Market Updates

The ASX 200 rose 31 points to 8614 (0.4%) despite the RBA raising rates as expected. The vote was close though, 5-4, a dovish hike. Banks were firm on the rate hike, CBA up 0.3% and the Big Bank Basket up to $302.60 (0.5%). Insurers better, even REITs firmed with GMG up 1.2% and SCG rising 1.1%. Healthcare under pressure, RMD falling another 0.6% and SIG down 1.1%. Industrials mixed, WES down 1.6% and ALL off 2.0% with REA and CAR falling again. Tech remains on the nose, WTC down 3.0% and XRO off 1.7%. The All -Tech Index down 1.4%.

In resources, iron ore stocks steadied, BHP up % and gold miners showing gains with bargain hunters emerging. EVN up 3.7% and GGP up 3.9%. Lithium and rare earths slid slightly, PLS down 1.9% and LYC off 4.6% on profit taking. Oil and gas mixed, STO up WDS down. Coal stocks under pressure with uranium stocks slightly firmer.

In corporate news, PPM fell 14.9% as CGF amended its NBIO downwards. PXA also slightly firmer on a deal to divest ‘Informed Decisions’. WAF rose 5.8% after stronger results and OBM gained on a broker upgrade.

On the economic front, the RBA increased rates by 25bps as anticipated. Close call though. Consumer confidence has fallen to the lowest since March 2020. The ACCC is talking to fuel companies too.

10-year yields steady at 4.98%.

Asian market weaker on oil prices, Japan up 0.5%, HK up 1.0% and China up 0.3%. Oil slightly higher in Asian trade.

US Futures: Dow down 95 Nasdaq down 57

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Stocks rose on Monday, while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.

The Dow Jones Industrial Average added 387.94 points, or 0.83%, closing at 46,946.41. The S&P 500 rose 1.01% to end at 6,699.38, and the Nasdaq Composite gained 1.22% and settled at 22,374.18.

Meta shares gained more than 2% on a report — which the company has called “speculative” — that it is planning to lay off more than 20% of its workforce. Additionally, Nvidia shares rose more than 1% as its GTC conference kicked off Monday.

SPI up 66 – RBA in focus – Gold flat – Oil falls

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The ASX 200 fell 34 points to 8583 (0.4%) as US futures stabilised and oil failed to kick despite weekend moves against Kharg Island. Banks held firm with CBA up 1.0% ahead of RBA. The Big Bank Basket rose to $300.96 (0.6%). Other financials also found some buyers with SOL up 1.1% and insurers slightly better. REITs were firm with GMG the exception as tech stocks remain as unloved as Khomeini. Industrials were mixed, WES recovered another 1.0% with TLS firming 1% and supermarkets stronger. Tech selling saw WTC down another 2.0% with XRO off 1.9% and the All-Tech Index down 1.3%. Retail drifted lower, JBH down 0.6% and PMV falling 1.3% with NCK falling another 0.5%.

In resources, the stronger USD and commodity price falls brought out the sellers. Gold hovered around $5000 with miners under pressure, NST falling % on broker downgrades, RRL ditched 8.3% with NEM off 4.2%. Lithium stocks eased too despite higher underlying prices, PLS down 2.7% and MIN fell 4.8%. Copper stocks and rare earths also down. LYC bucked the trend on a new deal with the US DoW. BHP, RIO and FMG all under pressure as the iron ore price flip flopped to losses in Asian trade. Oil and gas stocks firmed, WDS up 1.9% and STO 2.1% better.

In corporate news, S32 put its Mozambique aluminium smelter on care and maintenance. PPT sold its wealth business to Bain Capital for $500m. ORI settled long running litigation and KMD dumped 10.5% on news of another review of strategic funding options.

Nothing locally on the economic front, Chinese data better than expected as Trump talks a possible postponement of summit, unless China does not do its bit to get oil flowing. Day Two of Trade talks in Paris.

10-year yields steady at 4.98%.

