ASX 200 futures are trading 63 points lower, down 0.80% as of 8:30 am AEDT.
The S&P 500 tumbled from session highs overnight amid speculation of an Iranian attack on Israel as well as higher oil prices, hawkish Fedspeak and overbought conditions. Gold snapped a seven day win streak, Woodside's shareholders were advised to vote against its climate strategy, Taiwan's earthquake is expected to cause a short-term disruption for chips and the Fed's Kashkari says the Fed might not cut rates in 2024.
Let's dive in.
Fri 05 Apr 24, 8:25am (AEDT)
Fri 05 Apr 24, 8:25am (AEDT)
S&P 500 lower, reversed an early session gain of 0.87% to finish at worst levels
S&P 500 finished the session down 2.0% from its intraday high
VIX spikes to its highest close since 2 November 2023
Gold marked its first red session after a seven-day run into record territory
WTI crude settles near US$87 a barrel amid latest Middle East headlines
Market reverted to risk-off attitude amid a possible Iran retaliation from a presumed Israeli strike in Syria, higher commodity prices and still hawkish Fedspeak
US bond yields up as strong economic data and inflation worries compel investors to doubt Fed easing path (Reuters)
Dollar strength fueling concerns at other central banks and prompting more intervention (Reuters)
Yield gap and intervention uncertainty among reasons blamed for yen weakness post-BOJ rate hike (Bloomberg)
Copper hits a 14-month high on supply disruptions as well as recovery hopes (Bloomberg)
ASX 200 set for a relatively heavy session following a risk-off overnight session
Key themes to look out for on Friday include resilience among energy stocks, underperformance of tech and growth sectors and uranium weakness (uranium ETF sold off 3.7% overnight)
APM Human Services International holder Madison Dearborn Partners (~45% stake) considering bid to privatise company (The Australian)
Bluescope dibs at South32’s Illawarra Metallurgical Coal (AFR)
Cettire admits to tax queries from Texas authorities (AFR)
Seven Group takeover bid for Boral extended to 18 April (SVW)
Woodside shareholders should vote against the re-election of chairman Richard Goyder and against its climate strategy, says advisory firm CGI Lewis (AFR)
Ampol upgraded to Overweight from Neutral; raised target to $44.0 from $37.85 (JPMorgan)
Beach Energy downgraded to Neutral from Overweight but target increased to $1.95 from $1.85 (JPMorgan)
Block downgraded to Underweight from Equal-weight; target cut to $60 from $62 (Morgan Stanley)
Cooper Energy downgraded to Neutral from Overweight but target increased to 17 cents from 16 cents (JPMorgan)
Elders upgraded to Outperform from Neutral; raised target to $10.45 from $7.12 (Macquarie)
Ora Banda Mining upgraded to Buy from Speculative Buy; raised target to 40 cents from 35 cents (Euroz Hartleys)
Google considering charging for new premium AI-based search product (FT)
Google mulls HubSpot acquisition (Reuters)
Ford to delay production of an all-electric SUVs and trucks, to focus on hybrids (CNBC)
Levi's beats and raises guidance (CNBC)
ExxonMobil update flags Q1 drag from softer LNG prices and derivatives (Reuters)
Earthquake in Taiwan may cause short-term supply disruptions for chips and display panels, but impact expected to be limited (Reuters)
Richmond Fed President Barkin says early 2024 data has been less encouraging and the Fed has time to wait before initiating any cuts (Reuters)
Fed’s Kashkari floats possibility of no rate cuts this year (Bloomberg)
Fed's Kugler expects disinflation without big rise in unemployment, still sees rate cuts this year (Bloomberg)
Bank of Mexico board members warn against rushing rate cuts (Reuters)
India’s Central Bank expected to leave policy unchanged Friday as rate cut hopes dim amid strong growth, persistent inflation (Bloomberg)
Iran officials say retaliation for Israeli strike will be limited (Times of Israel)
Biden tells Israels' Netanyahu an "immediate ceasefire" is essential (White House)
Blinken says Ukraine will eventually join NATO (Reuters)
Yellen to warn China about excess capacity global economy cannot absorb (Reuters)
Japan and Philippines discussing deploying Japanese troops to counter China's military activity in the region (FT)
NATO chief's €100bn plan for Ukraine faces obstacles (Politico)
Fri 05 Apr 24, 8:17am (AEDT)
Companies trading ex-dividend:
Fri 5 April: Gowing Bros (GOW) – $0.03
Mon 8 April: None
Tue 9 April: Brickworks (BKW) – $0.24
Wed 10 April:
Thu 11 April: Cosol (COS) – $0.01, Duxton Water (D20) – $0.036
Fri 12 April: Kogan (KGN) – $0.075
Other ASX corporate actions today:
Dividends paid: Ambertech (AMO) – $0.01, AUB Group (AUB) – $0.20, Cue Energy (CUE) – $0.02, Service Stream (SSM) – $0.02, Ramsay Healthcare (RHC) – $0.04, Joyce Corp (JYC) – $0.11, CTI Logistics (CLX) – $0.05, Monash IVF (MVF) – $0.025, Pacific Smiles (PSQ) – $0.02, Shriro (SHM) – $0.02, Wisetech (WTGC) – $0.077, Auckland International Airport (AIA) – $0.06
Listing: None
Economic calendar (AEDT):
11:30 am: Australia Balance of Trade (Feb)
11:30 pm: Canada Unemployment Rate (Mar)
11:30 pm: US Non Farm Payrolls (Mar)
11:30 pm: US Unemployment Rate (Mar)
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