WYS Americas · Wed 24 Jun 2026 — Overnight Markets Brief

While You Slept — AmericasOvernight Global Markets · US Morning Brief

PAUL HAGUE CREATIONS ↗ · WEDNESDAY 24 JUNE 2026 · WYS EDITION 022

Data as of close Tuesday 23 June 2026 close · Generated 24 June 2026 8:00 AM ET · S-260606_1148 / T-260616_2032

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29 July 2026

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US Focus

Key Stories for US Markets

NYSE & NASDAQ News & Impact

TECHThe ASX 200 Tech Index is bouncing 4.5% in early Wednesday trade after falling 8% across the prior two sessions, with WiseTech Global and Xero both sharply higher off multi-year lows — the recovery is leveraged to Micron's earnings after tonight's US close, and any earnings miss or cautious AI/HBM demand guidance could quickly reverse these gains.

MINERSCopper falling 3.39% to $6.14/lb, aluminium dropping 3.16% to $3,738/t, and gold declining 1.24% to $4,130/oz overnight represent a significant headwind for ASX resources stocks; Genesis Minerals slipped 3.6% and Perseus Mining eased 1.4% on Tuesday, and further weakness in base metals — driven by China's deteriorating fixed-asset investment and global risk-off — points to continued pressure on diversified miners and gold producers today.

ENERGYViva Energy dropped 3% on Tuesday after confirming its Geelong refinery will restart following April's fire but will operate without its alkylation unit until 2027, curtailing gasoline output at a time when gasoline crack spreads remain elevated at $43.68/bbl — the operational constraint limits the company's ability to capitalise on tight fuel margins, and the stock remains a stock-specific risk into the restart period.

MATERIALSIron ore held relatively firm at $100.53/t, down just 0.25%, but China's fixed-asset investment falling 4.1% year-on-year and property investment down 16.2% in the first five months of 2026 keep the structural demand outlook for Australian iron ore producers under pressure; Lynas Rare Earths bucked the trend, rising 2.5% in early Wednesday trade as rare earths retain strategic premium amid Middle East supply-chain concerns.

HEALTHCARECSL Ltd rose 2.3% in early Wednesday trade, tracking the overnight outperformance of the US Healthcare sector (XLV +1.41%) as investors rotated defensively out of technology — CSL's global plasma and vaccine franchise provides earnings visibility that is attracting buyers in the current risk-off environment, and the sector broadly is benefiting from the flight to defensives.

M&ATasmea has agreed to acquire integrated energy services provider JPS Group for up to $75 million — comprising $24.5 million cash, $25.6 million in scrip upfront, and up to $25 million in earn-outs across FY27–FY30 — diversifying its revenue base into LNG and gas infrastructure at a time when Australian domestic energy services demand is elevated; separately, Nickel Industries is committing US$169 million for a 17.5% stake in an Indonesian HPAL battery materials project, deepening its EV supply chain positioning despite near-term base metal price weakness.

Sector Performance

US Sectors · Overnight Performance

Cons. Staples▲ 1.87%

Health Care▲ 1.41%

Real Estate▲ 1.41%

Utilities▲ 0.78%

Energy▲ 0.74%

Comm. Services▲ 0.38%

Financials▲ 0.34%

Cons. Discretionary▼ 1.03%

Materials▼ 1.45%

Industrials▼ 2.01%

Technology▼ 4.14%

ASX sector indices not yet verified — check NAS log and update _ASX_SECTOR_TICKERS.

US Sectors to Watch

Sector Outlook · Signal & Rationale

Energy

Crude oil fell 2.15% to $73.21/bbl overnight, compressing near-term revenue expectations for ASX energy producers, though elevated refinery crack spreads and LNG export prices at $13.55/MMBtu provide some downstream offset.

● Neutral

Financials

RBA rate expectations are finely balanced ahead of today's May CPI print, with ~8bp of hikes priced for August — a hotter CPI read would be modestly supportive of bank net interest margins but weighs on credit quality given rising unemployment.

● Neutral

Technology

The ASX Tech Index is rebounding 4.5% early Wednesday but remains hostage to Micron's Q3 earnings after tonight's US close — a miss on revenue or AI demand guidance would likely reverse the bounce and pressure WiseTech Global and Xero sharply lower.

