PEAK ASSET: MORNING WRAP 24 JUNE: ASX to slip | Wall St rallies late, copper drops | Medlab teams up with Malaysian consumer health giant to crack open an eager Asian market |

Another early morning workout and swim at Port Melbourne beach to kick off the Friday!

Here’s some food for thought…

Cash holdings among global fund managers have risen to their highest level since 9/11 terrorist attacks in the US, a shift that reflects large investors worries about the deteriorating outlook for stock markets.

Cash balances have swelled to 6.1 per cent on average across the portfolio’s of global asset allocators according to Bank of America, which canvassed views from 288 investment professionals that together oversee assets of $833 billion.

What happens when all the $$$ comes rushing back into markets?

Across markets…

Australian shares are poised to edge lower, with commodity prices continuing to deflate amid rising concerns about a recession.

Copper tumbled to a 16-month low. Oil and gold slip. ASX futures were down 9 points or 0.14 per cent to 6425 near 6.20am AEST.

• On Wall St: Dow +0.6% S&P 500 +1% Nasdaq +1.6%
• In New York: BHP -1.6% Rio -3% Atlassian +4.2%
• Tesla -0.4% Apple +2.2% Amazon +3.2% Microsoft +2.3%

“The S&P 500 Index tries to build upon the initial rebound from the extreme oversold conditions realised last week,” JPMorgan equity strategists said. “The index needs to clear 3810-3900 resistance to confirm a short-term trend reversal, in our view.

“The deep oversold conditions and bullish momentum divergence signals already in place imply an increased probability for additional upside into July.”

The S&P 500 closed at 3795.73 overnight.

Source: AFR