Market Updates

Dow Jones up 80 points (+0.24%) in a narrow day of trade. Dow up 141 at best, and down 26 at worst. S&P 500 down 0.25%. NASDAQ down 1.07%. VIX Volatility Index up 0.4%. In Europe, STOXX 50 -0.4% FTSE +0.4% CAC -0.4% DAX -0.5%. SPI Futures are down 7 points (-0.10%).

• ASX to slip, US shares mixed bitcoin steady.
• S&P 500 ends lower as recession fears take center stage.
• Wall St ends lower, Treasury yields slide as data fuels recession jitters.
• UBS tells investors 'Herculean' Credit Suisse takeover will pay off.
• FedEx to combine delivery units as part of $4 billion cost-cut push.
• Amazon and Microsoft cloud services face UK antitrust probe.
• US services sector growth slows; price pressures abating.
• U.S. trade deficit widens in February as goods exports fall.
• Exxon quits drilling in Brazil after failing to find oil.
• Copper prices rise supported by lower inventories.
• Gold scales 1-year peak as slowdown worries mount.
• China considers export ban for rare-earth magnet technology.
• Trump, newly charged, urges defunding US Justice Department and FBI.
• Taiwan leader, US Speaker McCarthy meet in California despite Chinese warnings.

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ASX 200 closed up 1 point to 7237 in a boring day of trading. RBA rate pause apparently not stimulating markets as much as one would think.Phil Lowe's speech at the Press Club dominated. US Jobs numbers creating uncertainty in the global economy and helping to push gold ever higher. NST up 3.1%, NCM up 3.1% and EVN up 4%. Iron ore stocks fell,BHP down 1.5%, RIO down 0.9%. Lithium mixed but mostly up MIN down 0.3%, and LTR up 2.7%, PLS down 1.1% Oil and gas peaking from OPECs news WDS down 0.6%, and WHC down 3.9%, with NHC down 1.2%. The Big Bank Basket unchanged at $172.18. MQG dropped 0.7%, Nothing too exciting. MFG got slammed, down 4.1% after FUM dropped again. Insurers firm QBE up 1.4%. All Tech Index gaining in the last minute, up 0.7%, SQ2 up 0.8%. Quick look earlier in the day showed that the Tech sector has been one of the best performing sectors this year as it rebounds from last years falls. Healthcare mixed, REITs mixed as well, CHC unchanged and GMG down -1.1%. In corporate news, CMM gained as they reported positive results from the Karlawinda Gold Project, VEA also gaining on news of a $1.15bn acquisition. MFG reported $3.4bn of outflows sending the price ever further down. On the economic front, RBA Lowe said “The decision to hold rates steady this month does not imply that interest rate increases are over”. Asian markets better, Japan down 1.9%, China closed for Tomb Sweeping Day. 10-year yields steady at 3.25%. Dow futures down 27 points. NASDAQ futures down 13 points.

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ASX 200 rose 13 points to 7236 (+0.2%) surging after the RBA paused on rate rises. Banks saw moderate gains with the Big Bank Basket relatively unchanged at $172.12. MQG rose 1.4% and insurers mixed as ACCC concerns on SUN/ANZ deal took focus. Money managers flip-flopped around. REITs bouncing back hard led by GMG up 1.0% and MGR up 2.4%. TLS had a good day up 0.7% and hit prices not seen since last week. Tech better with XRO up 1.8% and WTC up 1.7% with the All-Tech Index up 0.8%. Staples rose, WOW up 0.6% and COL up 0.7% with industrials generally firm. DMP up 3.2% and TAH doing well up 1.9%. In resources, BHP and other iron ore stocks suffering with the big Aussie down 2.2% and FMG off 0.7%. Lithium stocks eased again as LiCO2 prices remain under pressure in China. PLS off 2.9% and MIN down 1.9%. LTR steady as she goes. Gold miners in the green today as bullion hovered around US$2000. NCM up 3.2% and NST up 3.5%. Oil and gas a little dull but coal a merry old soul with WHC up 5.7%. In corporate news, SEK fell 1.0% after a slight downgrade, MCR recommended shareholders accept the Wyloo 140c cash bid. The founder of SUL announced he was retiring. On the economic front, Phil Lowe keeps rates unchanged as worries about the construction industry may have been a factor. Meanwhile in Asia, Japan up 0.3%, HK down 0.8% and China unchanged. China closed tomorrow for Tomb Sweeping Day. Dow futures down 15 points. NASDAQ futures down 32 points.

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US equities finished mixed overnight for the first trading day of the second quarter. S&P 500 climbed higher supported by energy stocks following OPEC+ groups oil output targets. Dow closed near highs after a midday slump and Nasdaq fell on concerns about the impact the OPEC+ cut could have on inflation and the Fed’s monetary policy. Treasurys rose on news US factory activity contracted, tempering some inflation concerns fuelled by OPEC+ plan to cut oil. Dow Jones up 327 points (+0.98%). Dow up 359 at best, and down 28 at worst. S&P 500 up 0.37%. NASDAQ down 0.27%. VIX Volatility Index down 0.8%. In Europe, STOXX 50 -0.1% FTSE +0.5% CAC +0.3% DAX -0.3%. SPI Futures are up 4 points (+0.06%).

