Market snapshot
- ASX 200 futures: +0.5%
- Australian dollar: flat at 65.32 US cents
- Wall Street: S&P 500 +0.4% Nasdaq +0.3% Dow +0.2%
- Europe: FTSE +0.2% EuroStoxx -0.3%
- Spot gold: +1.8% to $US3,406/ounce
- Brent crude: +1% to $US68.86/barrel
- Iron ore: -0.7% to $US94.45 a tonne
- Bitcoin: -2.4% to $US106,149
Prices current around 7:45am AEST.
Live updates on the major ASX indices:
Boeing shares slump in wake of Indian disaster
The worst aviation disaster in more than a decade has shocked the world. Air India officials have confirmed the crash killed at least 241 people and left scores more injured.
Significant questions remain about how a Boeing aircraft with an excellent safety record could crash so soon after take-off.
US officials have so far come out saying, they have not seen any immediate safety data that would require halting Boeing BA.N787 flights, Reuters is reporting.
However, they emphasised: “will not hesitate to implement any safety recommendations that may arise. We will follow the facts and put safety first.”
Boeing’s shares have slumped as financial markets digest the news too. The plane makers shares, which are listed on the NYSE, are currently down around 4.7%.
For more on this developing story, here’s an explainer on what we know so far from ABC News.
Aussie dollar back above 65 US cents
Our currency has been hovering around 64 to 65 US cents the last few days, with it momentarily pushing ever so slightly closer to 66 US cents early yesterday.
Right now, it’s ever so slightly up to 65.32 US cents. CBA’s currency analysts note this is simply because the US currency is weaker, possibly as markets price in rate cuts.
“There is no important data released in Australia or China that might move AUD/USD today,” they add.
“We expect AUD/USD to remain a function of the USD trend today and to end the week not too far from current levels.”
Wall Street recovers overnight as markets digest inflation data
Good morning!
It looks like Wall Street had more time to digest that US inflation data for May, which showed prices didn’t spike that month, as some were predicting they might do thanks to US President Donald Trump’s tariffs.
Wall Street’s major indexes made gains (albeit muted ones) while Trump has come out urging the US Federal Reserve to cut rates, with this on-brand message:
“All he has to do is lower it. Europe’s done 10 lowerings. We’ve done none. Because of one numbskull that sits there, [saying] ‘I don’t see enough reason to cut the rates.'”
FYI: The Fed cut rates three times last year, and economists are tipping they’ll cut more this year, especially after that inflation data. The ECB has cut eight times recently.
ASX futures are pointing to positive trade here on Friday, with them showing gains of about half a per cent. That follows a dip yesterday, and a rocky day of trade marked by reactions in various manners to ongoing US-China trade talks.
