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Welcome to Equity Espresso’s Daily Market Recap.

The ASX 200 index started the new week off on the front foot, racing out of the blocks to finish the session 60.7 pts. or 0.79% higher to 7,788.30 after a positive night on Wall Street Friday.

It was almost a clean sweep on the boards, with ten of the 11 major sectors finishing in the green, led by gains in Real Estate (+1.80%) and Telecommunication (+1.36%). Goodman Group (+2.35%) and Stockland (+1.47%) were a couple of the big movers.

Energy (-0.22%) was the only sector that finished in the red. WTI Crude futures held steady near $78/bbl on Monday await the OPEC+ meeting on June 2, where major producers are expected to extend voluntary output cuts through the end of this year.

Gold prices rose past $2,340/oz, slightly above two-week lows amid retreating Federal Reserve rate cut speculations.

In company news:

• Cettire (+10.08%) shares jumped after it fought back against another media publication, denying allegations from The Australian that customers purchased non-genuine products on its platform.

• Lendlease Group (+7.98%) after it released a global strategy update this morning where it plans to lower its cost base by around $125 million. The developer plans to lower its exposure to riskier international Construction and Development projects by exiting or completing those businesses/assets.

• Neuren Pharmaceuticals (+15.74%) rose after announcing positive top-line results from a Phase 2 clinical trial of its drug NNZ-2591 in children with Pitt Hopkins syndrome.

• HMC Capital (+4.77%) came out of a trading halt higher after completing a $100 million capital raise at $6.50 per share, with the funds to be partially used the acquisition of Payton Capital Ltd. Shares closed at $7.25.

• Ingenia Communities Group (+4.45%) rose after saying it’s on track to hit the upper end of its FY24 guidance, expecting to grow earnings by 10 - 15%.

Wall Street

U.S. stocks rebounded on Friday after a sharp fall on Thursday following better-than-expected economic data. The NASDAQ (+1.1%) was the best performer of the leading indices, climbing for the fifth straight week, while the S&P 500 (+0.7%) and Dow Jones (+0.01%) both gained.

It was almost a clean sweep on the sector boards, with Health Care (-0.31%) the only sector to finish in the red, while Communication Services (+1.29%) and Technology (+1.13%) were the best performers.

Coinbase (+8.59%) was one of the big movers after the U.S. SEC approved the sale of spot Ether Exchange-Traded Funds (ETFs) in the United States. Robinhood (+6.60%) shares also moved on the back of the news. Workday (-15.33%) stock plunged.

S&P500 Sector Performance

Economic Data

• U.S. Durable Goods Orders rose 0.7% month-on-month in April, after a 0.8% rise in March, defying market estimates of a 0.8% decline. This marked the third consecutive monthly advance in durable goods orders.

• Canada’s Retail Sales increased by 0.7% during April from the previous month, according to preliminary data, which would make it the largest gain in almost a year.

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🌎️ Around The Globe

• Google’s new AI Overview tool is already receiving backlash for presenting data inaccuracies, including a suggestion to add non-toxic glue to pizza sauce to the query “cheese not sticking to pizza”. The source? A comment from Reddit 11 years ago which clearly takes the you know what.

• Eli Lilly plans to invest another $5.3 billion in a manufacturing plant in Indiana to expand the supply of its weight loss drug Zepbound, diabetes treatment Mounjaro and other medicines in its pipeline.

• The U.S. Securities and Exchange Commission has approved applications to list exchange-traded funds (ETFs) connected to cryptocurrency Ethereum. ether, allowing these new products to potentially start trading later this year.

• Mondelez has been fined €337.5 million for hindering the trade of chocolate, cookies and coffee between European Union countries in order to keep prices high.

• The Department of Justice is suing Live Nation, the parent company of Ticketmaster, alleging that its monopoly is harmful to fans and artists.

• The artificial intelligence startup xAI, founded by Elon Musk successfully secured $6 billion in a Series B funding round. The round was backed by investors including Andreessen Horowitz and Sequoia Capital, among others.

Markets

ASX Company Movers

Commodity Prices

Bonds

Forex

Global Health Check

ETF Prices

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Australian Index

Australian Sectors

Global Indices & Sectors

Global Strategy

Property & Infrastructure

Fixed Income

Mixed Assets

*1-year, 3-year and 5-year returns are calculated as of the end of April 2024.

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DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and should not be considered financial advice. It is not intended to encourage you to buy/sell assets or make economic decisions. We strongly recommend conducting your research before making any investment decisions.