Daily-Wrap

Macro Update:Outgoing IMF Chief Economist Pierre-Olivier Gourinchas has backed efforts to reduce the Federal Reserve's reliance on strong forward guidance, calling the approach "entirely appropriate." According to Reuters, Gourinchas said rigid policy commitments can limit central banks' ability to respond to changing economic conditions. …

Utilities led the gains, rising 1.01% on the day and extending its five-day advance to 2.42%. Consumer staples (+0.81%), materials (+0.81%), energy (+0.48%), A-REITs (+0.42%), industrials (+0.41%), and consumer discretionary (+0.35%) finished in positive territory.

On the downside,Energy (-2.48%)andMaterials (-2.28%)were the weakest-performing sectors, reflecting the sharp fall in commodity prices.Financials (-1.22%)andInformation Technology (-0.82%)also finished lower, adding to the benchmark's decline.

Macro Update:Australia’s annual inflation rate eased to 4.0% in the 12 months to May 2026, down from 4.2% in April, according to the Australian Bureau of Statistics (ABS). Housing remained the largest contributor, rising 6.5%, driven by higher electricity, rent and new dwelling costs. …

Macro Update:According to Media reports, Iran has agreed to allow United Nations nuclear inspectors back into the country under an agreement with the United States, according to US Vice President JD Vance. The deal also includes the reopening of the Strait of Hormuz and …

Macro Update:Australian business profitability weakened in the 2024-25 financial year, with total operating profit before tax (OPBT) across selected industries falling by AUD 12.2 billion, or 1.9%, according to the Australian Bureau of Statistics (ABS). The decline was largely driven by the Mining sector, …

Macro Update:Markets continued to monitor developments in the Middle East after the United States and Iran signed a peace agreement aimed at ending hostilities and reopening the Strait of Hormuz. In the United States, stocks rallied overnight, with the Nasdaq gaining 1.9%, driven by …