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ASX 200 to retreat; European political uncertainty weighs, US tech stocks gain

Published 14/06/2024, 08:51 am
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Investing.com - Australian shares are set for a slight fall on Friday, influenced by political instability in Europe following French President Emmanuel Macron's unexpected election decision, which has amplified the risk from fiscally liberal far-right politicians.

In Europe, Macron's centrist alliance was defeated by Marine Le Pen's National Rally party in Sunday's European Parliament election. This unexpected result has disrupted French politics, prompting parties to rush in fielding candidates and preparing platforms.

Meanwhile, on Wall Street, the S&P 500 and NASDAQ Composite continued their record-breaking streaks, albeit the Dow slipped slightly. Tech giants NVIDIA Corporation (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL), along with Broadcom Inc (NASDAQ:AVGO), which saw a rise of more than 12%, contributed to the gains.

Adobe Systems Incorporated (NASDAQ:ADBE) also surged 15% after the closing bell, and Tesla Inc (NASDAQ:TSLA)'s shares increased following shareholder approval of Elon Musk's contentious $56 billion pay package.

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However, the U.S. job market showed signs of slowing momentum as weekly jobless claims increased. Furthermore, May's producer price report came in lower than anticipated, marking the most significant drop since October. This data supports predictions that the Federal Reserve may be paving the way for a rate cut later in the year.

On the bond markets, Australia 10-year rates were at 4.118% while 2-year rates were at 3.968%.

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