Market Updates

The ASX 200 bounced back 125 points to 8,622 (1.5%) as the roller coaster continued this week. News from the White House on peace progress was the kicker, together with unemployment numbers coming in worse than expected at 4.5%. Pressure off the RBA. Both banks and resources fired today, with CBA up 0.9% and WBC rising 2.2%, with the Big Bank Basket rising to $273.39 (+1.4%). MQG jumped 1.7% and other financials also did well, with IFT up 4.6% and CGF rallying 1.9%. REITs were also back in demand as yields fell, with GMG up 2.8% and GPT rising 1.5%. Industrials firmed, with WES up 1.4% and CSL rising 1.6%, while RMD was also back in demand, up 1.2%. QAN jumped 3.1% on lower crude prices and VGN took off 9.3%, although volumes were small.

Retailers were better as yields cooled and unemployment may mean the RBA is on hold again. JBH up 3.4% and HVN up 2.1%. GYG had a strong day on a broker upgrade, up 13.0%. Tech stocks were mixed. CAT jumped 10.9% after numbers yesterday, with broker upgrades helping. TNE dipped 2.3%, WTC fell 0.5%, and the All-Tech Index was up 0.3%

In resources, BHP jumped 3.1% on copper exposure, RIO up 3.2%, and gold miners were back in favour. NST fell 2.1% as the CEO stepped down. EVN up 3.8% and GMD rising 0.7%. Lithium stocks were better, with LTR up 4.2% and MIN jumping 2.9%. Oil and gas stocks eased back, as did coal, but uranium stocks rose.

In corporate news, SGH fell 0.8% after a very in-depth investor day. IPX rose 5.2% after commissioning a 300-tonne axis SACMI in US. 

On the economic front, unemployment came in worse than economists expected at 4.5%. Morgan Stanley is predicting the largest house price correction in 40 years! The bank is talking a 10% fall. 

Asian markets better, Japan up 3.2%, Hong Kong down 0.7%, China down 0.6%. Kospi up 8.2%

US futures ease with Dow down 74, Nasdaq down 6. European futures opening around 1% lower. Oil up 1%.

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SPI Futures up 104 points. ASX to open higher. US Futures lower on Nvidia.

Wall St bounced sharply as oil fell and bond yields retreated from multi-year highs on hopes the Iran war is nearing resolution. S&P 500 up 1.1%. Dow Jones up 645 points (+1.3%), closing back above 50,000. Nasdaq up 1.5%. Volume above average. Every sector higher except Energy, down 2.6% on the oil drop. Consumer Discretionary the standout, up 2.5%. Semis roared back - Philadelphia Semiconductor Index up 4.5%.

Trump reports US-Iran negotiations are in their "final stages", which triggered a sharp drop in oil. WTI down 9.3% to $101.7. Brent down 5.1% to $105.4. Two Chinese oil tankers exited the Strait of Hormuz. Iran is enforcing a multi-tier approval process for passage involving vetting and sometimes fees, so the strait is not fully open, but traffic is improving. The pattern of the last two months holds - hope, then reality. Bond markets took the Iran comments at face value. US 10Y down 8.2bp to 4.59%, US 2Y down 6.3bp. 30Y pulling back from its highest since 2007. Dollar index down 0.2%.

Nvidia delivered Q2 revenue guidance of $91bn beating the $87bn consensus. Below the highest of estimates of $96bn. Stock down after hours on comments that competition is rising. The AI infrastructure demand story remains intact and data centre revenue continued to accelerate. Nvidia also announced an $80bn buyback and raised its quarterly dividend. The market broadly got the reassurance it needed, if not the blowout some had hoped for. Nvidia rose 1.3% in the regular session. Peers AMD up 8.1%, ASML up 6.2%, Intel up 7.4%.

Oil down - Yields fall - Gold up

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The ASX 200 gave up yesterday's gain and more, dropping another 108 points to 8,497 (1.3%) as the rout continues. Resources bore the brunt of the selling as inflation fears stoked higher rates and tore through commodities. BHP fell 2.3% and RIO off 1.5% with gold miners under pressure again, EVN down 4.9% and NEM falling 4.5%. Oil and gas firmed, but uranium stocks eased back, PDN down 4.5%. Lithium stocks found some friends with PLS up 1.9%. Industrials were also weak across the board as TLS fell 1.1% and REA dipped 2.0%. Tech stocks couldn't shrug off the negativity despite good results from CAT and broker upgrades to TNE. Healthcare drifted lower.

Banks were hit hard as one broker said conditions were tough, WBC fell 2.4% with ANZ off 2.1% and the Big Bank Basket falling to $269.72 (0.8%). Other financials also under pressure, MQG fell 2.0% and NWL and HUB dropped. Insurers also saw sellers, QBE off 1.0% and IAG down 0.4%. REITs fell as bond yields rose again. GMG down 2.1% and CHC falling 3.3%.

