ASX 200 to fall, Nasdaq soars, Dow remains under pressure + Gold at all-time highs
Get up to date on overnight market activity and the big events for the day.
ASX 200 futures are trading 29 points lower, down -0.37% as of 8:30 am AEST.
S&P 500 SESSION CHART
MARKETS
- S&P 500 recovers from early weakness (-0.42%) to finish higher and near best levels
- Nasdaq is now up 0.8% since yesterday's inflation report
- Dow down 3.4% this month, marked lowest close since 15-Feb
- Tech stocks lifted the market higher, led by Apple (+4.2%) and Nvidia (+4.1%)
- Gold prices soared to another fresh all-time high of US$2,374
- Markets now pricing in two Fed rate cuts in 2024 following hotter CPI (Bloomberg)
- Soft-landing hopes in danger as traders hedge for hotter inflation (Bloomberg)
- Emerging market currencies post largest slump in three weeks after US CPI (Bloomberg)
- Inflows into active US ETFs surge past previous records (FT)
- Copper price rises to 15-month high on optimism of China manufacturing rebound (Nikkei)
ASX TODAY
- ASX 200 to fall (unfortunately we don't have any megacap tech stocks to lift the index)
- Tech stocks have a strong lead in from Wall Street while bank stocks could ease
- Gold miners set to have a strong session after prices for the underlying commodity continued to push higher, Gold Miners ETF rallied 2.29% overnight
- Austal suitor Hanwha launches coast-to-coast charm offensive (AFR)
- Incitec Pivot’s drawn-out fertiliser sale rounds the finish line (AFR)
- KKR in pole position to acquire Perpetual’s Corporate Trust and Wealth Unit (The Australian)
INTERNATIONAL STOCKS
- Microsoft to reveal new AI tools for use on PCs and in cloud at annual Build conference in May (CNBC)
- Apple's entire Mac line up being overhauled with a new line of in house M4 chips focused on AI (Bloomberg)
- Nike looking to Olympic Games in Paris this summer to put focus back on its performance products (Reuters)
- Ford slashing prices on some F-150 Lightning variants (YahooFinance)
CENTRAL BANKS
- Cooler PPI report puts July cut back into play (Reuters)
- Highest supercore inflation in 11 months complicating Fed's rate cut path (CNBC)
- Fed Williams says he sees no need to change policy in the very near term (Bloomberg)
- Fed’s Barkin says the Fed is not yet where it wants to be on inflation and the latest data does not increase confidence that disinflation is taking hold (Reuters)
- ECB holds but signals it could cut in June, though some members argued for cuts this month (FT)
GEOPOLITICS
- Major Russian air strikes destroy Kyiv power plant (Reuters)
- Biden pledges closer ties with Japan and the Philippines to counter China's increasing influence in the Pacific (Axios)
- South Korea President Yoon's party suffers heavy defeat in parliamentary elections, offers to resign (Reuters)
ECONOMY
- US producer prices rose 0.2% month-on-month in March, less than expected (Bloomberg)
- China inflation falls by more than expected as industrial prices slump (Bloomberg)
KEY EVENTS
Companies trading ex-dividend:
- Fri 12 April: Kogan (KGN) – $0.075
- Mon 15 April: WAM Active (WAA) – $0.03, Cadence Capital (CDM) – $0.03, SDI (SDI) – $0.015, New Hope (NHC) – $0.17
- Tue 16 April: WAM Global (WGB) – $0.06
- Wed 17 April: Washington H Soul Pattinson (SOL) – $0.40
- Thu 18 April: The Reject Shop (TRS) – $0.10, WAM Capital (WAM) – $0.077, Horizon Oil (HZN) – $0.015
Other ASX corporate actions today:
- Dividends paid: Embelton (EMB) – $0.15, Cash Converters (CCV) – $0.01, Enero Group (EGG) – $0.03, Super Retail Group (SUL) – $0.32, COG Financial Services (COG) – $0.04, Southern Cross Media (SXL) – $0.01, Vita Life Sciences (VLS) – $0.06, SRG Global (SRG) – $0.02, Seven Group (SVW) – $0.23, Westgold (WGX) – $0.01, Perenti (PRN) – $0.02, Peet (PPC) – $0.015, QBE Insurance (QBE) – $0.48, IVE Group (IGL) – $0.095, Wiseway Group (WWG) – $).002, TPG Telecom (TPG) – $0.09
- Listing: Far Northern Resources (FNR) – 11:00 am
Economic calendar (AEST):
- 2:00 pm: China Balance of Trade (Mar)
- 5:00 pm: UK GDP (Feb)
- 1:00 am: US Consumer Sentiment (Apr)
This Morning Wrap was written by Kerry Sun.
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Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.
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Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.
Expertise
Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.
Expertise
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