Market Updates

ASX 200 fell 32 points to 7780 in quiet trade. Winding down for Easter early it seems. Conflicting consumer sentiment surveys not helpful. Resources once again the problem. Iron ore down in Asian trade hurting commodity stocks across the board.  After a steady start, lithium in China slid and iron ore under pressure. FMG dropped 1.2%, BHP off 0.6% and lithium stocks under serious pressure again. PLS down 3.6% and MIN dropping 2.8%. Gold stocks were a small voice of calm, NST up 1.6% and EVN up 0.6%, Oil and gas also doing ok finally, WDS completed the sale of part of a gas project rising 1.0%. Coal stocks flat, uranium stocks falling hard too. Banks falling slightly, the Big Bank Basket falling to $208.36 (-0.3%). Tech slipped, XRO down 2.7% and WTC off 2.3%. Healthcare fell too, CSL down 0.4% and RMD off 1.1%. In corporate news, MSB surprised with some rare good news from the FDA rising 45.5% on a serious short squeeze, SVW pushed back on the BLD independent valuation, PMV rose 4.4% as Lew talked about demerging Smiggle and Peter Alexander. On the economic front, consumer surveys from ANZ and WBC showed divergence. Asian markets pretty flat on low commitment days. 10-year yields pushed back up to 4.04%.

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The Dow Jones Industrial Average fell 162.26 points, or 0.41%, closing at 39,313.64. The S&P 500 dipped 0.31% to finish at 5,218.19, while the Nasdaq Composite was down 0.27% and settled at 16,384.47.

The market is on track for its fifth consecutive month of gains, with the major U.S. stock benchmarks crossing new all-time closing high levels last week. The S&P 500 has officially gone 100 sessions without a pullback of at least 2% from a closing high.

ASX to fall. SPI Futures down 29 points (-0.37%).

• Base metals mixed, Copper +0.18%, Nickel -0.98%, Zinc +0.34%, Lead -0.20%, and Tin -0.38%.
• Aluminium +0.87% hitting an 11-week high over concerns of a slow recovery in production in China.
• Oil prices rose after Russia ordered companies to reduce oil output, WTI +1.62% and Brent Crude +1.25%. Lithium falls 6% plus in Asian trade.
• 10Y Bond Yields – US 4.249%, Australia 4.070%, and Germany 2.368%.
• Currencies - Aussie dollar flat, USD Index +0.22%, Euro +0.01%, and Bitcoin +6.80%.
• Gold up 0.28%.

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ASX kicked another 41 points higher to a record close of 7812 (0.5%). Banks were solid again, CBA up 1.1% and ANZ slightly higher. The Big Bank Basket trading at $208.94(0.6%). MQG slid 0.8% despite stories of a bid for part of Heathrow Airport. Insurers flat. REITs rallied with GMG leading the way up 3.7% and MGR up 2.2%. Industrials too were solid, WOW up 0.2% and TCL running 1.1% higher. Tech stocks better, REA up 2.3% and XRO rallying 1.4%. The All-Tech Index up 1.0%. In resources, iron ore rallied dragging FMG up 3.5% on news that Twiggy is looking at copper, RIO up 0.9% and S32 continuing to rally up 1.7%. Gold miners mixed. EVN up 2.4% and SFR up 2.8% as copper stocks are in focus. Lithium stocks under a little pressure as Citi turned bearish. Oil and gas better, WDS up 1.2% and coal and uranium better. In corporate news, two more bids today, MRM and MEA and A2B voted in favour of the takeover and will be delisted in early April. Nothing on the economic front today. Asian markets were mixed, Japan down 0.6%, HK up 0.3% and China up 0.3%. 10-year yields back at 4% .

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The Dow dipped 305.47 points, or 0.77%, to close at 39,475.90. The S&P 500 inched lower by 0.14% to end at 5,234.18. The Nasdaq Composite added 0.16% and closed at 16,428.82 for another record.

The Dow was up just shy of 2% for its best week since December. The Nasdaq is the outperformer of the three, jumping nearly 2.9%.

ASX SPI Futures up 7

• Base metals broadly lower, Nickel -2.11%, Aluminium +0.24%, Zinc -1.62%, Lead -1.59%, and Tin -0.68%.
• Copper prices pulled back 1.07% on profit-taking ahead of the weekend.
• Gold eased 0.73% as the dollar strengthened.
• 10Y Bond Yields – US 4.200%, Australia 4.040%, and Germany 2.320%.
• Currencies - Aussie dollar -0.84% to 65.14, USD Index +0.97%, Euro -0.37%, and Bitcoin -2.69%.

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ASX finished the week down 11 points at 7771 (0.2%). No real damage, more apathy and quiet trading. The index rose 1.3% for the week. Weakness in banks after a stunning day yesterday, CBA down 0.4% and WBC off 0.8%. The Big Bank Basket slipped to $207.75 (%). MQG dropped 0.3%. Insurers rose slightly with QBE up 1.1% and SUN up 0.9%. REITS better, GMG screaming ahead up 3.4%. SCG up 1.2% and MGR rising 1.4%. Industrials mixed, TLS slipped 0.8% and WOW up 0.7% with the tech sector slightly higher, WTC up 0.8% and the All -Tech Index up %. Healthcare better, CSL up 1.7% and RMD doing well up 1.2%, on a FPH upgrade. In resources it was a sloppy day, BHP fell 0.8% with FMG easing 2.1%. Lithium stocks down too, PLS off 1.0% as lithium fell 2% plus in Asian trade. Gold miners took a break, with EVN falling 2.0% and GMD revealed a 5-year plan and fell 6.3%. Oil and gas stocks under pressure as were coal stocks. In corporate news, pretty quiet. The RBA released its Financial Stability Report, Japanese inflation came out a little higher. Asian markets a little mixed, HK down 3%, China down 1.5% with Japan unchanged. 10-year yields fell hard to 4.03%.

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The Dow Jones Industrial Average jumped 269.24 points, or 0.68%, to close at 39,781.37. The S&P 500 advanced 0.32% to end at 5,241.53, while the Nasdaq Composite edged up 0.20% to finish at 16,401.84. Micron Technology jumped 14% on strong earnings and notched its best day since December 2011. The news lifted the semiconductor sector, with Nvidia and Marvell Technology adding more than 1% each. Apple fell 4% on a DoJ antitrust investigation.

ASX to fall though. SPI Futures down 14 points (-0.18%).

• Base metals higher across the board despite a stronger dollar, Copper +0.22%, Nickel +0.20%, Zinc +0.64%, Lead +0.31%, and Tin +2.27%.
• Aluminium up 1.14%, hitting an 11-week high as demand from China improves.
• Oil prices settled lower pressured by weaker US gasoline demand, WTI down 0.97% and Brent Crude off 0.77%.
• Iron ore futures gained ground on renewed hope of further monetary policy easing in China. Dalian Iron ore up 2.48%, and Iron ore advanced 3.71%.
• 10Y Bond Yields – US 4.269%, Australia 4.114%, and Germany 2.402%.
• Currencies - Aussie dollar -0.23% to 65.7c, USD Index +0.18%, Euro +0.31%, and Bitcoin -3.03%.
• Gold eased 0.25%, hitting pause after a strong rally.

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Markets lose small gains to finish flat. Energy and resources perform best, tech the worst.

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