Market Updates

ASX 200 finished up 27 points at 7749 (+0.4%) for a 1.6% rise this week. Bargain hunting from oversold levels in the banks and industrials after the rout yesterday drove the market higher. The Big Bank Basket up to $207.10 (+0.7%). WBC rebounded 1.3% with ANZ up 1.0%. MQG followed US Investment banks higher up 1.2%, other financials better, SOL up 1.2%, and MFG up 1.9%.  REITs rallying again, GMG down 0.3 % with SCG up 0.3%. Industrials mixed. TLS rallied 0.6%, REA up 1.4% on broker upgrades. CAR doing well, up 0.6%, ALL bouncing 0.7% and tech slightly higher. The All-Tech Index up 0.1%. In resources, the three Amigos going nowhere, FMG down 0.8%. Lithium stocks slipping slightly. Gold miners on the up, with bullion pushing higher, NST up 1.2% and NEM up 1.9%. Oil and gas better as Albo backing helps, WDS up 1.9% and STO up 2.1%. In corporate news, 360 fell 2.5% on an update, SBM jumped 14.6% on its outlook for Simberi. SUN fell 0.7% on bad loan news QBE up 0.1% on premium update. Nothing significant on the economic front. Asian markets benign, Japan up 0.5%, HK up 2.1% and China +0.1%. 10-year yields steady around 4.33%. Dow Futures up 51 points. NASDAQ Futures up 11 points.

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Dow jumped 331.37 points, or 0.85%, to close at 39,387.76 and notch its longest win streak since a nine-day run in December. The S&P 500 added 0.51% to close at 5,214.08, while the Nasdaq Composite gained 0.27% and ended at 16,346.26.
ASX to rise. SPI Futures up 23 points (+0.30%). A bond auction met with strong demand helped drive yields lower on Thursday.

• Base metals higher across the board on a weaker USD and soft labour data. Copper +0.32%, Nickel +1.47%, Aluminium +0.71%, Zinc +0.66%, Lead +0.22% and Tin +1.39%.
• Gold gained 1.61% on fresh labour data that indicated a rising number of Americans filing for unemployment
• Oil prices rose to a one-week high on data from China and the US signalling stronger demand.  WTI +0.36% and Brent Crude +0.44%.
• Currencies – AUD flat, USD Index -0.30%, Euro +0.01%, and Bitcoin +1.52%.
• 10Y Bond Yields – US 4.459%, Australia 4.340%, and Germany 2.486%.

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ASX 200 retreats significantly as bank weakness, retail woes and commodity issues pushed us down 83 points to 7722 (1.1%). CBA fell 2.2% on quarterly update, WBC crashed on ex-dividend down 5.6% with the Big Bank Basket down to $205.72 (-2.4%). MQG was a patch of green with REITs off too, GMG falling 1.67%, MGR falling 1.0%. Insurers steady QBE up 0.6% and SUN better as yields rallied to 4.35%. Flight to safety. Healthcare under pressure, CSL down 1.0% with RMD falling 2.3% and tech off as WTC fell 1.1% and XRO down 1.4%. The All-Tech Index fell 0.6%. Industrials swooned on some retail updates at Macquarie Conference, JBH down 2.5%, SUL off 5.5% and WES down 3.5%. QAN still finding some friends up 1.5%. In resources, BHP and FMG down around 0.8% with lithium stocks a little weaker, PLS down 0.2%. Gold miners under pressure, DEG pulling $600m from gold investors not helping. NST down 0.8% and RED off 1.1%. Oil and gas better, WDS up 0.8% and STO up 0.9% on new government commitment to gas. On the corporate front, BBN spat the dummy dropping 23.4% on a up(down)date. SUL down 5.5% on its sales update, and TPW gave up some serious ground on its latest sales numbers, falling 17.9%. JDO fell 0.4% on an update and ORI exploded 0.6% higher on its update. On the economic front, better Chinese export numbers. Locally weekly payrolls jobs down 0.6% in the month since March 16th. Asian better with Japan up 0.1% and HK up 1.1% with China up 0.9%. Yields higher at 4.35% in 10s.

