The ASX 200 consolidated the move yesterday with a gain of 13 points to 7762. Easter is calling it seems. Banks were the key with the Big Bank Basket up to $250.19 (%). CBA up 0.5% and MQG gaining 0.8% too. Other financials were a little soggy, GQG down 1.9% with HUB falling 2.9% despite good FUA numbers. PNI dropped 5.0%. REITs eased back too, GMG down 1.2% and SCG down 0.9%. Healthcare saw CSL better despite threats from Trump to put tariffs on pharma; Industrials drifted lower. WOW down 1.8% with REA off 1.8% and tech under some pressure. WTC down 2.2% with XRO falling 1.5% as the All–Tech index dropped 0.8%. Retail generally slipped with SUL off 2.9% and FLT falling 2.8%. Resources were flat in the main; EVN had a great quarterly and rose 3.9%, whilst other gold miners saw some profit-taking; BHP, RIO, and FMG showed slight gains. LYC and other rare earth stocks in demand,  as China blocks exports. Uranium and coal stocks falling away, NXG down 2.6% and NHC off 1.3%. In corporate news, BGL resumed trade down % as it raised $156m to buy back its hedge. CKF fell 7.7% on news it will close Taco Bell. PPT fell 1.4% as money left the building and AX1 up 4.7% on news of Sports Direct launch. On the economic front, The RBA minutes left the door open for a possible May rate cut. Asian markets mixed, Japan up 0.9%, HK down 0.3% and China down 0.3%. 10-year yields falling to 4.35%.

HIGHLIGHTS

• Winners: DRO, IPX, BOT, ILU, CU6, BLX, AX1
• Losers: BGL, CKF, OBM, MAF, PNI, HGH, TWE
• Positive Sectors: Banks. Rare earths. Iron ore.
• Negative Sectors: REITs. Tech. Industrials.
• ASX 200 Hi 7799 Lo 7744 Narrow range.
• Big Bank Basket: Rises to $250.19 (+0.6%)
• All-Tech Index: Down 0.8%
• Gold: Falls to $5064
• Bitcoin: Rises to US$85790
• 10-year yield falls to 4.35%.
• AUD: Eases to 63.64c
• Asian markets mixed but quiet, Japan up 0.9%, HK down 0.3% and China down 0.3%.

MARKET MOVERS

• DRO +9.7% order optimism continues.
• IPX +6.8% quarterly report.
• BOT +5.6% webinar registration.
• AX1 +4.7% strategic transaction with Frasers group.
• EVN +3.9% solid quarterly.
• LTR +2.9% small bounce.
• BGL -21.8% Capital raise and production downgrade.
• CKF –7.7% Ask not for whom the Taco bell tolls for.
• OBM -7.4% profit taking.
• JIN -3.0% buy back update.
• MAF -5.1% profit taking.
• HUM -6.7% update on CEO work arrangement.
• Speculative Stock of the Day: SUH +40.0% Large MT geophysical copper target at Llahuin, Chile.

ECONOMIC AND OTHER NEWS

• RBA Minutes – “In finalising the policy statement, members emphasised the need to be cautious and alert to the evolving economic outlook, and the importance of future decisions being guided by the incoming information and the assessment of risks.”
• “Returning inflation to target is the board’s highest priority and that it will do what is necessary to achieve that outcome.”
• Eli Lilly says it could pull tens of millions of dollars invested in Australian clinical trials unless the federal government dramatically cuts the time it takes to put new drugs onto the Pharmaceutical Benefits Scheme.
• UBS added to a series of growth downgrades for China with the most pessimistic forecast among major banks, predicting the economy will expand just 3.4% this year as US tariffs choke exports.
• The Trump administration on Monday night said it was freezing $2.2bn in grants to Harvard University over concerns about antisemitism on campus.
• The trading volume of 0DTE (zero-day options)options tied to the S&P 500 surged to 8.5m in April, a 23% jump since the beginning of the year and accounting for roughly 7% of the total volume in U.S. option markets. This is fuelling volatility.
• South Korea announces over US$23bn for chip sector as Trump tariffs on semiconductor imports loom. As part of the measures, the government will subsidize the construction of underground power transmission lines to semiconductor clusters.
• BlackRock has reinstated its “overweight” rating to US equities due to President Donald Trump pausing country-specific reciprocal tariffs.

And finally….

Clarence

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