Market Updates

ASX 200 rose 35 points to 7817 (0.5%) in quiet trade. Banks and industrials are making gains after the drubbing yesterday, The Big Bank Basket up to $207.93 (0.4%). MQG did ok, and insurers mixed, with SUN up 0.2% and QBE slipping slightly. REITs are back in demand, led as always by GMG, up 0.5% and SCG rebounding 0.6%. Tech had a good bounce as WTC rose 2.5% and XRO slightly better with the All-Tech Index up 1.0%. Industrials uninspiring with a mixed showing in healthcare, COH up 1.1% and RMD down 0.4%. Resources were better with the exception of iron ore stocks. FMG down 1.0% the worst, Lithium stocks rebounded hard, PLS up 1.3% and S32 doing very well up 4.6% with AWC continuing to climb as Alcoa in the US climbs higher. Gold miners also doing nicely, NST up 0.8% and EVN rising 1.1%. DEG having a nice time of it up 2.8%. Oil stock generally better, as were coal and uranium. On the corporate front, not much to write home about. Economic data was confined to disappointing building approvals, lowest since3 2013 and household spending which rose. Asian market subdued as China and HK closed. Japan continuing its run up 1.7%. 10-year yields up to 4.17%.

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Dow fell 43.10 points, or 0.11%, to close at 39,127.14, marking its third straight negative day. The S&P 500 inched higher by 0.11% to finish at 5,211.49 for its first winning session of the week. The Nasdaq Composite traded up by 0.23%, ending at 16,277.46.

ASX SPI Futures up 26 points.

• Base metals were higher across the board as the US dollar softened.  Nickel +2.0%, Aluminium +1.7%, Zinc 2.5%, and Tin 1.37%.
• Copper rose 2.73%, reaching a 13-month high.
• Lead advanced 3.12%, after data showed 80%-89% of lead warrants are now owned by one company.
• Gold gained 0.82% to a new record high following Powell's commentary. Gold is up over 11% so far this year.
• Oil prices settled higher, reaching 5-month highs with WTI up 0.31% and Brent Crude up 0.25% after senior OPEC+ ministers kept oil output policy unchanged.
• 10Y Bond Yields – US 4.349%, Australia 4.143%, and Germany 2.378%.
• Currencies - AUD up 0.72% to 65.64US cents. USD Index -0.53%, Euro +0.09%, and Bitcoin -0.24%.
• Gold gained 0.82% to a new record high following Powell's commentary. Gold is up over 11% so far this year.

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ASX 200 fell 105 points to 7776 (1.3%) as worries about rate cuts and post-Easter blues weighed on banks and industrials. The Big Bank Basket got the wobbles down to $207.01 (-1.6%) with CBA off 1.9% and ANZ falling 1.5%. MQG also in the doghouse falling 1.5% with insurers holding up with 10-year yields rising to 4.14%. Financials are on the nose with REITs in trouble, too, GMG down 2.6% and SCG off 3.6%. With many now ex-distribution may be the reason to be there is less. Industrials suffered, TCL down 0.5%, WES off 1.8% and REA dropping 3.9%. Tech in trouble as WTC fell 5.0% and XRO slid 5.7%. The All-Tech Index dropped 2.8%. In resources, BHP and RIO mixed, RIO rallied 0.6%, FMG dropped 0.9% with lithium stocks following Tesla down, PLS off 2.1% and MIN off 0.9%. Gold miners were mixed but generally weaker after WGX downgraded production on weather issues and halts to production, falling 14.8%. Oil and gas going nowhere, coal stocks better. Not much in corporate news today, HMC Capital sold down some SIG ahead of the Chemist Warehouse deal. Nothing on the economic front locally. Asian markets weaker, Japan down 0.6%, HK off 0.7% and China down 0.3%. Taiwan was hit with its biggest earthquake in 25 years.

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Dow dropped 396.61 points, or 1%, and settled at 39,170.24. At its session low, the benchmark was down more than 500 points. The S&P 500 slid 0.72% to settle at 5,205.81. The Nasdaq Composite shed 0.95% to finish at 16,240.45. It was the worst day since March 5 for the Dow and the S&P 500.

ASX to open lower. SPI futures down 30 points.

• Gold shatters new records as Mideast tensions add to bullish mix.
• Oil settles up on supply threats, hits 2024 highs during session.
• Robust Chinese manufacturing data boosts copper.
• Ukrainian drone hits Russia's third-biggest refinery, damage not critical.
• India proposes national iron ore exchange to tackle price anomalies, document shows.
• Shanghai exchange to work on nickel futures internationalisation, industry association says.

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ASX 200 fell 9 points to 7888(0.1%) as profit-taking in banks and industrials weighed. Banks slid with the Big Bank Basket down to $210.39 (0.1%). CBA down 0.2% and ASX off 1.0% in financials. Insurers also slipped a little, QBE down 0.5% and SUN off 1.2%. REITs mixed, GMG falling 1.3% with MGR better by 0.4%. Industrials soft in quiet trade, WES off 1.0%, BXB falling 2.2% and TLS down 1.0%. WOW and COL slid with tech easing back too, XRO down 0.6% and the All -Tech index down 0.5%. Resources were the bright spot, BHP and RIO bounced as iron ore in Asian trade hit $100 and rebounded. Lithium miners were a little better, PLS up 0.5% with gold miners doing well, NST up 2.6%, and NEM better. Oli and gas stocks are also in demand, STO up 1.2% and KAR up 0.9%. Coal stock very firm as were uranium explorers, PDN rose 4.7% on modest first production. In corporate news, ASB got a bid from a South Korean firm rising 10.5%, CTT crashed again on a broker downgrade and ORA cratered 14.7% on a trading update with Saverglass the issue. On the economic front, we had RBA minutes and a speech from Chris (Clarke) Kent on the mechanism of the financial system. Asian markets mixed, Japan off 0.2% HK up 2.4% and China down 0.3%. 10-year yields 4.07%.