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US equities finished mixed overnight in another low-volume trading session. The Dow extended its winning streak to six days, the longest since December, advancing 172 points. Dow up 210 points at best. Dow down 69 points at worst. The S&P 500 ended muted, remaining below the 5,200 snapping its four sessions of gains, while the NASDAQ fell 0.18%, pressured by losses in Tesla -1.7% on an autopilot probe, and Intel -2.2% after announcing its sales would take a hit after the US revoked some of the chipmaker's licences a move Beijing complained was going too far in the name of national security. Treasury yields moved up a touch after the $42bn auction of 10Y bonds saw tepid demand. In Fed speak, Fed’s Collins said getting to the 2% may take longer than expected, reinforcing the higher for longer mantra. No meaningful economic data overnight, markets now waiting for inflation data next week for insights into the economy.

ASX to fall. SPI Futures down 19 points (-0.24%). CBA in focus on trading update.

• Base metals lower. Nickel -2.91%, Aluminium -0.74%, Zinc -1.80%, Lead -0.89% and Tin -2.05%.
• Copper eased 1.42% after Indonesia announced that it would extend copper export permits for Freeport, which will help ease shortages.
• Oil prices edged higher after US crude stockpiles fell last week.  WTI +0.75%, and Brent Crude +0.95%.
• 10Y Bond Yields – US 4.500%, Australia 4.326%, and Germany 4.131%.
• Currencies – AUD -0.03%, USD Index +0.10%, Euro +0.01%, and Bitcoin -2.34%.
• Gold fell 0.22%, pressured by firming bond yields and USD.

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ASX 200 trades quietly up 11 points at 7805 (+0.1%) after a great day yesterday. Banks stalled close to record highs, NAB fell 0.5%, with ANZ up 1.2% on broker upgrades, MQG unchanged with the Big Bank Basket up to $210.71 (+0.4%). Financials mixed as PPT cratered 7.1% after a strategic review presentation. REITs better, although GMG fell 0.3% on an update, SGP up 1.1% with industrials slightly firmer, REA up 0.8% with TCL up 1.4% and WOR pushing ahead 1.2%. Tech seeing a late surge, the All-Tech Index up 0.5%. Resources mixed, Iron ore miners fell as prices eased back. FMG down 0.5%, RIO off 1.2% and MIN off 0.7%. PLS up 0.2% in the lithium space but PMT continuing the run from yesterday’s drill results. Golds firm but idle as DEG went to shareholders and instos to raise $600m. Oil and gas stocks firmed, WDS up 0.1% and STO up 1.1%. On the corporate front, PPT announced some big changes, a sale of its name and Rob Adams to retire after doing a great job. Not. Olam upped its bid in NAM as a two-horse race continues. QIP saw a competing bid from IPH up 5.4%, and QAN up 0.8% on record demand for premium seats. FLT, ABB, DGH, and JIN have all reaffirmed guidance. LLL announced a deal to sell the entire Malian mine to Ganfeng for US$342.7bn (43cps). On the economic front, plenty of RBA analysis. Asian markets saw some selling, with Japan off 1.5%, HK falling 0.7% and China down 0.5%. 10y yields 4.30%. Dow Futures down 6 points. NASDAQ Futures down 3 points.

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US stocks closed edged higher overnight, just finishing above the flatline in a fairly uneventful day of trade. The Dow rose 32 points (+0.08%), rising for its fifth consecutive session its longest winning streak since December 2023. Dow up 125 points at best, and down 12 points at worst. S&P 500 briefly hit 5,200, finishing 0.13% higher, marking a four-day winning streak, while the NASDAQ slipped 0.10% in late afternoon trade. Treasury yields eased a touch, while the $58bn 3Y note auction garnered solid demand, ahead of this weeks $42bn 10Y note auction tomorrow. In Fed speak, Fed’s Kashkari said he questions the restrictiveness of current policy given inflation data and was the latest central banker to talk about a higher neutral rate, raising his projection by 50bps to 2.50%.

ASX to rise. SPI Futures up 14 points (+0.18%).

• Base metals are higher across the board. Nickel +0.31%, Aluminium +0.43%, Zinc +1.32%, Lead +1.44% and Tin +2.55%.
• Copper advanced +1.22%, pushing towards two-year highs as focus returned to tight supplies and hopes of stronger demand from China.  
• Gold is off 0.39%, letting go of gains made in the previous session as the market focuses on the Fed's rate cut prospects.   
• Oil prices edged lower on signs of easing supply concerns. WTI -0.16% and Brent Crude -0.63%.
• Currencies – AUD +0.02%, USD Index +0.29%, Euro +0.01%, and Bitcoin -0.68%.
• 10Y Bond Yields – US 4.461%, Australia 4.283%, and Germany 2.424%.

