Market Updates

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The Dow Jones Industrial Average led Wednesday’s losses, tumbling 1.09%, while the S&P 500 dropped 0.95%. The Nasdaq Composite sank 0.84%. Ten of the 11 S&P 500 sectors finished the session in negative territory, with real estate bearing the brunt of the selling pressure and posting decline of more than 4%. The rate on the 10-year Treasury note topped 4.5%, while the 2-year Treasury yields surged close to 5%.

ASX to fall. SPI Futures down 65 points (-0.82%).

• Base metals found buyers despite a stronger USD with Copper down 0.42%, Nickel +1.07%, Aluminium +0.16%, Zinc +1.18%, Lead +0.58%, and Tin +2.36%.
• Gold prices fell 0.84% coming off record highs as the USD and treasury yields firmed.
• Oil prices advanced after three sons of a Hamas leader were killed in an Israeli airstrike feeding worries that ceasefire talks might stall. WTI up 1.09% and Brent Crude up 1.35%.
• Currencies - Aussie dollar flat, USD Index +1.0%, Euro +0.01%, and Bitcoin +0.79%.
• 10Y Bond Yields – US 4.546%, Australia 4.220%, and Germany 2.446%.

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ASX 200 kicks another 24 points higher to 7849 (+0.3%) as resources took centre stage. Iron ore stocks back in demand on China hopes, BHP up 0.7% with FMG up 1.9%. Lithium stocks also doing well on a price bounce in Asian trade, PLS up 1.3%, MIN up 0.5%, with LRS up 14.3%. Gold miners missed out despite higher bullion prices, NST down 1.5% and EVN off 0.8%. Oil and gas stocks weaker again, WDS down 0.9% and KAR falling 0.9%. Coal stocks in demand. Banks were slightly easier, with the Big Bank Basket down to $208.61 (-0.51%). CBA the culprit falling 0.8%. REITs gained as yields eased, GMG up 1.6%. Tech stocks fell, with WTC crumbling 3.0%. Industrials firmed, TLS up 0.5% and WES up 1.0%. SVW a standout, with mining exposure up 1.6%. Healthcare stocks better, with CSL up 1.2%. In corporate news, PRU fell 2.6% after Silvercorp accepted the offer for ORR. BBT in a trading halt after a 20.0% jump on potential scrip bid. On the economic front, we had dwelling commencements again somewhat disappointing, and Fitch downgraded the Chinese outlook to negative on debt rise. In Asian markets, Japan slid 0.4%, China down 1.1%, and HK headed 1.4% higher. 10-year yields back to 4.11%. Dow and NASDAQ Futures up 13 and 12 points, respectively.
 
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The Dow slipped 9.13 points, or 0.02%, at 38,883.67. At its session low, the Dow was down 320.71 points, or 0.82%. The S&P 500 gained 0.14% to end at 5,209.91, while the Nasdaq Composite added 0.32% and closed at 16,306.64.

ASX to rise. SPI Futures up 24 points (+0.31%).

• Base metals rallied with Nickel +2.99%, Aluminium +0.18%, and Lead +0.77%,
• Copper gained 0.36% as fund buying offset the impact of higher inventories.
• Tin advanced 4.45%, hitting a 14-month high, and Zinc rose 1.98%, reaching a 12-month high.
• Iron up strongly.
• Gold extended its record run, rising 0.59%, fuelled by buying momentum and geopolitical risks.
• Oil prices lost ground as talks for a ceasefire in Gaza continued. WTI -1.38% and Brent Crude -1.31%.
• Currencies - Aussie dollar -0.02%, USD Index -0.03%, Euro +0.01%, and Bitcoin -3.45%.
• 10Y Bond Yields – US 4.362%, Australia 4.119%, and Germany 2.372%.

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Resources and big miners lead the ASX higher.

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US equities kicked off the week essentially unchanged following a choppy day of trade, with the solar eclipse offering a distraction leading into a busy week including CPI and the start of first-quarter earnings.

All three major indices ended near flat, the Dow closed down 11 points (-0.03%). Up 109 points at best, down 46 points at worst. The S&P 500 eased 0.04% while the NASDAQ edged up 0.03%. US 10Y treasury yields rose to their highest level since November coming within striking distance of the 4.5% level in the wake of Friday’s blowout employment report. Mega cap stocks were mixed,

Tesla jumped 4.9% after Musk said the company would unveil its self-driving Robotaxi, Nvidia eased 1.0%, while cryptocurrency-related stocks outperformed tracking bitcoin +3.64% prices Coinbase +6.7% and MicroStrategy +5.1%.

ASX to rise. SPI Futures up 36 points (+0.46%).

