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Tech optimism outweighs central bank nervousness. Wall St closes higher.

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ASX 200 kicked off the week fighting back from early losses to close up 6 at 7676. Quiet trading ahead of a big week. Local banks moved from losses to gains with the Big Bank Basket up to $205.68 (0.7%). Insurers better, IAG up 0.5% and SUN ahead by 1.1%. GQG up 0.5% and MFG kicking 1.3% higher. REITs are under pressure after solid rise  last week, GMG down 3.6% and SCG off 1.8%. Industrials firmed as the session wore on, Tech slightly better, XRO up 0.2% and WTC up 0.1% with the Index up 0.1%. Mining services slid after BHP announcement on nickel lay-offs, MND down 0.8% and WOR off 1.3%. In resources, iron ore dipped then rallied dragging BHP and RIO ever so slightly higher. FMG down 1.1% with lithium and uranium stocks better. PLS up 0.3% and IGO rallying 3.4% with PDN up 3.3%. Oil and gas mixed.

In corporate news, Cyclone Mega wreaks havoc on S32 Port, though stock rallies 4.7%. ABB has been told to sell part of its stake in SLC, with MIN acquiring POS’s nickel concentrator plant. Nothing on the economic front locally, but Chinese data stronger than expected. Asian markets better with Japan up 2.6% and China up 0.5%. 10-year yields falling slightly to 4.11%.

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Quadruple witching in the US boosted volumes. The Dow dropped 191 points (-0.49%), the S&P 500 by 0.65%, and the NASDAQ by 0.96%. Major tech players Microsoft, Apple, Amazon, and Alphabet saw notable losses. Nvidia also dipped 0.1% after Thursday's 3.2% loss. Adobe's disappointing quarterly revenue guidance led to a 13.67% drop in its shares. 

ASX SPI Futures down 13.

• Base metals mixed, Nickel -1.19%, Aluminium +0.93%, Zinc +0.24%, Lead -1.30%, and Tin +1.18%.
• Copper up 1.74% supported by fund buying propelling prices to new highs.
• Gold is steady, down 1.15% for the week, its first weekly decline since mid-February. Uranium slightly higher on Kazatomprom production outlook.
• WTI off 0.27% but finishes the week up ~4% on rising demand.
• Currencies - Aussie dollar -0.3% to 65.60c, USD Index flat, and Euro -0.36%.
• 10Y Bond Yields – US 4.308%, Australia 4.154%, and Germany 2.434%.

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ASX 200 fought back from large losses to close down only 43 points at 7670 (-0.6%). ASX 200 off 2.2% for the week. Weakness across the board from the outset, but bargain hunting took over in the afternoon. Banks found some buyers as the day wore on. CBA down 0.6% and WBC down 1.1%, with the Big Bank Basket at $204.23 (-0.3%). MQG rose 0.2%, with insurers slightly lower, SUN off 0.5%. REITs in demand, SCG up 1.5%, SGP up 2.3% with TLS also doing well, up 1.1%. Supermarkets found some defensive buyers, WES down 0.3%, with WOW unchanged. Tech eased, XRO off 0.6% but WTC fell 2.2%, and the All-Tech Index dropped 1.2%. In resources, big trouble again in little China, with iron ore continuing to fall and no reprieve from copper for BHP and RIO down around 1.5% -2%. FMG off 2.3%. Lithium stock selectively crunched, PLS down 6.2% as the shorts pummelled the stock, MIN down 2.7% and IGO off 5.1%. Gold miners are also weaker, with some end-of-week profit-taking and bullion weakness. Oil and gas stocks finally woke up, with WDS up 2.5% and STO up 2.4%. In corporate news, IRE rose 1.4% on the sale of a UK business, and TAH fell 5.2% after the CEO fell on his sword over inappropriate comments. EML up 11.5% on the sale of one of its businesses in the UK. No economic news, but China kept its key policy rate unchanged. Asian markets slid lower on Chinese news. 10Y yields hit 4.15%. Dow Futures down 36 points. NASDAQ Futures down 44 points.

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 The 30-stock Dow pulled back 137.66 points, or 0.35%, to close at 38,905.66. The Nasdaq Composite fell 0.3% to 16,128.53, while the S&P 500 slipped 0.29% to finish the session at 5,150.48. 

US PPI worse than expected as were Retail numbers.

ASX SPI Futures down 56 points.

