Pre-Market Report – Monday 13 May: Quiet Day Ahead | Budget in Focus Tomorrow

Market Updates

Wall Street closed narrowly mixed after fresh data showed consumer sentiment fell to a six-month low and short-term inflation expectations picked up. Dow up 125 points (+0.32%), marking its eighth consecutive gain, S&P 500 rose 0.16%, and the NASDAQ ended marginally lower, off 0.03%. For the week, Dow +2.16%, S&P 500 +1.85%, and NASDAQ +1.14%. Q1 reporting season in the US is nearing the finish line. Of the 459 companies in the S&P 500 that have reported, 77% exceeded expectations, according to LSEG data. Treasury yields rose ahead of inflation data next week, with the 10Y up 4.1bps and the 2Y up 5.2bps.
ASX SPI Futures down 19 points. Quiet day ahead.

• Base metals mixed. Nickel +0.47%, Zinc +0.76%, Lead -0.23% and Tin -1.21%.
• Aluminium down 1.42% as LME registered warehouse reported an 88% jump in aluminium stocks to 903,850 metric tons, their highest level since January 2022.
• Copper up 0.80% as traders chased arbitrage opportunities with growing gaps between prices in Chicago, London and Shanghai.
• Gold up 0.78%, building on momentum fuelled by weaker US jobs data this week.
• Oil prices fell nearly $1 a barrel overnight on further comments from Fed officials reinforced higher for longer interest rates. WTI -1.30% and Brent Crude -1.52%.
• Currencies – AUD -0.26%, USD Index +0.07%, Euro -0.11%, and Bitcoin -3.01%.
• 10Y Bond Yields – US 4.500%, Australia 4.360%, and Germany 2.514%.

Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.
Ready to invest in yourself? Join the Marcus Today community.