The benchmark US equity indices climbed to settle at fresh 52-week highs overnight ahead of tonight’s AEST inflation figures and a host of global central bank monetary policy meetings later in the week - Dow rallied +157-points or +0.43% to 36,404.93, the 30-stock index’s highest close since 5 January, 2022. Chipmaker Intel Corp (up +4.31%) was the leading Dow component overnight. Nike Inc rallied +2.33% after Citi upgraded the athletic apparel brand to ‘Buy’ from Neutral and increased their price target to US$135 from US$110, citing optimism around Nike’s 2024 product lineup for the Paris Olympics and the company’s position in China, along with the positive impact of a decline in freight costs, lower promotions, and direct to consumer strength on gross margins. Citi’s upgrade comes 10 days before the company reports second-quarter financial results.