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Dow Jones Industrial Average lost 240.52 points, or 0.6%, and settled at 39,566.85. The S&P 500 dipped 0.2% to close at 5,243.77. The tech-heavy Nasdaq Composite, on the other hand, added 0.11% to finish at 16,396.83.

Federal Reserve Chair Jerome Powell said Friday that economic growth remains strong and inflation is still above target.

“That means we don’t need to be in a hurry to cut,” the central bank chief told a Public Radio station program.

ASX SPI FUTURES CLOSED

• Oil up 1%, US WTI at 5-month closing high, market seen tight.
• Gold pares gains as higher US dollar, bond yields weigh.
• Iron ore gains on strong China factory activity data.
• Vale Indonesia targets 2024 output of about 70,800 metric tons nickel in matte.
• OPEC oil output falls in March, led by Iraq.
• Japan's JERA starts ammonia co-firing trial at coal power station.
• US pump prices set to climb on Russian refinery outages.

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ASX 200 finds the Easter Bunny. Up a huge 77 points at 7897 (+1.0%) hitting a record high. Seems appropriate. The end of the quarter and end of the month helped stimulate optimism. Banks took a breather with the Big Bank Basket up slightly to $210.48 (0.3%). MQG rose 0.9% with insurers mixed, REITs once again in demand. When aren’t they. GMG up another 1.9% with SGP rising 1.9%. TGP was a stand out on the sale of its HPI stake, up 17.8%. Industrials shot out of the box, WOW continuing its rally up 0.5% with TLS up 2.1% and WES up 1.2%. Utilities also finding friends, ORG up 1.3%. Retail sales helped the sector getting a boost from the Swift effect. JBH up 0.6%, SUL up 3.2% and BAP up 3.6%. Resources were the stars today, iron ore miners lifting, BHP up 1.4%, RIO up 0.7% and FMG rising 2.0%. Lithium stocks also in favour as auctions from Albemarle and SQM helping sentiment. PLS up 2.1% and LTR up 2.6%. Gold stocks enjoyed another solid day with NST up 1.7% and NEM rising 3.3%. Oil and gas stocks slightly better with old king coal stocks having a strong day, WHC up 5.3%. In corporate news, REA has ditched its deal to buy Dynamic Methods on ACCC concerns.  BPT rose 3.7% after announcing savage job cuts. RMS has abandoned its potential takeover bid for Canadian miner Karora. On the economic front, Retail sales were slightly worse than expected despite a Swiftie bounce. Maybe brings rate cuts closer. Asian markets mixed, Japan down 1.3%, China up 1.1% and HK up 1.6%. 10-year yields fell to 3.96%.

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ASX 200 kicks another 39 points higher to 7820 (0.5%), posting a better-than-expected CPI number. 3.4% slightly ahead of consensus. Good news and bad. Banks as usual the winners with the Big Bank Basket up to $209.95 (0.8%). Insurers jumped after the CPI showed price hikes still above and beyond inflation. QBE up 1.2% and SUN up 2.2%. GQG had a good day rising 2.7% but PTM cratered 21.1% on cost cutting and FUM loss news. REITs mixed, GMG up 0.7% and MGR down 0.9%. Healthcare solid, CSL pushing up 1.4% on a bond issuance program, COH rising 0.6% and RMD up 2.0%. WOW and COL doing well in the industrials. Up over 1.5%+. Even TLS managed a solid 0.5% bounce. Tech a little weaker, WTC falling 1.1%. The All-Tech Index flat lined. Resources staged a fight back after early losses. RIO down 0.4% and BHP up 0.1%. Gold miners selectively doing ok, NST up 2.2% and NEM up 0.4%.  Lithium finding some temporary support, PLS up 0.3%, uranium stocks a little soggy. Oil and gas stocks mixed. In corporate news, WBC announced a cunning plan to play catch up on IT spending. APM in suspense after CVC walks away and the SXL chair has retired. On the economic front, CPI came in a notch below expectations. Asian markets. Japan up 1.1%, HK off 0.6% and China off 0.5%. 10-year yields 4.00%.

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The S&P 500 fell for a third consecutive session on Tuesday.

The broader market index slid 0.28% to close at 5,203.58, while the Nasdaq lost 0.42%, finishing at 16,315.70. The Dow Jones Industrial Average inched down by 31.31 points, or 0.08%, to settle at 39,282.33.

ASX to fall. SPI Futures down 19 points (-0.24%).

• Base metals lower across the board, Nickel -1.94%, Aluminium -0.17%, Zinc -2.03%, Lead -0.84%, and Tin -0.38%.
• Copper prices touched its lowest level in two weeks before finishing down flat, -0.05%.
• Gold gained 0.17% as rate cut expectations by the Fed firmed.
• WTI -1.0% and Brent Crude -0.91%. Lithium fell 2.4% in Asian trade yesterday.
• Iron ore futures prices are down amid mounting risk-off sentiment. Iron ore off 4.01% and Dalian Iron ore down 3.45%.
• 10Y Bond Yields – US 4.236%, Australia 4.044%, and Germany 2.347%.
• Currencies - Aussie dollar -0.11% to 65.32c, USD Index -0.15%, Euro -0.01%, and Bitcoin -1.67%.
• US durable goods orders rebounded by 1.4% in Feb-24, surpassing expectations of 1.1%, indicating potential resilience in the manufacturing sector.

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