● Neutral

Materials

Copper down 3.39%, aluminium down 3.16%, and gold down 1.24% overnight, combined with China's fixed-asset investment falling to a six-year low, represent a compounding headwind for ASX diversified miners and gold producers.

▼ Negative bias

Healthcare

Defensive rotation into global healthcare (XLV +1.41% overnight) is lifting CSL and sector peers as investors seek earnings visibility amid rising rates and geopolitical uncertainty.

▲ Positive bias

REITs

US Real Estate (XLRE +1.41%) outperformed overnight in a defensive rotation, but Australian REITs face the countervailing pressure of today's CPI print potentially reinforcing the RBA's higher-for-longer stance and keeping discount rates elevated.

● Neutral

S&P 500 Top Movers

Prior Close · Top 5 Gainers & Losers · S&P 500

▲ Top Gainers

AXONAxon EnterpriseInc.▲ 5.61%

CDWCDW CorporationTechnology▲ 5.25%

GEHCGE HealthCare Technologies Inc.Healthcare▲ 5.08%

IBMInternational Business Machines …Technology▲ 5.04%

CHTRCharter CommunicationsInc.▲ 4.95%

▼ Top Losers

SNDKSandisk CorporationTechnology▼ 13.64%

MUMicron TechnologyInc.▼ 13.18%

VRTVertiv Holdings CoIndustrials▼ 11.07%

ONON Semiconductor CorporationTechnology▼ 11.01%

COHRCoherent Corp.Technology▼ 10.40%

503/503 S&P 500 constituents · prior close

Context & Analysis

Macro Themes

Top 5 Structural Themes · Global & US Market Implications

Structural Driver

Sustained hyperscale AI infrastructure spending is driving narrow equity leadership and valuation concentration, with AI-related names accounting for the bulk of 2026 S&P 500 market-cap gains near $6 trillion. This creates structural rotation pressure as non-AI sectors lag amid stretched multiples and questions over return sustainability. JP Morgan identifies the relentless AI cycle alongside uneven monetary policy as the dominant 2026 force reshaping capex and sector performance.

Current Catalyst

The June 22-23 global chip and memory selloff saw MU fall 13.2% and SNDK drop 13.6%, triggering S&P 500 technology sector losses of 4.1% and rotation into defensives despite prior AI-driven gains.

Watch

June 30 RBA policy decision and updated inflation forecasts

ASX Names to Watch

GMG Goodman Group -2.1% Tue · data centers now 73% of pipeline targeting $18B

DDR Dicker Data +0.8% Tue · AI infrastructure refresh demand

XRO Xero -3.4% Tue · hit by rotation from software names

WTC WiseTech Global -2.9% Tue · software rotation pressure

TNE Technology One -1.7% Tue · selective AI exposure amid selloff

Structural Driver

AI data center electricity consumption is projected to reach 9% of global demand by 2050, colliding with supply vulnerabilities and grid constraints to favor generation and infrastructure assets. BlackRock Investment Institute flags energy security as a durable theme amid combined supply risks and power demand growth from electrification. This underpins sustained capex in critical inputs and transmission.

Current Catalyst

Mid-June digestion of AI-driven power forecasts alongside US-Iran developments pressuring Brent lower, directly tying into electrification bottlenecks highlighted in June 23 sector moves.

Watch

July 2 Australian electricity demand data release

ASX Names to Watch

BHP BHP Group +1.2% Tue · copper demand linked to data center growth

RIO Rio Tinto +0.9% Tue · grid infrastructure exposure

AGL AGL Energy +2.3% Tue · power generation beneficiary

ORG Origin Energy +1.8% Tue · energy security tailwinds

Structural Driver

Global copper demand is projected to rise 50% by 2040 to 42Mt, driven by data centers, grid expansion, EVs and renewables, with supply constrained by declining ore grades and project delays. BHP estimates data center copper use growing sixfold by 2050 to 3Mt annually, creating a structural premium. This favors producers shifting portfolios toward industrial metals.

Current Catalyst

Copper prices hitting multi-month highs amid supply disruptions, with BHP and Rio commentary on portfolio shifts toward copper for electrification and digital infrastructure on June 23.