• Base metals firmed on a weaker USD. Nickel flat, Zinc +1.01%, Lead +1.61%, and Tin +3.65%.
• Copper gained 0.70%, hitting a 14-month high. Aluminium up 0.27% reaching a 13-month high.
• Gold advanced 0.62% for a seventh straight session.
• 10Y Bond Yields – US 4.422%, Australia 4.194%, and Germany 2.434%.
• Currencies - Aussie dollar flat, USD Index -0.15%, Euro -0.01%, and Bitcoin +3.64%.
• Oil prices eased overnight, ending a multi-session rally. WTI was down 0.51%, its first fall in seven sessions, while Brent lost 0.28%, its first fall in five sessions.

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The ASX 200 rises 16 points to 7789 (0.2%) in quiet range bound trade. Solid across the board except oil and gas with WDS easing 1.6% and STO down 1.0% as oil drifts lower on diminished risks. Coal stocks better, Gold miners kicking higher, NST up 2.0% and NEM rocketing up 6.6%. GOR and GMD also in demand. Lithium stocks finding some support on higher Asian prices, PLS up 1.1% and MIN up 0.6%. BHP still struggling for traction down 0.2% despite iron ore kicking 4% higher in Asian trade. FMG up 0.3%. Banks were solid but dull, the Big Bank Basket up to $207.95 (0.2%). MQG slid 1.1% with GQG having a good day up 6.6% on a broker upgrade. Insurers better on bond yields. REITs mixed, GMG fell 0.6% with SCG up 1.2%, healthcare stocks firmed, CSL up 0.5% and RMD rallying 1.1%. Industrials firm with QAN stands out up 4.8% on buyback and new FF program. Tech better as the All-Tech Index rose 1.0%. In corporate news, ELD was slammed 24.4% on a trading update, BPT crashed 15.0% as costs continue to blow out at Waitsia, APM dropped 29.5% as it resumed trade with another suitor in tow and a substantially decreased bid price. In economic news, lending numbers and auction clearances remain strong. Asian markets are back online, with China down 0.7% and HK unchanged, and Japan better again. 10-year yields rose to 4.20%.

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ASX 200 finished down 44 points to 7773 (-0.6%) to close out a miserable week down around 1.5%. Broad-based losses following the dip in the US last night. Jobs number tonight shaping up as a crucial data point. Banks eased back slightly, the Big Bank Basket off to $207.53 (-0.2%). MQG fell 0.9% with insurers off too. GQG bucked the trend up 4.1% with good increase in flows and FUM. REITS fell slightly, GMG down 1.0%, and healthcare eased back as CSL dropped another 0.7%. Industrials were weak, but no real damage done, tech slid with the All-Tech Index down 1.4% as WTC fell 1.7% and XRO dropped 1.7%. Resources were again weaker iron ore stocks under pressure despite no trade in China today for iron ore. BHP fell 0.9%, with RIO off 1.0%. Lithium stocks slipped after some gains yesterday, with PLS down 1.3% and LTR off 1.7%. Gold miners mixed as bullion consolidated. SBM had a good day on a production guidance report, up 7.9%. Oil and gas were better as expected, coal stocks and uranium fell. In corporate news, MFG fell 3.7% on its FUM news, and WAF confirmed guidance falling 0.8%. On the economic front, BoP and retail sales did nothing for market sentiment. Asian markets are muted given China is still closed for a holiday. Japan eased back. 10-year yields fell back to 4.1%. Dow Futures up 35 points. NASDAQ Futures up 44 points.

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The Dow Jones Industrial Average lost 530.16 points, or 1.35%, to close at 38,596.98. The 30-stock Dow suffered its worst session since March 2023, and it logged its fourth consecutive losing day. The S&P 500 dropped 1.23% to end at 5,147.21. The tech-heavy Nasdaq Composite dipped 1.40% to close at 16,049.08.

ASX to fall. SPI Futures down 63 points (-0.80%).

• Base metals advanced, supported by a falling USD which dipped to a two-week low. Nickel +1.93%, Aluminium +0.84%, Lead +2.42%, and Tin +1.72%.
• Copper up 1.34% hitting a 14-month high.
• Zinc rose 3.54%, its biggest daily gain in more than six months.
• Gold fell 0.39% after hitting an all-time high earlier in the session.
• Oil prices extended gains on geopolitical tensions, with Brent Crude settling above $90 (+1.60%), its highest level since October, while WTI gained 1.33%.
• Currencies - Aussie dollar +0.34%, USD Index -0.04%, Euro +0.32%, and Bitcoin +3.22%.
• 10Y Bond Yields – US 4.307%, Australia 4.117%, and Germany 2.358%.

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