• ASX to edge up, oil surges, RBA rate call awaited at 2.30pm.
• S&P 500 ends higher as oil stocks rally; Tesla tumbles.
• Oil prices up sharply after output cuts; stocks mixed.
• Tesla shares slip as margin worries overshadow record deliveries.
• Global central banks keep up inflation fight in March.
• US manufacturing near three-year low; casts a shadow over economy.
• Global factory activity weakens as demand falters.
• OPEC+ cuts put $100/bbl oil back in sight.
• Oil leaps 6% as OPEC+ shocks markets by cutting output target.
• Copper falls after oil price surge, weak Chinese factory data.
• Gold rallies on dollar retreat as markets grapple with OPEC surprise.
• Italy's ChatGPT ban attracts EU privacy regulators.
• Trump arrives in New York for surrender, opposes TV court coverage.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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ASX 200 closes up 45 points to 7223 (+0.6%) continuing on from last week’s rally. The energy sector led the market today, KAR up 6.5% after announcing production issues at Bauna and maintenence brought forward, WDS +2.7%, STO +2.5%, and BPT healthy +3.5%. Base Metals and Gold worst performers today, gold miners lagging NCM, AGG, and NST all off 1.8%, 0.4%, and 1.1%, respectively. Banks did well again today, The Big Bank Basket up to $172.29 (+1%). CBA strong +1%, ANZ also in demand up 1.3%, WBC up 1.1% after completing the merger of BT’s personal and corporate super funds with Mercer Super Trust. Insurers mixed, QBE off 0.3%, while SUN better up 0.8%. Tech doing ok, All-Tech Index up 1.2%. WTC up 2.3%, XRO finding some support up 1.5%. Healthcare firm and defensives generally improved, CSL up 0.9%, and IMU flat. Lithium stocks took a hit, PLS off 3.6%, AKE slid 0.9%, and CXO down 1.7%. In corporate news, SHL up 0.8% after agreeing to buy Dianosticum for $307.9m, LKE surged 7.9% after reporting its DLE technology has produced lithium carbonate purity grades greater than 99.8%, NWL tumbled 7.5% on news FUA increased in March quarter but down $300 on pcp. On the economic front, the focus is on the RBA’s interest rate decision tomorrow at 2:30pm, hold seems to be the consensus then one more 25bps rate hike later this year. Asian markets are mixed, China up 0.5%, HK off 0.7%, and Japan up 0.7 %. 10-year yields down a touch to 3.3%. Dow futures up 5 points and Nasdaq futures falls 88 points.

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Dow Jones up 415 points (+1.26%) closing near its highs. Up 432 at best. Up 43 at worst. S&P 500 up 1.36% taking it up 3.39% for the week. The NASDAQ up 1.74% taking it up 3.03% last week. The NASDAQ was up 16.8% in the last three months with the US Tech sector up 21.8%. That follows the 33% fall in the NSADAQ last calendar year.

SPI Futures up 45 this morning. The ASX 200 has had a good week rising 223 points or 3.20%. That was led by the resources sector up 6.6% with banks also recovering up 2.2%.

The core Personal Consumption Expenditures index, which excludes energy and food costs, rose 0.3% in February, less than the 0.4% expected by economists polled by Dow Jones.

For the month, the S&P 500 and Nasdaq have gained 3.51% and 6.69%, respectively. The Dow, meanwhile, advanced 1.89% to end March.

Finally, for the quarter: The S&P 500 advanced 7.03%, and the Nasdaq rallied 16.77%. The Dow inched higher by 0.38%. Bitcoin is up 72% for the quarter!

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Global equities higher overnight. US markets rose as tech stocks continued their strong run, while regional banks were under pressure again as the Biden Administration proposed stronger measures to reduce risk and Fed officials reiterated their resolve to lower inflation. S&P 500 up seven of the last nine session, back above the 4000 level and above levels seen just before the start of the banking sector turmoil. Nasdaq is now a bull market for the first time in nearly three years. US treasuries mixed, 10Y yields fell ahead of PCE data. European equity markets are broadly higher, taking encouragement from softer-than-expected inflation data from Germany and Spain.Dow Jones up 141 points (+0.43%). Dow up 188 at best, down 35 at worst. S&P 500 up 0.57%. NASDAQ up 0.73%. VIX Volatility Index down 0.5%. In Europe, STOXX 50 +1.3% FTSE +0.7% CAC +1.1% DAX +1.3%. SPI Futures are up 38 points (+0.53%).