Watch

June 27 China industrial production figures

ASX Names to Watch

BHP BHP Group +1.2% Tue · Escondida and growth projects

RIO Rio Tinto +0.9% Tue · Oyu Tolgoi ramp targeting 1Mt/year

ILU Iluka Resources +3.1% Tue · critical minerals exposure

S32 South32 +0.7% Tue · base metals leverage

Structural Driver

Divergent global central bank paths amid sticky inflation from energy and AI capex pressures are influencing yields, rotation and cost of capital. JP Morgan highlights uneven monetary policy as a core 2026 driver alongside resilient but slowing growth. Higher-for-longer rates support bank net interest margins while pressuring duration-sensitive assets.

Current Catalyst

New Fed Chair Kevin Warsh mid-June signals and FOMC cluster lifting hike probabilities to 66% for at least one 25bp move by end-2026, contributing to Treasury selloff and ASX financials moves on June 23.

Watch

June 26 US core PCE release

ASX Names to Watch

CBA Commonwealth Bank +0.5% Tue · higher-for-longer NIM support

WBC Westpac Banking +0.3% Tue · rate sensitivity

NAB National Australia Bank -0.2% Tue · credit demand watch

ANZ ANZ Group +0.4% Tue · policy divergence exposure

Structural Driver

Multipolar world dynamics, tariffs and de-risking are intersecting with energy and critical minerals flows, reshaping trade and supply chains. Morgan Stanley flags the multipolar world as a defining theme affecting resource demand and economic spillovers. This creates volatility in China-exposed sectors while favoring diversified or domestic plays.

Current Catalyst

Mid-June US-Iran peace deal progress deflating oil risk premium, with broader tariff probes persisting into June 23 trading and impacting ASX resources tied to global trade.

Watch

July 1 China manufacturing PMI

ASX Names to Watch

BHP BHP Group +1.2% Tue · China demand and trade exposure

RIO Rio Tinto +0.9% Tue · iron ore and copper trade flows

FMG Fortescue -0.8% Tue · China iron ore sensitivity

WES Wesfarmers +1.1% Tue · domestic resilience

Overnight Briefing

Global Macro Overview

Global risk sentiment deteriorated sharply on Tuesday as a confluence of hawkish central bank signals, Middle East-driven inflation concerns, and a violent selloff in AI and semiconductor stocks pushed major indices lower across the board. The Federal Reserve under new Chair Kevin Warsh held rates at 3.50–3.75% with a hawkish tilt, Bank of America called for three Fed hikes in 2026, and the ECB's recent 25bp hike to a 2.25% deposit rate reinforced the global pivot back toward tightening — sending US 2-, 10-, and 30-year Treasury yields all up 5bp to 4.24%, 4.51%, and 4.95% respectively, and lifting the VIX 12.79% to 19.49. The World Bank's warning of global growth slowing to 2.5% in 2026, its weakest emerging-market per capita income growth since the pandemic, compounded the risk-off tone.

For Asia-Pacific markets opening Wednesday, the cross-asset picture is challenging: copper fell 3.4%, aluminium 3.2%, and gold 1.24% — a direct headwind for ASX resources stocks — while a stronger DXY at 101.41 pressures commodity-linked currencies and emerging market flows. South Korea's KOSPI crashed 10% and triggered a 20-minute trading halt before staging a 2.91% rebound this morning, illustrating just how volatile the AI/chip complex remains ahead of Micron's Q3 earnings after tonight's US close. Australia's own May CPI print due today is the critical local catalyst, with RBA rate expectations finely balanced and any upside surprise likely to reinforce a hold-or-hike stance that weighs on rate-sensitive ASX sectors.

Market-Moving Events · Americas

TECHThe Nasdaq plunged 2.21% to 25,587, led by a 13.2% crash in Micron Technology (MU) to $1,051.77 ahead of its fiscal Q3 earnings after tonight's bell, alongside falls of 4–10% in Nvidia, AMD, ARM, ASML, and Intel — the XLK sector ETF shed 4.14%, its worst session in the current cycle. Micron shares rebounded 4.1% in premarket Wednesday, with FactSet consensus projecting $34.66 billion in revenue and $19.95 EPS; a miss or cautious HBM guidance could extend the global chip selloff that is already reverberating through the ASX Tech Index.

