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ASX Morning Update: April 29, 2025
ASX 200 futures are indicating a modest increase of 17 points (+0.21%) as the market opens.
Key Takeaways
- A relatively stable overnight session on US markets concluded with most benchmarks ending higher following initial fluctuations.
- No major developments were announced regarding tariffs or trade agreements, but expert insights suggest significant implications for various sectors.
- Northern Star’s quarterly results revealed lower production than anticipated, leading to a downgrade of its full-year guidance.
Overnight Market Summary (April 29)
As at 8:22 AM AEST, here’s how the major indices performed:
| Major Indices | Value | % Change |
|---|---|---|
| S&P 500 | 5,529 | +0.06% |
| Dow Jones | 40,228 | +0.28% |
| NASDAQ Comp | 17,366 | -0.10% |
| Russell 2000 | 1,966 | +0.41% |
Country Indices:
| Country | Value | % Change |
|---|---|---|
| Canada | 24,799 | +0.36% |
| China | 3,288 | -0.20% |
| Germany | 22,272 | +0.13% |
| Hong Kong | 21,972 | -0.04% |
| India | 80,218 | +1.27% |
| Japan | 35,840 | +0.38% |
| United Kingdom | 8,417 | +0.02% |
Commodities and Cryptocurrencies
Commodities (USD):
| Commodity | Value | % Change |
|---|---|---|
| Gold | 3,347.7 | +1.49% |
| Copper | 4.8405 | +0.01% |
| WTI Oil | 62.05 | -1.54% |
Currency:
| Currency Pair | Value | % Change |
|---|---|---|
| AUD/USD | 0.643 | +0.47% |
Cryptocurrency:
| Cryptocurrency | Value | % Change |
|---|---|---|
| Bitcoin (USD) | 94,533 | +0.40% |
| Ethereum (AUD) | 2,788 | -0.35% |
US Market Insights
- Wall Street regained early losses, closing near breakeven with solid breadth as many sectors saw gains. Key US earnings and macroeconomic data are awaited later in the week.
- Current market sentiment is notably subdued, with the AAII bull-bear spread recorded at an alarming -34%.
- Analysts expect the S&P 500 to remain range-bound until a resolution is reached on trade negotiations with China.
Stocks to Watch:
- Porsche anticipates its profit margins may drop due to US tariffs and slow EV adoption.
- IBM is set to invest $150 billion in the US over the next five years.
- Deliveroo has halted its share buyback in response to a substantial bid from US competitor DoorDash.
Central Banks and Tariff Communications
- The Bank of Japan is expected to maintain its rate at 0.5% this week amid economic uncertainty.
- Recently, US Treasury Secretary Bessent indicated that a China trade de-escalation is essential and could take time.
Economic Impact:
- China’s significant export support policies will likely counteract the economic strain from US tariffs. However, cargo shipments to the US have drastically fallen, raising concerns about inventory shortages for many companies.
ASX Scheduled Actions for Today
- Betr Entertainment acquires a 19.9% stake in PointsBet (PBH).
- Fortescue reported Q3 iron ore shipments exceeding forecasts.
- Northern Star has downgraded its full-year guidance following a disappointing quarterly performance.
What to Monitor Today
- Expect a generally quiet trading day, with potential support from the performance of sectors like Utilities, Real Estate, and Energy. Attention will be on upcoming economic indicators and earnings reports later in the week.
Broker Movements
- Amcor has been upgraded to Overweight.
- Gold Road Resources falls to Hold from Buy.
- Pantoro downgraded to Sell.
Economic Calendar
- No significant economic announcements are scheduled for today.
The markets remain vigilant as they await the impactful data and broader developments expected in the coming days.