In corporate news, WJL tumbled 11.2% after earnings came in worse than expected and guidance was moved down. JHX fell 0.9% after lacklustre results too. EOS tumbled 10.3% as it raised funds at 800c and FLT fell 3.6% after a US$5m US strategic acquisition.

On the economic front, total wages and salaries paid by employers rose 1.4% to a record $110.6bn in March. National Australia Bank says weekly consumer spending patterns have stabilised with travel especially weak.

Asian markets fell, Japan down 1.6%, Hong Kong down 0.7%, China flat. Kospi down 2.8%.

US futures mixed with Dow down 31, Nasdaq up 32. European futures opening around 1% lower. Oil down slightly.

Nvidia tonight in the US. European futures opening around 0.6% lower.

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US equities extended their decline on Tuesday as a continued selloff in US Treasuries, driven by inflation concerns tied to the war in the Middle East, pressured investor sentiment. The S&P 500 finished 0.7% lower, the Nasdaq closed down 0.8% while The Dow shed more than 300 points, or 0.6%. AI infrastructure companies continued their correction after soaring this month, previously supported by bumper earnings and ambitious guidance. Speculative long positions propelled AI infrastructure stocks higher in the period, prompting a pullback in risk sentiment and a cautious outlook by Seagate to spark a sharp pullback. Seagate sank 10% so far this week. Hyperscalers also fell with Amazon, Tesla, and Meta dropping up to 2% on Tuesday. Meanwhile, Dominion energy sustained its surge from the previous session and NextEra Energy bounced from sharp losses following NextEra's $67 billion acquisition of the former, the largest ever in the power sector.

SPI down 39 - Resources under pressure - JHX results - Nvidia in focus

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The ASX 200 bounced back 99 points today to 8605 (1.2%) as banks led the recovery. CBA gained % with the Big Bank Basket up to $271.83 (=1.5%%). NAB the standout gaining 2.0%. MQG also had a good day up 1.9% and insurers did well as higher bond yields helped, QBE up 2.9% and MPL rising 2.1%. REITs also had a better day with GMG up 1.8% and CHC up 2.2%.

Industrials were firm, WES finally finding buyers up 2.4% and TLS gained 2.6%. WOW and COL both did very well on some broker upgrades. Healthcare also found support, CSL up 2.6% and RMD gaining 2.0%. BXB fell another 0.6% and TUA up 17.6% after a 68% fall yesterday. Tech slightly better with the All-Tech Index up 0.8%.

Resources eased back, iron ore off in Asia, BHP down 0.1% and FMG down 0.3% with gold miners mixed, NEM up 1.8% and NST falling 0.7%. Lithium and rare earth stocks slid, LYC down 4.3% and PLS falling 1.3%. Oil and gas stocks held, uranium stocks gained, coal better too.

In corporate news, MIN rose 2.6% after it announced a restart at Bald Hill, SLC flagged a 4.5m share purchase for staff. TNE fell 2.9% as FX headwinds hurt.

On the economic front, RBA minutes pointed to a pause perhaps from the RBA. 

 Asian markets bounced a little, Japan down 0.5%, HK flat, China down 0.4% Kospi down 2.8%.

US futures lower with Dow down 39, Nasdaq down 105.  European futures opening around 1% lower. Oil down around 2%.

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The Nasdaq Composite and the S&P 500 fell on Monday, bogged down by declines in technology, as traders monitored oil prices and bond yields while awaiting further developments with the conflict in the Middle East.

The broad market benchmark dropped 0.07% to end at 7,403.05, while the tech-heavy Nasdaq slid 0.51% and closed at 26,090.73. It was the second straight day of declines for both indexes. The Dow Jones Industrial Average closed up 159.95 points, or 0.32%, at 49,686.12.

SPI up 92 - RBA Minutes - TNE Results

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The ASX 200 fell 126 points to 8,505 (-1.5%) today in a dismal start to the week. Thankfully, the banking sector held up relatively well, with CBA posting a 1% rise, while insurers also performed strongly on the back of higher bond yields. The Big Bank Basket rose to $267.83 (+0.3%). Other financials did not fare as well, with MQG falling 2.6%, HUB down 1.1%, and the REIT sector also under pressure, with GMG down 4.0% and CHC off 3.5%.

Industrials were weaker across the board, with the healthcare sector hit again. CSL fell 1.8% and RMD dropped 0.5%. A couple of poor results this morning set the tone for further weakness in industrials, with SGH down 2.9% and BXB falling 20.2% on a downgrade to earnings, as pallet repair apparently became a thing. The tech space was mixed, with XRO falling 2.0%, although WTC rose slightly, helping the All-Tech Index finish marginally lower.

The real damage today came from the resources sector as iron ore stocks reversed and copper prices came under pressure. BHP fell 2.8% and RIO dropped 3.6% as sentiment towards bulk miners deteriorated.