• Base metals are broadly weaker, Nickel -1.06%, Aluminium -0.81%, Zinc -0.97%, Lead -0.69%, and Tin +0.60%.
• Copper retreated from its 11-month high, down 0.54% on doubts over plans by Chinese smelters to cut output. Lithium falls 7% in Asia.
• Gold fell 0.59% after a larger-than-expected rise in February’s PPI data.
• 10Y Bond Yields – US 4.292%, Australia 4.152%, and Germany 2.436%.
• Currencies - Aussie dollar flat, USD Index +0.56%, Euro -0.02%, and Bitcoin -2.90%.
• Oil prices settled at four-month highs following IEA’s forecasts for a tighter market in 2024, raising its expectations on oil demand growth this year. WTI +1.85% and Brent Crude 1.51%.

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ASX 200 slipped 16 points to 7714 (-0.2%) as banks came under pressure finally. The index bounced off the 7705, around the level of the sell-off on Monday. Banks saw big sellers as Macquarie downgraded, WBC down 3.8%, CBA off 1.1%, and ANZ falling 3.8%. The Big Bank Basket down to $204.87 (-2.1%). MQG also fell 1.1% as financials sold off. Insurers mixed, REITs better as GMG rose 0.4%. Industrials were slightly weaker, WES off 0.3%, REA down 4.2%, and tech slipping. XRO off 1.5%. WOW gained 0.9% as buyers took advantage of a sale. Resources were a highlight. BHP and RIO rallying hard on copper dreams, FMG solid but uninspiring. Lithium stocks mixed, PLS down 0.2% after a fresh auction, S32 bouncing hard up 5.2%, and gold miners better. NST up 1.9%, and NEM moving 1.2% higher. In corporate news, ARU soared 76.3% as a new funding deal was announced with government backing. ABB crashed 18.0% on news it had lost a contract to SLC. Interesting, given ABB is trying to buy SLC. Will need a far better offer now. News that Singtel is in discussion to sell Optus to Brookfield in a $12bn deal. LNW denied that it had stolen ALL technology and Olivia Wirth has found a new home as the CEO of MYR. Up 7.6% on the news.  Nothing on the economic front today, Asian markets little changed. HK down 0.6%. 10Y yields at 4.07%. US PPI and retail numbers tonight. Dow Futures up 36 points. NASDAQ Futures up 56 points.

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USStocks closed lower on Wednesday and struggled to continue momentum from a session earlier, with Nvidia pulling back alongside the broader technology sector.

The S&P 500 slipped 0.19% to close at 5,165.31, while the Nasdaq Composite fell 0.54% to 16,177.77. The Dow Jones Industrial Average pulled back 37.83 points, or 0.1%, to finish the session at 39,043.32. 

ASX SPI FUTURES up 22

• Gold rebounds on dollar retreat as Fed still seen cutting rates.
• Uranium sinks. Lithium steady.
• Iron ore at over 6-month low on mounting fears of easing Chinese demand.
• Oil prices up 3% to 4-month high on US crude stock drop, Russian refinery attacks.
• US gasoline stockpiles slump more than forecast on rising demand -EIA.
• OPEC says IEA commentary on oil security encouraging.
• Ukrainian drones damage Russian oil refineries in second day of attacks.
• Copper soars to 11-month high on Chinese plans to cut output.

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The Dow Jones Industrial Average gained 235.83 points, or 0.61%, to close at 39,005.49. The S&P 500 ticked up 1.12% to finish the session at 5,175.27, surpassing the previous record high close from March 7. The Nasdaq Composite advanced 1.54% to 16,265.64.

ASX SPI Futures up 14. Could see more today.

• Base metals mixed, Copper flat, Nickel +1.82%, Zinc -0.35%, Lead +0.78%, and Tin -0.63%.
• Aluminium is up 0.67%, nearing a six-week high on positive demand forecasts.
• Gold fell 1.10%, coming under pressure after US CPI results dimmed prospects of imminent rate cuts. Uranium falls again and Lithium rises.
• Oil prices settled lower following higher-than-expected forecasts for US crude oil production, WTI -0.46% and Brent Crude down 0.16%.
• Currencies - Aussie dollar -0.12%, USD Index flat, Euro -0.13%, and Bitcoin -1.63%.
• 10Y Bond Yields – US 4.153%, Australia 4.013%, and Germany 2.326%.

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