We take a look back at the key events from last week, check the market outlook for this week and list the key economic events, data releases and IPOs to look for.

 

 

The ASX 200 continued to perform well, with this week seeing the highest percentage gain since 16 May – 0.96%. The index has finished in positive territory for the fourth week in a row but slipped on the final day of the trading week – dropping 0.27% while nine sectors also finished in the red. It is possible Aussie investors were rattled by the news out of the US on Thursday there that President Trump and Elon Musk were having a bit of a lover’s quarrel, with shares of Tesla falling 15% in the melee.

Earlier in the week, analysts and investors alike seemed ready to relegate trade war worries to the distant past as the White House announced a “successful call” between President Trump and President Xi Jinping of China along with the announcement trade talks between the countries would resume on Monday, 9 June.

 

Top Australian Brokers

 

Like the ASX, US markets were rocked by the fallout from the much-publicized war of words between President Trump and former advisor and confidante Elon Musk. All three US indices ended the week up more than 1% following a Friday unemployment report that came in better than expected. 

For the week, the S&P 500 rose 1.5 %; the Dow Jones was up 1.2%; and the Nasdaq went up 2.2%. Going into the last trading day of the week, all three were trending downward following moderately disappointing news on jobless claims, but markets roared back on a better than expected jobs report released on Friday. Expectations were for 125,000 jobs with the reported addition of 139,000 jobs exceeding expectations resulting in gains in excess of 1.0% for the day for all three indices.

 

Market Outlook For This Week

The ASX will be closed on Monday giving investors more time to parse the impact of the better than expected job report’s impact on the prospect of rate cuts from the US Federal Reserve. 

In addition, positive or negative news coming out of the US/China trade talks on Monday are sure to have an impact when the ASX opens on Tuesday.

What some analysts and investors in both the US and Australia seem to be ignoring was the fact the 135,000 jobs added in May was down from 147,000 added in April. 

Earlier in the week the rise in unemployment claims caused concerns but they evaporated with the better than expected job numbers. Markets are still in a “wait and see” mode as economic data out of the US has yet to show a tariff impact.

This week inflation data released in Australia can impact possible future rate cuts from the RBA. Consumer and business confidence can also impact future rate cuts. 

The weekly inflation data from the US is sure to have an impact. Better than expected will add to market complacency that the tariff impact may be less than expected. Worse than expected could be seen as the first hard evidence the tariff impact on consumer and producer prices is starting to take hold.

The primary mover in both markets will be any news pointing to increasing or decreasing tensions in the on again, off again trade war. 

The US bond market has faded into the background, but bears watching as a rally following the employment report indicates bond holders see softening labor markets and weakening growth prospects as signs inflationary pressures will work against future Fed rate cuts.

 

Economic Data Releases This Week

Tuesday – Australia – Westpac’s Consumer Confidence (June), NAB’s Business Confidence (May)

Tuesday – US – Small Business Optimism Index

Wednesday – US – Consumer Price Index (May)

Thursday – Australia – Melbourne Institute Consumer Inflation Expectations

Thursday – US – Initial Jobs Claims, Producer Price Index (May and year-on-year)

Friday – US – University of Michigan June Consumer Expectations and Sentiment Indices

 

Both Australia and the US have economic data coming out this week that could move markets. If past is prologue, when negative news is followed by positive news, markets have been ignoring the negative and sticking with the positive. 

Tariff news is likely to take precedence over consumer and business confidence, sentiment, and consumer and business prices.

 

New Listings and IPOs This Week

This week saw West African gold miner with one operating gold mine, one development project underway, and an eight asset exploration portfolio — Robex Resources — debuting on the ASX with an opening price of $3.65, ending its first day at $3.60.

There are five upcoming floats on the ASX, with one new entry this week:

  • VBX Limited, Australian bauxite producer 12 June
  • Greatland Resources Limited – Copper and Gold Explorer – 24 June
  • Infragreen Group – Owner and operator of infrastructures businesses – 25 June
  • La Trobe Private Credit Fund – Listed Investment Trust – 27 June
  • Linq Minerals – Copper and gold explorer – 4 July

New this week:

  • Ballard Mining –Gold explorer demerging from Delta Lithium – 14 July

 

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