Morning Wrap: ASX to edge higher as US stocks rally on ceasefire hopes
ASX 200 futures are up 5 points (0.06%) as of 8:50 am AEDT.
In this article
ASX 200 futures are up 5 points (0.06%) as of 8:50 am AEDT.
In a nutshell:
US markets closed higher overnight, with the S&P 500 posting a fourth winning day, on hopes of a ceasefire in the Middle East
Asian markets had a solid Monday, with the Japanese, Indian and Korean markets rising 0.55-1.36%
Commodities were muted, but may see significant action depending on what exactly the US, Israel and Iran agree to (or not)
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 6,612 | +0.44% |
Dow Jones | 46,670 | +0.36% |
NASDAQ Comp | 21,996 | +0.54% |
Russell 2000 | 2,541 | +0.42% |
Country Indices | ||
 Canada | 33,182 | +0.22% |
 China | 3,880 | -1.00% |
 Germany | 23,168 | -0.56% |
 Hong Kong | 25,117 | -0.70% |
 India | 74,107 | +1.07% |
 Japan | 53,414 | +0.55% |
 United Kingdom | 10,436 | +0.69% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 4,661.71 | -0.33% |
 Copper | 5.6 | +0.61% |
 WTI Oil | 112.41 | +1.39% |
Currency | ||
 AUD/USD | 0.692 | +0.03% |
Cryptocurrency | ||
 Bitcoin (USD) | 69,433 | +2.57% |
 Ethereum (AUD) | 3,088 | +3.56% |
Miscellaneous | ||
US 10 Yr T-bond | 4.335 | +0.51% |
VIX | 24.17 | +1.26% |
US Sectors
Sector | % Chg |
|---|---|
| Consumer Discretionary | +0.80% |
| Energy | +0.77% |
| Consumer Staples | +0.72% |
| Financials | +0.62% |
| Communication Services | +0.59% |
| Industrials | +0.50% |
Sector | % Chg |
|---|---|
| Information Technology | +0.49% |
| Real Estate | +0.26% |
| Materials | -0.36% |
| Health Care | -0.38% |
| Utilities | -0.42% |
OVERNIGHT MARKETS
US Market Recap: Dow +0.36%, S&P 500 +0.44%, Nasdaq +0.54%, Russell 2000 +0.42%.
Market built on last week's bounce amid abundant headline noise.
Talk of Iran ceasefire from the weekend largely evolved as expected, with Iranian officials rejecting idea of a temporary ceasefire and arguing for a permanent solution before reopening Hormuz.
Dollar index was little changed.
Gold finished up 0.1%.
Silver ended down 0.1%.
Bitcoin futures were up 4.2%.
WTI crude settled up 0.8% in choppy trading.
S&P 500 SESSION CHART
S&P 500 wavered but ended higher.
IRAN
Neither Iran nor the US have yet to express full support for 45-day ceasefire proposal (CNBC)
Trump says Tuesday deadline (for Iran to make a deal is "final" (Reuters)
Netanyahu is urging Trump to not pursue a ceasefire with Iran (AFR)
Qatari LNG tankers reverse course before attempting Hormuz passage (Bloomberg)
STOCKS
OpenAI leadership divided over IPO timeline with CEO Sam Altman pushing for Q4 and CFO Sarah Friar concerned company may not be ready (The Information)
Amazon adding 3.5% fuel and logistics surcharge for third-party sellers in US and Canada (CNBC)
Paramount in talks to secure nearly $24B from Gulf funds to help finance takeover of Warner Bros. Discovery (link)
Neurocrine Biosciences near $2.5B+ acquisition of Soleno Therapeutics, the biotech behind treatment for rare genetic form of obesity (FT)
Asset management space seeing wave of consolidation to address rising costs and competition (FT)
Value of buyouts by private equity firms fell by more than a third in Q1 on software shakeout, Middle East risk (FT)
ECONOMY
Jamie Dimon flags risks to global economy including geopolitics, persistent inflation, and AI (CNBC)
Goldman Sachs warns tech workers displaced by AI likely face lengthy timeline to secure new role (Yahoo Finance)
Supply chain pressures heated up in March to levels last seen at the start of 2023 (Yahoo Finance)
Used EV sales in US surging with glut of post-pandemic inventory coming off lease and pushing down pricing (FT)
US truck rates hit highest level since 2022 amid rising inflation pressures (Bloomberg)
Industry ETFs
Name | Value | % Chg |
|---|---|---|
Commodities | ||
| Silver | 66.09 | +0.46% |
| Steel | 92.63 | +0.15% |
| Copper Miners | 76.72 | -0.18% |
| Strategic Metals | 88.44 | -0.52% |
| Uranium | 48.61 | -0.59% |
| Gold Miners | 93.82 | -0.81% |
| Lithium & Battery Tech | 73.12 | -1.42% |
Industrials | ||
| Aerospace & Defense | 225.2 | +1.48% |
| Agriculture | 27.28 | +0.44% |
| Construction | 98.82 | +0.43% |
| Global Jets | 24.99 | +0.24% |
Healthcare | ||
| Biotechnology | 168.83 | -0.35% |
Name | Value | % Chg |
|---|---|---|
Cryptocurrency | ||
| Bitcoin | 9.58 | +4.02% |
Renewables | ||
| Hydrogen | 37.4622 | +2.20% |
| CleanTech | 57.93 | +0.54% |
| Solar | 54.16 | -1.26% |
Technology | ||
| Semiconductor | 344.1 | +1.32% |
| FinTech | 23.27 | +1.31% |
| E-commerce | 27.0503 | +1.27% |
| Cybersecurity | 25.84 | +0.78% |
| Robotics & AI | 33.59 | +0.57% |
| Sports Betting/Gaming | 18.3351 | +0.41% |
| Electric Vehicles | 31.0672 | +0.38% |
| Cloud Computing | 19.76 | -0.65% |
| Video Games/eSports | 89.28 | -1.11% |
ASX TODAY
The ASX is expected to open higher based on ASX SPI 200 futures trading up 5 points (0.06%) to 8,614.
CSL (CSL) is a name to watch today. The company said it signed an exclusive licensing agreement with Eli Lilly for certain rights to develop and commercialise clazakizumab. CSL will receive an upfront payment of $100M, eligible to receive potential clinical, regulatory and commercial milestone payments, as well as royalties on global net sales.
WHAT TO WATCH TODAY
The main mover for asset prices over these next 24-48 hours will be what happens in the Middle East. Key thing to note is Trump used public appearances today to say negotiations are continuing with representatives he believes are acting in good faith.
But at the same time, emphasized his threat to begin attacking Iran's bridges and energy facilities beginning Tuesday night at 8pm Eastern (and saying strikes could be largely done by midnight). He also stressed it was highly unlikely deadline would be moved again, according to news reports.
Key Events
Stocks trading ex-dividend:
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, Myer Holdings (MYR) – $0.015
Thu 9 Apr: Bisalloy Steel Group (BIS) – $0.08, Horizon Oil (HZN) – $0.015
Other ASX corporate actions today:
Earnings: None
IPOs: None
Economic calendar:
Overnight: US Durable goods orders and speeches from Fed officials