Asian market weaker on oil prices, Japan down 0.3%, HK up 1.1% and China down 0.6%. Oil steady in Asian trade.

US Futures: Dow up 183 Nasdaq up 135

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US stocks finished down for the last session of the previous week. The S&P500 dropped 0.6%, the Nasdaq 0.9% and the Dow 119 points. Brent oil went up again to US$103 a barrel. Almost everything else, commodity wise, was down. Industrial metals in London were all red. Gold slipped again, threatening now to fall below US$5000 an ounce. Gold stocks fell in North America, and copper shares did just the same. There was no shelter in uranium and lithium either. Energy was the second best performer in the S&P500 but again the shares are more subdued than you’d think considering the rise in cashflow. 

SPI down 61 - Oil the focus - RBA and Fed this week.

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The ASX 200 lost a mere 12 points to 8617to finish the week down 2.6%. Banks pushed higher led by NAB with the Big Bank Basket back up to $299.06 (+1.1%). Insurers also better as rate rose, SOL up 1.5% and MFG continuing to find friends on the merger deal, up another 3.4%. PNI dropped 4.3% and RPL down 5.2% on another biotech investment blowing up. Industrials were a little better, WES managed a 0.8% rise, ALL up 1.2% and TLS rose 1.4%. Healthcare mixed, RMD falling 0.5% and RHC up 1.0%. Tech was mixed too, WTC eased 0.8% but XRO rose 2.6% and the All-Tech Index unchanged.

In resources, BHP fell 2.3% as its standoff in China continues, RIO and FMG doing well on the back of higher iron ore prices, gold miners slipped, not helped by NST crashing 18.8% on production woes. Oil and gas stocks muted with coal slightly firmer and uranium generally a little better, DYL up 1.0%.

In corporate news, IMM fell 88.6% after its Phase III trial was abandoned. QAN reached a settlement for $105m for CV19 related cases. WGX announced the completion of its sale of two projects. NST fell hard on a production downgrade due to milling issues at the Super Pit. LIC rallied as US-based prefab giant Hometown America bought a stake at 490c. EOS up 18.4% after it revealed $US45m ($64 million) in new defence orders, including a major Middle East contract for its Slinger weapon system.

Nothing on the economic front. US PCE index tonight. 10-year yields steady at 4.95%. Asian market weaker on oil prices, Japan down 0.8%, HK down 0.4% and China flat. Korea KOSPI down 1.9%. WTI Oil down 0.4% in Asia.

US Futures: DJ up 128, Nasdaq down 1.

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The Dow Jones Industrial Average fell 739.42 points, or 1.56%, closing at 46,677.85. The S&P 500 lost 1.52% and settled at 6,672.62, while the Nasdaq Composite shed 1.78% to end at 22,311.98. All three indexes posted closing lows for 2026, and the 30-stock Dow ended the session below the 47,000 threshold for the first time this year.

Crude prices continued to climb after Iran’s new supreme leader, Mojtaba Khamenei, who was appointed on March 9, said that the Strait of Hormuz should remain closed as a “tool to pressure the enemy.” West Texas Intermediate futures rose 9.72% to settle at $95.73 per barrel. Brent crude futures settled up 9.22% to $100.46 per barrel — its first close above $100 since August 2022.

SPI down 28 - Gold eases - Adobe falls after hours - Not much corporate news around - Iron better.

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The ASX 200 fell 115 points to 8629 (1.3%) as oil prices spiked higher on tankers hit in the Gulf. Another $50bn in value knocked off the ASX 200. Broad based losses with the banks falling, ANZ leading the big four down off 2.5% with the Big Bank Basket down to $295.56 (-1.2%). MQG dipped 2.7% as financials falling across the sector. SOL down 1.1% with NWL off 5.5% and CGF down 2.8%. Industrials sagged, WES off another 0.7%, retail falling on potential rate rises next week. JBH down 0.5% and LOV crashing 7.0%. MYR also under pressure, down 10.6% and NCK down 4.6%. Travel stocks fell again, FLT down 2.8%. Tech resumed the position of weakness, WTC down 2.6% and XRO off 4.2%. NXT fell 2.3% and 360 dropped 4.8%. REITs eased back, GMG down 3.3% and healthcare under pressure, RMD down again, off 3.1%. CSL falling 1.1%.

