The ASX best day in five years up 335 points to 7710 although off early opening highs. Remarkably stable after the initial surge and fall back. Waiting for more information perhaps. Resources were the big winners today, BHP up 5.4% and RIO and FMG a similar rise, shorts getting hurt in MIN up 18.1% and S32 rising 9.5% with the gold miners also very positive. In AUD terms bullion fell but NEM up 4.0% and NST rising 5.1%. Lithium stocks recovered as shorts covered positions, LTR up 15.1% and PLS rising 12.7%. BSL rallied 8.0% and even JHX up 12.0%. Oil and gas showed strength as crude rallied, WDS up 4.7% and STO gaining 4.1%. Uranium stocks were back in fashion, no fall out today, PDN up 17.4% and DYL rallying a dizzying 15.9%. Banks were firm too although off early highs, CBA up 3.6% and WBC gaining 4.9% with MQG up 5.5%. Insurers and financials were very positive, GQG up 3.4% and XYZ rising 13.3% with ZIP rallying 20.7%. QBE up 4.4% and MPL rising 3.7%. Healthcare stocks were better, CSL recovered 3.5% and PME gained 8.4%. Across the board gains in industrials, WES up 2.6% and GMG rising 6.6%. Tech in demand, WTC rallied another 8.0% with XRO up 6.2% and the All –Tech Index up 6.8%. Retailers did well, JBH up 6.6% and travel stocks in demand. In corporate news, QUB got ACCC approvals, ABB rose 4.9% after announcing plans to expand its mobile network. Nothing on the economic front locally. Deutsche pulled back its call for an emergency 50bps rate cut and in Asia, China saw more evidence of deflation and a weakening yuan. Asian market burst higher, Japan up 8.3% with HK up 2.6% and China up 1.3%. 10-year yields slid to 4.33%.

HIGHLIGHTS

  • Winners: ZIP, MIN, BOE, PDN, WA1, ADT, NWL, DYL
  • Losers: TEA, CEN, SKC.
  • Positive Sectors: Everything.
  • Negative Sectors: Nothing.
  • ASX 200 Hi 7843 Lo 7474
  • Big Bank Basket: Rises to $$246.39(+3.9%)
  • All-Tech Index: Up 6.8%
  • Gold: Eases to $5052
  • Bitcoin: Rises to US$82199
  • 10-year yield falls to 4.33%.
  • AUD: Rises to 61.92c
  • Asian markets: Japan up 9.1% with China up 1.4% HK up 3.1%
  • Dow futures down 50 Nasdaq down160

MARKET MOVERS

  • ZIP +20.7% geared to US consumer.
  • MIN +18.1% short covering rally.
  • ADT +16.8% silver price and shorts.,
  • PDN +17.4% shorts cover.
  • DGT +15.5% oversold.
  • LTR +15.1% oversold.
  • LRV +31.1% mind the gap!
  • OCC +19.5% more good news on HK regulations.
  • AAR +18.5% conference presentation.
  • TEA -2.6% held up well, now seeing sellers.
  • MI6 -11.5% secret presentation.
  • COS -6.9% ex-dividend.
  • Speculative Stock of the Day: ARI +37.5% Gather Round presentation.

ECONOMIC AND OTHER NEWS

  • Consumer prices in China slid 0.1% year on year in March, remaining in deflationary territory after having contracted 0.7% in February.
  • Chinese Producer prices saw a larger-than-expected decline, falling 2.5% year on year in March. This is the largest contraction since November 2024, and also marked the 29th straight month that producer prices have been in deflationary territory.
  • Oil extended a volatile run as investors grappled with abrupt shifts in US tariff policy. Oil price plunge puts US shale production in peril.
  • Doge’s job cuts at US traffic safety regulator hit self-drive experts.
  • EU weighs buying more US gas due to Trump tariff pressure.
  • US bike prices will rise ‘up to 50%’ as China trade war escalates.
  • Bill Ackman had this to say on X, “This was brilliantly executed by @realDonaldTrump.”“Textbook, Art of the Deal.” What deal? We have seen a deal yet!

And finally….

My grandad was a baker in the army.

He would charge in, all buns glazing.

Clarence

XXXX