Morning Wrap: ASX set to extend gains after US markets closed higher again overnight
ASX 200 futures are up 19 pts (+0.21%) as of 8:30 am AEDT.
In this article
ASX 200 futures are up 19 pts (+0.21%) as of 8:30 am AEDT.
In a nutshell:
US markets close higher to start April as traders bet the Middle East conflict will soon end
Markets will eagerly await a speech by Trump at 12 pm AEDT.
The federal government is expected to announce restrictions on fuel use for motorists and non-essential industries soon after Easter
SpaceX has filed confidentially for an initial public offering, according to people familiar with the matter
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 6,575 | +0.72% |
Dow Jones | 46,566 | +0.48% |
NASDAQ Comp | 21,841 | +1.16% |
Russell 2000 | 2,512 | +0.64% |
Country Indices | ||
 Canada | 32,958 | +0.58% |
 China | 3,949 | +1.46% |
 Germany | 23,299 | +2.73% |
 Hong Kong | 25,294 | +2.04% |
 India | 73,134 | +1.65% |
 Japan | 53,740 | +5.24% |
 United Kingdom | 10,365 | +1.85% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 4,758.0 | +1.79% |
 Copper | 5.59 | +0.07% |
 WTI Oil | 98.83 | -2.51% |
Currency | ||
 AUD/USD | 0.6928 | +0.41% |
Cryptocurrency | ||
 Bitcoin (USD) | 68,206 | +0.23% |
 Ethereum (AUD) | 3,097 | +2.04% |
Miscellaneous | ||
US 10 Yr T-bond | 4.319 | +0.19% |
VIX | 24.54 | -2.81% |
US Sectors
Sector | % Chg |
|---|---|
| Communication Services | +1.65% |
| Industrials | +1.65% |
| Materials | +1.16% |
| Information Technology | +1.14% |
| Consumer Discretionary | +0.92% |
| Health Care | +0.80% |
Sector | % Chg |
|---|---|
| Utilities | +0.45% |
| Real Estate | +0.37% |
| Financials | -0.00% |
| Consumer Staples | -0.57% |
| Energy | -3.89% |
S&P 500 SESSION CHART
S&P 500 rallied off early low but faded, only to rally again in a wobbly session
OVERNIGHT MARKETS
Major US benchmarks all stronger overnight, with the Nasdaq the strongest, up 1.2%
Momentum, high-beta names, and retail-investor favourites fared well. Big tech was mostly higher.
Treasuries were weaker with a bit of curve flattening; yields were up 1-3 bp.
Dollar index was down 0.3%, but ended off worst levels.
Gold up 1.8%. Silver up 1.5%. Bitcoin futures up 0.4%. WTI crude settled down 2.5%.
ENERGY
US Gulf Coast tanker market tightens as Asia seeks to replace lost supply from Middle East (Yahoo Finance)
IEA, IMF, and World Bank to coordinate efforts to contain energy and economic fallout of Iran war (Bloomberg)
IRAN
U.S. and Iran reportedly discussing ceasefire tied to Iran reopening the Strait of Hormuz; Iran says "false and baseless" (Axios)
Trump says he will consider Iran ceasefire only when Strait of Hormuz opens (Yahoo Finance)
Trump says may exit Iran war soon, threatens to quit NATO due to lack of help (Reuters)
Iranian official says Iranian president will release "important letter" to the American people shortly (link)
Trump threatened to stop supplying weapons to Ukraine to pressure European powers to help with Hormuz (FT)
VP Vance communicated with intermediaries from Pakistan about Iran war Tuesday (Reuters)
STOCKS
SpaceX has reportedly filed confidentially for an IPO, could seek a valuation of more than $1.75T (TechCrunch)
FDA approves Eli Lilly's GLP-1 once-daily pill Foundayo (CNBC)
Amazon's cloud business in Bahrain damaged in Iran strike (Reuters)
Visa launches new AI tools to manage the charge dispute process (CNBC)
Boeing rallies after Pentagon looks to triple production of PAC-3 Patriot missile seekers (Bloomberg)
Intel agrees to pay $14.2B to buy back half of a plant in Ireland it previously sold to Apollo (Bloomberg)
ECONOMY
Latest retail sales and employment data point to underlying strength in consumer demand (Axios)
March rents down 1.7% on an annual basis, larger than record set in early months of pandemic (CNBC)
U.S. business inventories unexpectedly fell in January amid large decline in stocks at wholesalers (Yahoo Finance)
Industry ETFs
Name | Value | % Chg |
|---|---|---|
Commodities | ||
| Gold Miners | 96.01 | +4.62% |
| Copper Miners | 78.15 | +2.36% |
| Uranium | 49.26 | +1.71% |
| Steel | 93.22 | +1.54% |
| Strategic Metals | 88.53 | +0.60% |
| Lithium & Battery Tech | 74.44 | +0.12% |
| Silver | 68.14 | 0.00% |
Industrials | ||
| Global Jets | 25.27 | +2.60% |
| Aerospace & Defense | 223.64 | +2.24% |
| Construction | 99.52 | +2.00% |
| Agriculture | 27.1 | -0.81% |
Healthcare | ||
| Biotechnology | 170.13 | +0.76% |
Name | Value | % Chg |
|---|---|---|
Cryptocurrency | ||
| Bitcoin | 9.36 | +0.60% |
Renewables | ||
| Solar | 56.27 | +1.01% |
| CleanTech | 58.0431 | +0.77% |
| Hydrogen | 36.4719 | +0.45% |
Technology | ||
| Semiconductor | 338.54 | +3.01% |
| Robotics & AI | 33.9 | +2.05% |
| Sports Betting/Gaming | 18.1708 | +1.71% |
| Electric Vehicles | 30.91 | +1.28% |
| Cloud Computing | 19.74 | +1.23% |
| Cybersecurity | 25.34 | +0.92% |
| Video Games/eSports | 90.9401 | +0.35% |
| E-commerce | 26.7111 | -0.18% |
| FinTech | 22.895 | -0.89% |
ASX TODAY
Synlait Milk (SM1) has finalised the NZ$307 million (A$255 million) divestment of its North Island manufacturing and logistics operations to global healthcare group Abbott.
WHAT TO WATCH TODAY
Today could be a lacklustre session, punctuated by low volumes ahead of the long weekend. Trump's update at midday will make for interesting watching, but unless there are some definitive announcements, it will likely be more of the same. Trump is expected to detail his view on what’s happening with the US-Israeli war against Iran.
Key Events
Stocks trading ex-dividend:
Thu 2 Apr: None
Tue 7 Apr: Shine Justice (SHJ) – $0.015, Southern Cross Electrical Engineering (SXE) – $0.025
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
Other ASX corporate actions today:
Dividends paid: AMP (AMP), Ampol (ALD), Auckland International Airport (AIA), AUB Group (AUB), Bega Cheese (BGA), Big River Industries (BRI), Downer EDI (DOW), Evolution Mining (EVN), Inghams Group (ING), Integral Diagnostics (IDX), IVE Group (IGL), Jupiter Mines (JMS), Lycopodium (LYL), Orora (ORA), Perseus Mining (PRU), Propel Funeral Partners (PFP), Reliance Worldwide Corp (RWC), South32 (S32), Super Retail Group (SUL), Supply Network (SNL), Symal Group (SYL), The a2 Milk Co (A2M), TPG Telecom (TPG), Woolworths Group (WOW), Worley (WOR)
Earnings: None
IPOs: None
Economic calendar (AEDT):
12:30 pm: Australia Balance of Trade