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ASX 200 charges 111 points ahead to 7793 (1.4%). Banks leading the charge higher as ANZ reports and announces a $2bn buyback and NAB goes ex-dividend by 84c. The Big Bank Basket up 1.3% to $209.82. MQG jumped 2.5% as the Equities Conference kicks off with no bad news so far. Early days. Insurers and other financials picked up too, QBE up 0.9% and SUN up 0.6%. REITs also back in demand across the sector with GMG up 1.2% and SCG up 1.6%. Industrials firmed too, WOW up 1.4% and WES continuing to push higher after investor day up 2.2%. Green across screens with Tech doing ok, WTC up 2.3% and the All-Tech Index up 1.6%. Utilities doing well after an upgrade from AGL. Resources better with BHP up 1.6% and FMG kicking 1.8%. Lithium in selected stocks was better, LRS doing well up 8.5%. Uranium stocks back in favour, PDN kicking goals up 8.4%. Even oil and gas doing better, WDS up 1.9% and STO rallying 0.9%. Gold miners pushing higher with NST up 1.2%. In corporate news, ANZ results, AGL upgrade, SGM downgraded and fell 6.4%, HMC upgraded guidance putting on 6.8%. On the economic front, retail sales dropped again, the RBA kept rates on hold as expected with ruling nothing in or out. Asian markets, Japan rose 1.4% with China down 0.2% and HK off 0.9%. 10-year yields fell to 4.31%.

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The Dow Jones Industrial Average climbed 176.59 points, or 0.46%, to close at 38,852.27. It was the fourth consecutive winning session for the 30-stock index. The S&P 500 advanced 1.03% to end at 5,180.74, and the Nasdaq Composite gained 1.19% to reach 16,349.25.

ASX to rise. SPI Futures up 38 points (+0.49%).

• London’s LME closed overnight for the Early May Bank Holiday.
• Gold +0.88%.
• Oil prices edged higher as ceasefire talks between Hamas and Israel failed to materialise.  WTI +0.56% and Brent Crude +0.38%.
• 10Y Bond Yields – US 4.487%, Australia 4.386%, and Germany 2.465%.
• Currencies – AUD -0.02%, USD Index +0.06%, Euro -0.02%, and Bitcoin -0.50%.

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ASX 200 puts on another 53 points to 7682 (0.7%). Banks firing up with the Big Bank Basket up to $207.14 (+1.3%) with WBC up 2.7% reporting in line and a special dividend and an increased buyback. MQG is finding some broker love, up 1.5%, and Insurers are weaker as yields fall. MFG with FUM numbers unchanged and GQG continuing higher. REITs doing ok, GMG sees buyers on increased data estimates, up 4.4%. Industrials mixed with WES up 1.2% after an investor day last week, WOW and COL still struggling for support. QAN up 0.3% after settling with the ACCC on the ‘ghost flights’. Tech slightly higher, TLS up 0.3% and healthcare sideways. In resources, the ‘Three Amigos’ rallying on better Iron ore prices, BHP up 0.8% and FMG up 2.6%. Lithium not doing much. Same with golds and oil and gas going nowhere in a hurry. On the corporate front, GNC slumped 3.6% on margin issues, THL crashed 36.8% as van sales and bookings hit a wall. IGL chair Geoff Selig has passed away unexpectedly. On the economic front, nothing today. Asia markets better, China up 1.3% and HK down 0.1%. Japan closed for a holiday. 10-year yields 4.38%.

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The Dow Jones was up 450 points, the S&P 500 +1.26% and the NASDAQ +1.99%. For the week the Dow Jones was up 1.14%, the NASDAQ up 1.43% and the S&P 500 up 0.55%.

Against expectations of 243K jobs, the number came in below expectations at 175K, further taking the heat out of bond markets. Bond yields dropped 9.2bp (US 10Y) and 7.5bp (US 2Y), taking 5bp off the Australian 10-year bond yield and 4.2bp off the Australian two-year bond yield. Here are the numbers from Friday. The unemployment rate also inched out more than expected to 3.9%, which is also good for interest rate fears.

ASX set to rise. SPI futures up 22 points (0.29%). WBC profit falls 16% but pays 15c Special dividend and raises ordinary by 7% and increases buyback by $1bn.

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