FEDBank of America's call for three Federal Reserve rate hikes in 2026 drove markets to fully price out any cuts this year, with Chair Kevin Warsh's first June 17 meeting already delivering a hawkish hold at 3.50–3.75% and nine of 18 officials pencilling in at least one hike by year-end. US 2-year yields rose 5bp to 4.24% and 10-year yields climbed to 4.51%, reinforcing a higher-for-longer regime that pressures growth and technology valuations globally.

EARNINGSFedEx reported Q4 FY2026 earnings on June 23 with analysts expecting EPS of $5.91 on revenue of $24.18 billion, with investors closely watching progress on the Network 2.0 cost-savings programme and the financial impact of the Freight business spin-off — results will be a read-through for global trade volumes and logistics demand. The broader S&P 500 earnings backdrop remains constructive, with FactSet forecasting Q2 2026 earnings growth of 22.0%, which would mark back-to-back quarters above 20%.

MACROThe S&P 500 fell 1.44% to 7,365 while the Dow held relatively firm, down just 0.09% to 51,667, reflecting a clear rotation out of growth and technology into defensives — Consumer Staples (XLP +1.87%), Healthcare (XLV +1.41%), and Real Estate (XLRE +1.41%) all gained, while Industrials (XLI -2.01%) and Technology (XLK -4.14%) bore the brunt of selling. The VIX spike to 19.49 signals elevated near-term uncertainty that Australian investors should treat as a caution flag for opening positions in high-beta ASX names today.

KOREASouth Korea's KOSPI crashed 9.99% on Tuesday — triggering a 20-minute trading suspension — driven by a global pullback in AI and semiconductor stocks, heavy foreign profit-taking after an overheated rally, and regulatory concerns over leveraged ETFs linked to the country's largest chipmakers including Samsung and SK Hynix. The index has since rebounded 2.91% in Wednesday trade, but the episode underscores systemic fragility in the global AI/chip investment theme ahead of Micron's earnings tonight.

Market-Moving Events · Europe

ECBThe ECB raised all three key rates by 25bp on June 11 — its first hike since 2023 — lifting the deposit facility rate to 2.25%, with markets now pricing at least one further hike this year after eurozone headline inflation accelerated to 3.2% in May and core CPI rose to 2.5%. ECB Executive Board member Philip Lane told the European Parliament on Monday that while the Middle East peace agreement is welcome, the situation remains fragile, with higher energy prices generating persistent inflation pressures even as weaker real incomes weigh on activity.

MACROThe ECB's June baseline projects eurozone GDP growth of just 0.8% in 2026 — a downward revision from March — as the Middle East conflict continues to weigh on commodity markets, confidence, and real household incomes, with the eurozone economy having already contracted in Q1 2026. The Euro Stoxx 50 fell 1.28% and the DAX dropped 0.98% on Tuesday, reflecting these twin headwinds of tighter policy and weaker growth.

BOEThe Bank of England's MPC voted 7-2 on June 18 to hold rates at 3.75%, with the two dissenting members calling for an immediate 25bp hike as UK CPI remains elevated at 2.8% in May — above the 2% target — leaving the door open to further tightening. Political uncertainty is adding to pressure on UK assets, with incoming Prime Minister Andy Burnham expected to replace Chancellor Rachel Reeves, sparking fresh uncertainty in British equities and pushing the FTSE 100 toward another soft open Wednesday.

MACROEurope's ZEW Indicator of Economic Sentiment posted its first positive reading since the outbreak of the Middle East conflict in June 2026, offering a tentative signal that business confidence may be stabilising — though ECB's own Economic Bulletin published June 23 flagged continuing pipeline inflation pressures including PMI input prices, import costs, and supply chain disruptions that are already pushing up underlying inflation measures. The CAC 40 fell 0.71% to 8,340 on Tuesday.

ENERGYMiddle East conflict-driven energy inflation remains the central challenge for European policymakers, with the ECB's own projections showing headline inflation averaging 3.0% in 2026 — still a full percentage point above target — and Norges Bank signalling a likely future rate hike as Norwegian inflation remains too high despite holding the policy rate at 4.25%. Brent crude slipped 1.05% to $77.08/bbl on Tuesday, offering modest relief, but the WTI-Brent spread at -$3.81/bbl and gasoline crack spreads of $43.68/bbl indicate downstream refining margins remain elevated.

