ASX 200 futures are up 38 points, or +0.49%, as of 8:20am AEST.
Major US benchmarks spent the day drifting along until news broke late yesterday afternoon that Paramount CEO Bob Bakish would be stepping down. Markets dropped like a stone then more than recovered their losses.
Now, all attention turns to the earnings of two huge names - Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL). Meanwhile, the Federal Reserve's latest two-day meeting starts tomorrow with no change expected.
Let's dive in.
Tue 30 Apr 24, 8:20am (AEST)
Tue 30 Apr 24, 8:21am (AEST)
US stocks close higher as investors eye tech earnings, Fed meeting
Dow climbs more than 100 points, Tesla’s 15% pop pushes Nasdaq to close higher
Corporate bonds signal ‘clear skies’ for U.S. economy as stocks extend rally
Gold rises on softer dollar
European markets close higher as traders look ahead to Fed meeting; Philips up 29%
Yen jumps against dollar on possible intervention
Paramount expected to announce CEO departure amid deal talks
Trump Media shares closed more than 12% higher
Musk leaves China meeting clearing two hurdles for Tesla's driver assisted feature – stock jumps 15%
Baidu and Tesla reach deal on mapping for FSD in China
Boeing taps debt market to raise $10 billion
BHP's adviser on its $39B Anglo American bid said to be seeking views from some of its shareholders
Amazon earnings are out tomorrow morning (Sydney time), with AWS results firmly in focus after Alphabet and Microsoft reported stronger cloud results than expected last week.
However, the Street will also be looking at whether AWS is giving up market share as AI offerings seen trailing market leaders GCP and Azure.
Apple reports on Friday morning (Sydney time). Some analysts are noting the low bar given recent Street cuts to iPhone estimates for 2H on weaker demand, China overhangs.
However, Apple is also a potential beneficiary of AI tailwind with recent updates around hardware/processors that will bring more AI features to Apple devices.
No Fed rate cuts until 2025, Macquarie says
Higher neutral rate suggests Fed policy normalization won't drive yields back to ultralow levels
Yen's sharp rebound from 34-year lows triggers speculation that government had intervened
European debt on the rise again as politics eats away at budget resolve across major economies
China industrial profits fall in March and slowed gains for the quarter, raising doubts about economic recovery
Spanish inflation accelerates for second month following government scrapping of energy aid
German consumers driving pick-up in economic growth, with service sectors blossoming
PBOC advises some regional lenders to curtail their ultra-long bond investments to mitigate risks
China keeps up overcapacity in car production as officials try to boost economic growth, preserve jobs, expand footprint in EV market
Japanese PM's LDP loses three Diet seats to main opposition party in Sunday by-elections
UK PM Sunak refuses to rule out July election amid record low poll rating; rebels plot to remove him
Tue 30 Apr 24, 8:21am (AEST)
ASX 200 set for to extend yesterday's gains, albeit not by much
As BHP (ASX: BHP) considers whether to improve its takeover proposal for Anglo American, it along with fellow mining giant Vale are offering billions to finally settle the Samarco dam disaster once and for all (AFR)
Keep an eye on Worley (ASX: WOR) shares - after its largest shareholder, Dubai-based infrastructure group Sidara (née Dar Group), sold $1.4 billion worth of shares (First reported by AFR)
Engineering firm Tasmea lists on the ASX.
In focus for today's market are March retail trade data as well as third quarter updates from Coles (ASX: COL), Origin Energy (ASX: ORG), and Ampol (ASX: ALD).
Companies trading ex-dividend:
Tue 30 April: None
Wed 1 May: DRA Global (DRA) – $0.11
Thu 2 May: WAM Strategic Value (WAR) – $0.022, Waterco (WAT) – $0.07, Acorn Capital (ACQ) – $0.028, Bank of Queensland (BOQ) – $0.17
Fri 3 May: None
Economic calendar (AEST):
9:50am: JPY - Prelim Industrial Production, Retail Sales
11:00am: NZD - ANZ Business Confidence
11:30am: AUD - Retail Sales, Private Sector Credit, CNY - Manufacturing PMI, Non-Manufacturing PMI
11:45am: CNY - Caixin Manufacturing PMI
4:00pm: EUR - German Import Prices, German Retail Sales, German Unemployment Change, German Prelim GDP
6:30pm: GBP - M4 Money Supply m/m, Mortgage Approvals, Net Lending to Individuals m/m
7:00pm: EUR - Core CPI Flash Estimate, CPI Flash Estimate, Prelim Flash GDP
11:00pm: USD - S&P/CS Composite-20 HPI, HPI, Chicago PMI, CB Consumer Confidence
Note: Thanks for reading today's edition of The Morning Wrap. For the next four weeks, the Wrap will be written by Livewire's Hans Lee and Chris Conway while Kerry takes some very well earned time off.
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