Market Wraps

Morning Wrap: ASX 200 to rise, S&P 500 attempts to bounce, Gold soars despite rising yields

Mon 08 Apr 24, 8:34am (AEST)

ASX 200 futures are trading 38 points higher, up 0.48% as of 8:30 am AEST.

Major US benchmarks tried to bounce on Friday but finished the week lower, gold marked its best week since last October and pushed above US$2,300 for the first time, copper had another strong week and near its highest levels since mid-2022, oil continues to trade around six month highs after adding 4.5% last week, March US payrolls beat expectations while the unemployment rate remained unchanged and the ASX continues to be bombarded with M&A activity.

Let's dive in.

Overnight Summary

Mon 08 Apr 24, 8:21am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,204 +1.11%
Dow Jones 38,904 +0.80%
NASDAQ Comp 16,249 +1.24%
Russell 2000 2,063 +0.47%
Country Indices
Canada 22,264 +0.96%
China 3,069 -0.18%
Germany 18,175 -1.24%
Hong Kong 16,724 -0.01%
India 74,248 +0.03%
Japan 38,992 -1.96%
United Kingdom 7,911 -0.81%
Name Value % Chg
Commodities (USD)
Gold 2,345.3999 +1.60%
Iron Ore 99.97 +0.08%
Copper 4.236 +0.44%
WTI Oil 86.91 +0.13%
AUD/USD 0.6573 -0.23%
Bitcoin (AUD) 104,999 +0.92%
Ethereum (AUD) 5,174 +1.25%
US 10 Yr T-bond 4.378 +1.60%
VIX 16.03 -1.96%

US Sectors

Mon 08 Apr 24, 8:22am (AEST)

Communication Services +1.61%
Industrials +1.43%
Information Technology +1.38%
Energy +1.09%
Consumer Discretionary +0.94%
Materials +0.92%
Health Care +0.91%
Financials +0.90%
Real Estate +0.65%
Utilities +0.35%
Consumer Staples +0.22%


S&P 500 intraday
S&P 500 higher, finished near best levels (Source: TradingView)


  • S&P 500 higher in Friday trading, led by tech and energy stocks

  • Major US benchmarks lower for the week: Russell 2000 (-2.87%), Dow (-2.27%), S&P 500 (-0.95%) and Nasdaq (-0.80%)

  • Bond yields snapped a three-day losing streak on Friday after better-than-expected nonfarm payrolls data, the US 10-year closed at the highest level since Nov-23 

  • Gold logged another record close and finished the week up 4.8%, marking its best week since October and pushing through US$2,300

  • Copper prices finished near breakeven, up from session lows of -1.9% and logged a weekly gain of 5.7% to near two-year highs

  • US CPI out on Thursday, consensus is looking for a 0.3% month-on-month increase in both headline and core inflation – which would push core CPI down 0.1 percentage points to 3.7% year-on-year

  • S&P 500 earnings expected to increase for third straight quarter in Q1; big tech concentration, cracks in consumer resilience key areas of focus (MSN)

  • Strong margins from big tech expected to be big driver of Q1 earnings growth (Bloomberg)

  • Money market assets hit new all-time peak as weekly inflows rise to highest in three months (Bloomberg)

  • Yen volatility dictated by US data (Bloomberg)

  • After plunging to multi-year lows in Q1, demand for equity market protection picking up (Bloomberg)

  • Oil prices up for second week on tensions in Europe and Middle East, limited supply, and strong global demand (Reuters)


  • Ansell prepares $400m equity raise for M&A (AFR)

  • APM Human Services largest shareholder Madison Dearborn submits revised non-binding indicative offer (AFR

  • Macquarie pulls out of UK’s Heathrow Airport bid (The Telegraph)

  • Macquarie, Westpac and Bendigo Bank potential buyers of Judo (The Australian)

  • Netwealth Chairman Tim Antonie discloses sale of 45,000 shares, beneficially owns 55,000 shares following the transaction (NWL

  • Perseus Mining declares offer from OreCorp unconditional (PRU)

  • Perpetual turns into two-horse race as bidders team up (AFR)

  • Qoria expected to receive takeover proposal from K1 on Monday (AFR)


  • Boss Energy initiated Equal-weight with $4.60 target (JPMorgan)

  • Capricorn Metals downgraded to Underperform from Neutral; target remains $4.80 (Macquarie)

  • Endeavour Group initiated Neutral with $5.94 target (Citi) 

