Welcome to Markets Desk, your midday read on what's moving markets and the world behind them.
In Sydney, the S and P slash ASX two hundred is holding below the eighty-six hundred level through midday trade, extending a two-session losing streak despite trimming early declines. The tone follows mixed overnight signals from Wall Street, with no clear catalyst to reverse the softness in Australian equities heading into the afternoon close.
Shifting to trade data out of Beijing, China's exports and imports both beat estimates in May, a surprisingly resilient print given the ongoing drag from geopolitical tensions linked to the Iran conflict. The numbers offer some reassurance after a first quarter that had raised hopes, followed by signs of a mid-year slowdown — traders will be watching whether this momentum holds into the summer months.
And on the valuation front, SpaceX is drawing fresh scrutiny after reporting thirty-three percent revenue growth last year — strong by any conventional measure, but analysts are questioning whether it justifies a one point seven seven trillion dollar valuation. At that price, the market is already pricing in multiple future wins across launch, Starlink, and beyond, leaving very little room for execution risk.
That's the tape. Markets Desk, signing off the floor.