Market-Moving Events · Asia-Pacific

RBAAustralia's May CPI data is due today and is the single most important local catalyst for ASX markets this session — forecasts point to continued elevated inflation, and a hotter-than-expected print would reinforce RBA hold-or-hike expectations, with markets currently pricing approximately 8bp of hikes for August and 15bp by year-end. The RBA held rates steady last week, and Thursday's ABS labour force data will add further complexity given last month's surprise jump in the unemployment rate to 4.5% from 4.3%.

CHINAChina's economic data continues to deteriorate, with fixed-asset investment falling 4.1% year-on-year in the first five months of 2026 — the steepest decline since May 2020 — including a sharp 16.2% drop in property investment, while new-home prices declined at a faster pace in May than April. The People's Bank of China kept lending rates unchanged for a 13th consecutive month despite cooling demand, and the SSE Composite fell 1.37% to 4,106, posing a persistent headwind for ASX iron ore and copper miners exposed to Chinese construction activity.

JAPANThe Nikkei 225 crashed 3.55% on Tuesday to 69,788 — its Nikkei VIX surging 6.49% to 31.34 — before staging a partial 0.27% recovery to 69,975 in Wednesday morning trade, partly cushioned by USD/JPY holding at 161.57 which continues to support Japanese exporters. The BOJ Summary of Opinions is due at 9:50am AEST and any hawkish signal from the Bank of Japan could move AUD/JPY and trigger renewed volatility across Asia-Pacific equities.

KOREASouth Korea's KOSPI has rebounded 2.91% to 8,442 in Wednesday trade after Tuesday's catastrophic 9.99% plunge that triggered a 20-minute circuit breaker, driven by a global AI tech pullback, foreign profit-taking, and regulatory concerns over leveraged ETFs tied to Samsung and SK Hynix. The scale of Tuesday's move — and the speed of the Wednesday bounce — highlights extreme volatility in the global semiconductor complex that directly affects ASX-listed tech and mining names exposed to the EV and AI supply chains.

HKThe Hang Seng Index fell 1.82% to 23,336 on Tuesday, compounding China's weak economic backdrop with the broader global risk-off tone, while Bank Indonesia's third rate hike in a month — lifting its benchmark 25bp to 5.75% — underscores the broader emerging market tightening wave as central banks prioritise currency stability and foreign portfolio inflows over growth support. Nickel Industries' announcement of a US$169 million investment for a 17.5% stake in the PT Teluk Metal Industry HPAL project in Indonesia is a notable counter-cyclical commitment to the EV battery supply chain.

Economic Calendar

Time (ET)	Ctry	Event	Impact	Prior	Forecast
09:01	GB	BRC Retail Sales Monitor YoY	Medium	-3.4	0.6

Risks & Watch Items

Key Risks · Geopolitical · Supply Chain · Policy

MACROAustralia's May CPI print is due today — a hotter-than-expected result will cement RBA hold-or-hike expectations, pressure rate-sensitive REITs and growth stocks, and likely push AUD higher; a soft print could provide broad ASX relief but would be the minority outcome given current inflation dynamics.

EARNINGSMicron Technology reports fiscal Q3 results after tonight's US close with consensus at $34.66 billion revenue and $19.95 EPS — given that MU and Nvidia together account for the difference between 50.7% and 28.5% IT sector earnings growth, any miss or cautious HBM/AI guidance will reverberate directly through ASX tech names including WiseTech Global at Wednesday's open.

GEOThe Middle East conflict remains the central macro risk — Philip Lane's ECB comments on June 23 flagged that despite a peace agreement the situation remains fragile, and any escalation that pushes Brent crude back above $80/bbl would reignite inflation pressures globally and force further central bank tightening across the Fed, ECB, and potentially the RBA.

RISKThe BOJ Summary of Opinions at 9:50am AEST is an intraday catalyst — any hawkish signal from the Bank of Japan at USD/JPY 161.57 could trigger yen strengthening that pressures Japanese exporters, tightens global financial conditions, and drives renewed volatility across Asia-Pacific equity markets including the ASX.

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