  • Orica reinstated Overweight with $19.0 target (JPMorgan)

  • Paladin Energy initiated Overweight with $1.75 target (Morgan Stanley)


  • Samsung Electronics expects tenfold increase in Q1 profit on chip demand (Bloomberg)

  • Apple lays off over 600 California employees after shutting car project (CNBC)

  • Nvidia plans US$200m AI centre in Indonesia and targeting broader expansion across South-East Asia (CNBC)

  • Musk says Tesla will reveal robotaxi product on 8 August (CNBC)


  • BOJ Governor Ueda signals chance of another rate hike (Bloomberg)

  • Central banks ramping up use of Fed's foreign reverse repo facility amid FX intervention warnings (Bloomberg)

  • Economists eyeing RBNZ rate cuts in third or fourth quarter of 2024 (Reuters)

  • Pressure on yuan may complicate PBOC easing plans (SCMP)


  • Israel announces new measures to allow more aid into Gaza, including opening Erez border crossing (Washington Post)

  • Biden says further support for Israel contingent on lowering civilian toll and potential ceasefire (FT)

  • Yellen says US-China relations more stable and China reportedly willing to have further discussions on excess industrial capacity and government support (Reuters)


  • US March non-farm payrolls of 303,000 ahead of consensus 205,000 while unemployment rate was in-line and unchanged at 3.8% (Reuters)

  • German industrial orders continue to decline (Reuters)

  • UK economy shows signs of a strong rebound in all major sectors for the first time in nearly two years (Bloomberg)

  • UK retail sales have been declining for 6 straight months (London Times)

  • Japan household spending contracts further as inflation weighs (Bloomberg)

Industry ETFs

Mon 08 Apr 24, 8:21am (AEST)

Name Value % Chg
Gold Miners 33.84 +3.23%
Silver 25.03 +2.20%
Uranium 30.54 +1.09%
Steel 72.07 +0.17%
Copper Miners 44.64 +0.16%
Strategic Metals 52.22 -0.61%
Lithium & Battery Tech 44.97 -0.64%
Construction 73.72 +1.74%
Agriculture 25.08 +1.13%
Aerospace & Defense 131.35 +0.91%
Global Jets 20.12 +0.75%
Cannabis 5.15 +0.78%
Biotechnology 132.51 +0.67%
Name Value % Chg
Bitcoin 29.51 -1.73%
CleanTech 9.24 -0.86%
Hydrogen 5.67 -0.87%
Solar 43.13 -1.35%
Sports Betting/Gaming 17.8708 +1.42%
Semiconductor 221.63 +1.19%
Cybersecurity 29.38 +1.10%
E-commerce 23.53 +1.07%
Video Games/eSports 61.34 +0.81%
Electric Vehicles 24.26 +0.58%
Cloud Computing 21.35 +0.52%
FinTech 26.64 +0.49%
Robotics & AI 30.7 +0.43%

Sectors to Watch: Gold

The ASX 200 is set to open higher following a solid bounce for overnight markets. However, the bond yields (e.g. US 10-year yield at 4.40%, highest since late Nov-23) are starting to push towards uncomfortable levels – this will eventually matter for risk assets.

M&A: Can we just take a momentum to appreciate how it's Monday morning and there's already heaps of M&A headlines/speculation (e.g. Ansell's $400m cap raise for acquisitions, APM Human Services and Perpetual bids continue, major banks eye Judo Capital and US private equity firm K1 builds a stake in Qoria)

Gold kicks on: Gold up 1.77% last Friday and managed to finish at best levels (and up from session lows of -0.92%). This drew a strong response for the VanEck Gold Miners ETF, up 3.2% to levels not seen since May 2023. A lot of local gold names reversed early losses last Friday (e.g. Evolution up 2.36% from session lows of -1.05% and Northern Star up 0.5% from session low of -1.8%). Let's see if they can start the week on a strong note.

Key Events

Companies trading ex-dividend: 

  • 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: Perpetual (PPT) – $0.65, Fleetwood (FWD) – $0.025, Austin Engineering (ANG) – $0.004, Cleanaway Management (CWY) – $0.02, Atlas Arteria (ALX) – $0.20, Endeavour Group (EDV) – $0.14 

  • Listing: None

Economic calendar (AEST):

  • 12:30 pm: Australia Home Loans (Feb)

  • 5:00 pm: Germany Balance of Trade (Feb)

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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