• ASX to rise, S&P 500 gets further tech sector boost.
• Wall St gains with tech shares; regional banks fall.
• Stocks rise and dollar falls while oil rallies.
• Yellen says US bank rules may be too loose, need to be re-examined.
• After extraordinary rally, bonds' fate now with bank stability and inflation.
• Global derivatives industry defends CDS after banking blow-ups.
• Fed officials keep rate hike door open, say bank stress may weigh on outlook.
• US court sanctions Google in privacy case, company's second legal setback in days.
• FTX's Bankman-Fried pleads not guilty to campaign finance, China bribery charges.
• Oil rises over 1% on Iraqi supply risks, U.S. crude draw.
• Gold jumps on weaker dollar, with eyes on inflation data.
• Nickel slides on LME proposals, copper steadies on Chinese demand.
• Russia arrests US reporter on spy charges, White House says allegations 'ridiculous'.
• Efforts to build 'floor' under US-China relations not yet successful.
• French pension standoff causing cracks in Macron's camp, insiders say.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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ASX 200 rose 72 points to 7122 (+1.0%), hitting three-week highs during trade, piggybacking off the tech rally on Wall Street overnight. Tech stocks led the market today, NXT up 1.8%, MP1 +4.3%, WBT +7.2%, and SQ2 +2.4%. All-Tech Index up 1.5%. Most sectors were positive. REITS only negative sector, down 0.2%. Financials regained their footing, with big banks clawing back yesterday’s losses CBA +1.5%, NAB +2.3%, ANZ +0.9%, and WBC +1.5%. The Big Bank Basket rose to $169.98 (+1.5%). Base Metals and Resources in demand, BHP +2.4%, FMG +2.1%, and RIO up 1.8%. Lithium stocks solid, PMT up 1.7% on strong lithium drilling results. Telecoms better, led by Telstra (TSL), hitting $4.24 today its highest level since July 2017 before closing down 0.2%. Elsewhere, GMG was down 0.5%, WES off 0.5%, and CHC fell 0.9% as capital flowed to resources and tech stocks. On the corporate front, ZIP up 3.7% on news it plans to sell its Middle East operations, and it signed deals to sell its European business Twisto and Payflex in South Africa. In economic news, job vacancies in February fell 1% from November, showing signs the labour market is tightening, but demand for labour remains high. Employers across Australia in all industries reported Job vacancies in February are nearly double what they were three years ago before the start of the pandemic. Asian markets down, Japan plunged 1.0%, HK down 0.7%, and China off 0.2%. 10-year yields at 3.34%. Dow Jones futures up 2 points. NASDAQ futures down 8 points.

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Stocks rose broadly Wednesday, as strong gains in tech helped the Nasdaq rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.

The Dow Jones Industrial Average surged 323.35 points, or 1%, to close at 32,717.60. The S&P 500 gained 1.4% to end at 4,027.81, and the Nasdaq Composite added nearly 1.8% to close at 11,926.24.

Regional banks rose, with the SPDR S&P Regional Banking ETF (KRE) advancing about 1%. Big banks such as Citigroup and Goldman Sachs also gained.

The benchmark 10-year Treasury yield inched up to 3.57% as of market close, and the short-term 2-year rate climbed to 4.09%.

SPI Futures up 48 points.

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ASX 200 closes up 16 points to 7050 (+0.2%) reversing earlier losses, as the market digested softer (better) than expected CPI data. Resources performed well, both RIO and BHP up 0.7% and 1.4%. Lithium stocks mixed, CXO slipped down 4.78%, but PLS and AKE held onto yesterday’s gains up 2.3% and 3.5%. Gold steadies as global banking fears remain, NCM up 0.9% and NST up 2% recovering some of yesterday’s losses. Banks had an off day; The Big Bank Basket fell to $167.41 (-0.3%) with NAB taking the biggest hit down 2.2%. Insurers healthy, QBE up 0.3%, and MPL finding some support up 0.3%. Tech mixed, the All-Tech Index up 0.1%, CPU off 0.7% and WTC down 0.7%. Industrials doing OK. WOW up 0.6% and WES up 0.9%. Healthcare eased, CSL fell 0.5% and RMD down 1.3%. On the corporate front, ASIC investigates the ASX over whether its directors and officers breached their legal obligations during the bungled CHESS replacement project. Bendigo bank (BEN) sinks 3.1% nearing five-month lows after UBS cut its ratings and price targets on the Australian Banking Sector generally. Inflation fell to 6.8% in February, below consensus of 7.1% marking the second straight monthly decline from the peak of 8.4% in December. The RBA flagged CPI, retail sales, business survey and employment data as key inputs to April's policy decision. The market remains divided on policy outcome next week as jobs data came in hotter-than-expected but other indicators have shown moderation. UBS Group announces Sergio Ermotti as its next CEO, replacing Ralph Hamers from April 5th, he will be returning to the bank where he was CEO from 2011 to 2020 after its takeover of Credit Suisse. Asia, Japan rose 0.9%, HK up 1.9% and China flat. 10-year yields at 3.3%. Dow Jones futures up 132 points. NASDAQ futures up 58 points.

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