Gold miners were also under pressure as bullion prices eased, even while the oil price rose. NST fell 2.4%, while EVN suffered the double whammy of weaker gold and copper prices. Oil and gas stocks were inevitably firmer as crude prices pushed higher. WDS rose 2.9%, while STO gained a similar amount. Uranium stocks slipped again, with PDN down 2.5% and BOE off 3.8%.

In corporate news, three major stories stood out. TUA dropped an astonishing 62.8% following issues in Singapore relating to its spectrum licences. ELD also came under pressure, down 22.9%, as higher diesel prices and a messy result hurt sentiment. Meanwhile, the downgrade from BXB simply added to today’s misery. Down 20.8%

There was little on the economic front today, although all eyes remain firmly fixed on bond markets as inflation fears continue to build.

 Asian markets drop hard, Japan down 0.7%, HK off 1.1%, China down 0.6% Kospi bouncing 

US futures lower with Dow down 386 Nasdaq down 192.  European futures opening around 1% lower. Oil up over 1.2%.

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Stocks fell sharply on Friday as investors grew increasingly concerned about the impact of the prolonged conflict with Iran, particularly the risk that higher energy prices could further fuel inflation and keep interest rates elevated. The S&P 500 lost 1.2%, the Nasdaq Composite dropped 1.5% and the Dow Jones fell 1.1%. Investors took profits in the technology sector following strong recent gains. Intel declined 5%, while Advanced Micro Devices and Micron Technology fell 3% and 4%, respectively. Nvidia lost 2%, and Cerebras Systems dropped 4% after surging 68% in the previous session following its Nasdaq debut. Microsoft outperformed, rising 4% after Bill Ackman revealed that Pershing Square had built a position in the company. Boeing shares also extended losses, falling 3% after dropping nearly 5% a day earlier, as investors reacted negatively to Trump’s announcement that China agreed to purchase 200 Boeing jets, only modestly above prior expectations.

SPI down 38 - BHP falls hard in US - BXB Downgrades.

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The ASX 200 eased back another 10 points to 8631 (0.1%), capping off a miserable week at the index level. The index fell 1.3% this Budget week, mainly as banks crashed with CBA in focus. Banks made up some lost ground after significant falls this week, with CBA up 1.9%, ANZ up 1.1%, and the Big Bank Basket rising to $266.97 (1.4%). Insurers had a good day, with QBE rising 1.9% and SUN also doing well. REITs strengthened, with VCX up 1.6% and GPT also leading the charge. Industrials were firm too, with stocks like SHG, REH, and WOR all posting solid gains today. Even the supermarkets WOW and COL were firmer despite recent court woes.

Healthcare edged higher, with RMD up 1.2% and CSL finding some friends, up 0.7% , but the real stars of the show today were, surprisingly, the tech space, with XRO bouncing 8.1% following yesterday’s results and WTC also having a strong day, with the All-Tech Index bouncing 2.3%.

Whilst banks, industrials, and technology stocks were firm, resources were well and truly on the nose today as inflation continues to plague the market, or at least traders’ thoughts. Copper and gold both eased back, with BHP down 2.6% and RIO falling 3.2%. The gold stocks were also under pressure, with NEM falling hard, as did EVN, down 5.5%. Lithium stocks also took a breather, and news that Chris Ellison had sold part of his holding in MIN also weighed on the sector, down 7.7%. The oil price continues to bubble higher, with no resolution, it seems, on the blockade in the Gulf. WGS did well, up 2.1%, and STO also had a blinder today, rising 2.7%. In corporate news, EOS shot the lights out as it prepares to take control of MARSS Defence Technology in the coming days, while also securing a $165 million order from an existing Middle Eastern customer. TWE added 1.9% after French billionaire Olivier Goudet lifted his stake in the company.

Nothing on the economic front. Asian markets drop hard, Japan down 2.1%, HK off 1.6%, China down 0.8%, Kospi off 6%.

US futures lower with Dow down 184, Nasdaq down 367.  European futures opening around 1% lower.

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Stocks were higher on Thursday, with the Dow Jones Industrial Average retaking 50,000 after strong earnings from Cisco Systems and following a key meeting between U.S. and China.

The 30-stock index popped 370.26 points, or 0.75%, to end at 50,063.46. The S&P 500 climbed 0.77% and closed at 7,501.24, while the Nasdaq Composite gained 0.88% to 26,635.22. Those two indexes scored fresh all-time intraday highs and record closes.

Cisco’s gain gave the Dow a boost, sending it to 50,000 during the session. The Dow also got a lift from Nvidia also advanced more than 4% after Reuters reported that the U.S. has cleared about 10 Chinese firms to purchase Nvidia’s H200 chip, though no deliveries have been made yet.

Retail sales were better than expected. Cerebras IPO was a huge success.

SPI up 50 – Banks in focus – Resources under a little pressure.

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