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Our team compiles this daily market report from global sources to highlight key market updates and what they mean for your investment portfolio.
Dow Jones S&P-500 Nasdaq
+ 1.9% + 0.6% + 0.2%
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Stock of Note:
Wellnex Life Impact Minerals
(ASX: WNX) (ASX: IPT)
0.030 AUD 0.015 AUD
- 3.23% 0.0%
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The Update: Wall Street stocks rose and the Dow Jones Industrial Average hit an all-time closing high on Tuesday after U.S. retail sales data supported the view that the Federal Reserve is approaching its easing cycle, reining in inflation while avoiding a recession. U.S. retail sales were unchanged in June as a drop in receipts at auto dealerships was offset by broad strength elsewhere, a display of consumer resilience that bolstered economic growth prospects for the second quarter.
May retail sales gain revised up to 0.3% from 0.1%. Core retail sales surge 0.9%; May data unrevised. The Russell 2000 scored a fifth straight day of gains greater than 1%, its longest winning streak since April 2000. Source: Reuters
The Impact: US government bond yields fell on Tuesday as investors balanced the likelihood of an impending US Federal Reserve interest rate cut against possibly inflationary policies if Donald Trump wins the November US presidential election. Currencies were weaker against the US dollar in European and US trade. Source: Reuters, CommSec
European stocks closed lower Tuesday, bucking the trend across the Atlantic, as investors assessed the economic and political outlook in the region and beyond. The pan-European Stoxx 600 provisionally closed 0.21% lower, pulling back from larger losses earlier in the session. Mining stocks fell 1.6% as travel gained 0.5%. In Europe, it was a bad day for fashion houses, however, as Germany’s Hugo Boss plunged 7.5% after the company cut its full-year sales outlook, amid “persistent macroeconomic and geopolitical challenges.” Source: CNBC
One of our house stocks Impact Minerals (ASX: IPT) spoke at the Shares in Value conference in Sydney recently and whilst they won’t necessarily have any substantially new news of a market-moving nature we think their presentation to a large and savvy group of investors should be enough to help the stock along from these undervalued levels. Happy to pick some up this morning. ASX: IPT
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