Morning Wrap: ASX futures up slightly, US markets flat as Trump deadline approaches

ASX 200 futures are up 13 pts (+0.14%) as of 8:30 am AEDT.

In a nutshell:

• US markets were in a holding pattern overnight, awaiting news at Trump's deadline (10 am, AEST)

• All of the Dow, S&P 500 and Nasdaq closed less than 0.2% from their opening

• Pakistan’s Prime Minister asked Trump to postpone for two weeks the deadline to attack Iran’s power plants and bridges.

• Pakistan also requested Iran to open the Strait of Hormuz for two weeks “as a goodwill gesture.”

Let's dive in.

Overnight Summary

Wed 08 Apr 26, 8:23am (AEST)

Name	Value	% Chg
Major Indices
S&P 500	6,617	+0.08%
Dow Jones	46,584	-0.18%
NASDAQ Comp	22,018	+0.10%
Russell 2000	2,545	+0.17%
Country Indices
Canada	33,238	+0.17%
China	3,890	+0.26%
Germany	22,922	-1.06%
Hong Kong	25,117	-0.70%
India	74,617	+0.69%
Japan	53,430	+0.03%
United Kingdom	10,349	-0.84%

Name	Value	% Chg
Commodities (USD)
Gold	4,730.32	+1.70%
Copper	5.62	+0.61%
WTI Oil	110.34	-3.89%
Currency
AUD/USD	0.6994	+0.25%
Cryptocurrency
Bitcoin (USD)	70,076	+0.93%
Ethereum (AUD)	3,080	+0.77%
Miscellaneous
US 10 Yr T-bond	4.343	+0.18%
VIX	25.78	+6.66%

S&P 500 SESSION CHART

S&P 500 closed near session high but it was a convictionless session

OVERNIGHT MARKETS

• Major US benchmarks closed mixed overnight - the Dow lost 0.2%, while the S&P and Nasdaq added 0.1%

• President Trump escalated his warnings toward Iran overnight, cautioning that “an entire civilisation could be wiped out tonight” if an agreement is not reached

• If the deadline (10 am today, AEST) arrives without a deal, Trump warned there would be a four-hour destructive blitz on civilian infrastructure, including power plants and bridges.

• In Iran, civilians have started to form human chains at bridges and power plants in protest of potential US and Israeli attacks.

• Traders remained hopeful that a proposal brokered by Pakistan may result in an eleventh-hour deal between the US and Iran

• The White House says it will address Pakistan’s request, with press secretary Karoline Leavitt confirming a response will be forthcoming

ENERGY

• Report says there have been no disruption of oil activities on Kharg Island following latest strikes (MEE)

• Some European, Asian refiners paying near $150/barrel for physical oil in some grades (Reuters)

• OPEC's crude oil production plunged by the most in at least four decades in March (Bloomberg)

• Over 9M bpd of oil production from key Middle Eastern countries are expected to be shut in April (Yahoo)

• Russia's Norsi Oil refinery has suspended oil processing since April 5th, according to source (Reuters)

• Iranian official says country will also close the Bab el-Mandeb waterway if necessary (UNI)

• China vetoes Bahraini UN resolution on protecting shipping through Hormuz (US News)

IRAN

• US strikes more military targets on Kharg Island, avoids energy assets (CNN)

• Iran cuts off all diplomatic comms with US after Trump threatens to destroy "entire civilization" (Firstpost)

• US-Iran mediation efforts via Pakistan still intact according to inside sources (Reuters)

• Iranian hackers launching disruptive attacks at U.S. energy, water targets, feds warn (Cyberscoop)

• Trump had initially believed war with Iran would be quick, similar to Venezuela (NYT)

STOCKS

• Delta hikes bag check fee by up to $50 as jet fuel prices jump (CBS)

• Apple's first foldable iPhone remains on track for September launch despite recent manufacturing concerns (Bloomberg)

• Anthropic debuts preview of powerful new AI model Mythos in new cybersecurity initiative (TechCrunch)

• Bayer CEO says no need to adjust 2026 guidance for tariffs, forecasts US will honor its deal with the EU (Reuters)

• Sony to announce job cuts across film, TV, and corporate as it restructures business (Bloomberg)

CENTRAL BANKS

• NY Fed's Williams says war with Iran and energy shock will drive up inflation (Reuters)

• Chicago Fed's Goolsbee says inflation impacts from the war putting Fed in an uncomfortable position (Reuters)

ECONOMY

• US households see their finances deteriorating amid rising gas prices (Yahoo Finance)

• Supply chain survey shows extreme capacity tightening and rate growth across the freight market (Yahoo Finance)

• US freight rail market had its best month of March since 2019 last month (Freightwaves)

WHAT TO WATCH TODAY

• Just like overnight, markets will be holding their collective breath today, awaiting outcomes from the negotiations between the US and Iran. If a ceasefire can be brokered and the Straight of Hormuz opened, one would expect markets to rally. If there is no deal and Trump follows through on his threats, it could get very ugly, very quickly - particularly given the rally we saw yesterday.

BROKER MOVES

• Domino’s Pizza Enterprises upgraded to Neutral from Sell; target raised to $17.50 from $17.45 (Citi)

• Lovisa Holdings upgraded to Buy from Neutral; target cut to $26 from $29 (UBS)

• Regis Resources assumed at Neutral; target is $7.00 (JPMorgan)

• Guzman y Gomez upgraded to Overweight from Neutral; target raised to $22.50 from $21.00 (JPMorgan)

Stocks trading ex-dividend: 

• Wed 8 Apr: Clime Capital (CAM) – $0.014, Rivco Australia (RIV) – $0.037

• Thu 9 Apr: Bisalloy Steel Group (BIS) – $0.08, Horizon Oil (HZN) – $0.015

• Mon 13 Apr: Wam Global (WGB) – $0.066

• Tue 14 Apr: Wam Alternative Assets (WMA) – $0.03

• Wed 15 Apr: Cadence Capital (CDM) – $0.03, Cadence Opportunities Fund (CDO) – $0.075, Wam Leaders (WLE) – $0.048

Other ASX corporate actions today:       

• Dividends paid: IRESS (IRE), News Corp (NWS), NIB Holdings (NHF), Regis Resources (RRL), Vault Minerals (VAU)

• Earnings: None

• IPOs: None

Economic calendar (AEDT):

• 11:30 am: Australia Consumer Confidence

• 12:30 pm: Australia Business Confidence

• 5:00 am: FOMC Minutes