advertisements MoM, prior -0.5%

Stocks are poised to start the week under pressure after a robust US jobs report left the door open for the Federal Reserve to maintain an assertive stance on inflation.

Futures fell in Japan and Australia. The S&P 500 retreated for an eighth week in nine. Chinese shares traded in the US declined, which may weigh on stocks in Hong Kong.

Oil will be in focus after Saudi Arabia raised oil prices for its biggest market of Asia by more than expected, and the US was considering allowing more sanctioned Iranian oil onto global markets to counter the drop in Russian supplies. Crude rose to near $120 a barrel Friday and eked out a sixth straight week of gains after OPEC+ delivered only a modest increase in output at a meeting that failed to soften supply shortage worries.

Treasury yields climbed and the dollar strengthened Friday after May hiring data topped expectations. The next focus is May consumer prices this week to gauge whether US inflation has peaked.

Other News

The Queen giggled during a Zoom call with famous Australians that took place as part of her Platinum Jubilee celebrations.

The 96-year-old monarch cracked up as retired professional wheelchair tennis player Dylan Alcott joked about beating Brits to the Wimbledon title.

Alcott is the only man to achieve a calendar-year Golden Slam after he won the Australian Open, the French Open, Wimbledon, the US Open, and a singles gold medal at the 2020 Summer Paralympic Games in 2021. He also won Wimbledon in 2019 after beating Britain’s Andy Lapthorne.

Alcott said: ‘I fortunately won a couple Wimbledon titles and beat some Great Britain players, which I was happy about but maybe you weren’t so happy about.’

The cheeky quip was enough to draw a laugh out of the Queen.

Mr Alcott explained the reason he ‘gets up in the morning’ is to change people’s perceptions of disability and what the Australian of the Year award has meant to him.

The call, which took place on May 9 but was only made public on Saturday, began with Governor-General of Australia David Hurley noting to the Queen that it was 34 years to the day since she had opened Parliament House in Canberra.

(Daily Mail)