In resources, BHP fell 1.9% and RIO off 1.4%. Gold miners eased back, EVN down 1.3% and GMD falling 2.1%. Lithium eased, PLS off 2.5% and profit taking in rare earths after a strong run yesterday.  AAI was a winner on higher aluminium prices, up 4.4%. Oil and gas stocks better, STO up 1.5% and WDS gaining 2.1% with uranium stocks slipping and coal stocks firming, YAL up 10.5% and WHC rallying 6.7%.

In corporate news, ALX fell after toll news in the US. LTR fell 0.6% after reporting a loss of $184m. CKF delivered with a 5.2% rise on German store openings.

On the economic front, everyone seems to be in lockstep now on a rate rise next week. Household spending has fallen for the first time since September 2024

10-year yields push to 4.95%.

Asian market weaker on oil prices, Japan down 1.5%, HK down 1.4% and China down 1.1%. Korea KOSPI down 1.3% 

US Futures: DJ down 502, Nasdaq off 210.

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The ASX 200 rallied another 51 points in quiet trade. Jumped 17 points at the close on ETF rebalancing. Waiting for more news. Banks and resources led the gains, the Big Bank Basket up to $299.01 (0.8%) with ANZ the standout, up 1.8%. MQG up 1.3% with financials mixed. GQG dropped 5.5% on latest FUM numbers. Insurers better as yields rose on Andrew Hauser’s (RBA deputy) comments on inflation. QBE up 1.6%. Retail dropped after bank after bank forecast a rate rise next week to counter the oil price rise. JBH down 1.5% and NCK off 2.9%. Travel stocks failing to find buyers, WEB off 1.8%. Utilities fell with AGL bombing 5.6% with ORG down 1.4%. Healthcare stocks also in ICU today, CSL falling another 1.4% with RMD unwinding 3.4%. Tech lower as sellers took profits after recent rallies. WTC down 3.6% and XRO falling 2.2% with the All-Tech Index down 1.3%.

Resources did well, BHP, RIO and FMG pushed higher on IO price rises, rare earth stocks took off on LYC news of a JARE deal and floor price, up 16.2%. ARU jumping 16.0% with ILU also doing well. Gold miners were slightly positive, OBM jumped 21.5% on a big resource upgrade. Oil and gas stocks flat, coal eased and Uranium stocks better in places. It is 15 years since the Fukushima disaster. Japan now keen to embrace nuclear again as oil prices rise.

In corporate news, DRO announced a new manufacturing push in Europe. MAQ jumped 7.0% on a $200m hybrid investment. 

On the economic front, money markets are now pricing in a 77% chance of a rate rise next week. Economists falling over themselves to warn on rises. 

10-year yields steady at 4.85%.

Asian market recover, Japan up 2.6%, HK up 0.1% and China up 0.5%. Korea KOSPI up 3.5% 

US Futures down DJ up 165 Nasdaq up 112.

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The S&P 500 fell slightly on Tuesday in choppy trading as oil prices pulled back and traders kept an eye on the Iran war.

The broad market index dropped 0.21% to end at 6,781.48. The Dow Jones Industrial Average dipped 34.29 points, or 0.07%, and closed at 47,706.51. The Nasdaq Composite inched up 0.01% to settle at 22,697.10. The Dow had lost as much as 296.57 points earlier in the day. The S&P 500 and Nasdaq were down 0.5% and 0.4%, respectively, at their lows.

Oil prices, which spiked to nearly $120 a barrel Monday at height of fear around the Iran conflict, dropped as traders believed a group of countries would tap emergency crude reserves to mitigate disruption caused by the conflict.

SPI up 24points - Commodities slightly firmer. No corporate or economic data due - US CPI tonight.

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