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Highlights:
- ASX 200 Futures Down: Futures down 19 points (0.25%) as of 8:30 am AEST; watch Arcadium Lithium (ASX:ALM), Energy Resources of Australia (ASX:ERA), Kingsgate Consolidated (ASX:KCN), Liontown Resources (ASX:LTR).
- US Market Recap: S&P 500 up 1.04%; Caterpillar (NYSE:CAT) and Uber (NYSE:UBER) shares surge on strong earnings; persistent volatility influenced by Fed and Asian policymakers, Nvidia's AI commentary, and strong ISM services data.
- Global Market Dynamics: Nikkei rebounded 10.2%; Nomura reports significant net long positions in US equities; BofA notes typical S&P 500 pullbacks.
ASX 200 Outlook:
- Futures Down: ASX 200 futures trading 19 points lower, down 0.25% as of 8:30 am AEST.
- Arcadium Lithium (ASX:ALM): Reporting Q2 earnings; consensus expects $250.5m revenue, $99m adjusted EBITDA, and $0.05 EPS.
- Energy Resources of Australia (ASX:ERA): Commencing legal proceedings over Jabiluka Mineral Lease renewal.
- Kingsgate Consolidated (ASX:KCN): Operational update at Diggers & Dealers; ramping up mining operations in 1Q25.
- Liontown Resources (ASX:LTR): CEO dismisses the possibility of a near-term equity raise.
US Market Recap:
- Mixed Performance: Major US benchmarks ended higher but below their best levels; S&P 500 rose 1.04% from session highs of 2.43%.
- Earnings Highlights: Caterpillar (NYSE:CAT) and Uber (NYSE:UBER) shares surged on better-than-expected earnings.
- Volatility: Persistent market volatility as the Fed and Asian policymakers urge calm.
- Sector Movements: Nvidia’s positive AI commentary and strong US ISM services data influenced market dynamics.
Global Markets:
- Nikkei Rebound: Nikkei index bounced 10.2% after a 12% selloff on Monday; still down 11% over the past four sessions.
- Investment Positions: Nomura notes a significant net long position in US equities, with further unwinding expected if S&P 500 stays below 5,500.
- Market Corrections: BofA highlights that corrections are typical, with the S&P 500 seeing 5% pullbacks three times a year and a 10% selloff annually.
Market Insights:
- Today's Watchlist: The Nikkei’s strong recovery, US market fading from session highs, and ASX futures indicating a slightly lower open. Despite oversold conditions, volatility remains high. Current market sentiment is divided, with experts split between bullish and bearish outlooks. The only certainty is continued volatility, so monitoring developments over the coming days and weeks is crucial.
