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ASX set to fall as European shares rally

ASR Team

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Morning Research Notes - 05.07.24


The ASX is set to close lower, with European shares rallying after polling suggested a significant majority for the Labour Party in the UK general election. Spot gold gained 0.02%, with the current price per ounce standing at $2356.59. The VIX index was closed overnight. US markets were closed on Thursday for the 4th of July Independence Holiday.

The ASX 200 increased by 1.17% on Thursday, with Materials (2.26%), Financials (1.24%) and Health Care (0.62%) closing higher, whereas Utilities (-1.1%) and Info Tech (-0.36%) closed lower. Commodity markets ended the day broadly higher, with Zinc (1.13%), Iron ore (0.7%), Copper (1.08%) and Aluminium (0.26%) seeing gains, whilst Nickel (-0.94%) experienced losses.

In other news, Lagarde says ECB needs more data to reassure it on inflation, Suncorp confirms margin guidance, reinsurance program, Oil steady near two-month high (Source - AFR)


Chart of the day

Today's chart shows the exit poll from the UK election. It appears that the Labour Party is set for a landslide victory over the incumbent Conservative Party, with 326 seats required by a party to form a government. If the poll is correct, it would give the Labour Party a majority of 170, a victory of size not seen since Tony Blair in 1997.


Image Source: BBC News

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