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Good morning,
Our team compiles this daily market report from global sources to highlight key market updates and what they mean for your investment portfolio.
Overnight Market Highlights:
Major US benchmarks closed higher finishing near their best levels and almost breaking even for the week, as tariffs for Mexico and Canada were lifted for 30 days.
Dow Jones S&P-500 Nasdaq
+ 0.30% + 0.70% + 1.40%
___________________ __________________ _________________
Australian shares open higher, following gains on Wall Street after China’s measured response to the new US tariffs.
Stock of Note:
Wellnex Life Impact Minerals Ovanti
(ASX: WNX) (ASX: IPT) (ASX: OVT)
0.064 AUD 0.010 AUD 0.019 AUD
- 5.9% - 9.1% +0.0%
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🇺🇸 US Market Overview:
- Stocks gained after the White House revealed it would give Mexico and Canada 30 days to address the issues that led President Donald Trump to announce a 25% tariff on imports from its closest neighbours.
- Yet, Trump’s 10 percent tariff on all imports from China was implemented late in the session, as promised. In response, Beijing swiftly imposed retaliatory tariffs on US goods: 15 percent on coal and liquefied natural gas, and 10 percent on oil and agricultural equipment.
- Bitcoin dropped from $US102,000 back below $US100,000, briefly falling as low as $US92,000 on Monday.
Source: AFR, Hot Copper, Market Index
🇦🇺 Australian Market Overview:
- The S&P/ASX 200 index ended the day 0.1 percent, or 5.4 points, lower at 8374 points.
- Eight of the ASX's 11 sectors closed lower, while materials/mining and tech sectors saw gains, and the healthcare sector remained flat.
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Property was the biggest loser, dropping 1.1%, with Goodman Group falling 1.2% and Stockland retreating 1.6%.
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On the other hand, tech was the top performer, rising 1.5%. Appen surged 9.7%, Technology One gained 1.9%, and Wisetech Global climbed 3.6%.
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The Australian dollar dropped 0.47% overnight and is now trading at US 62.56¢.
Source: AFR, Market Index, Morningstar
🗓️ Key Events This Week:
- Earnings: Amcor, Cettire, Centuria Industrial REIT, Dexus Industria REIT, BWP Trust (source: Market Index)
- US earnings: Disney, Ford - tonight
- US private payrolls - tonight
- US services PMI - tonight
📈 Global Commodities Update:
- Iron ore (Singapore): up 0.4% to US$105.40
- Brent crude: up 24 US cents or 0.32% to US$76.20
- Gold (spot): up US$27.91 or 0.99% to US$2,841.69
- Silver (spot): up 60 US cents or 1.9% to US$32.09
- Copper (LME): up 0.82% to US$9,174
- Nickel (LME): up 1.44% to US$15,340
- Lithium carbonate (China spot battery grade): untraded at 9,458 yuan (Lunar New Year holiday)
- Uranium (spot): up 0.36% to US$70.75
Industrial metals rose after the Mexico-Canada tariff pause and as the additional US tariff on Chinese imports fell short of President Trump’s campaign threat of 60% tariffs.
Source: Hot Copper
📬 Wellnex Life (ASX:WNX): Wellnex obtains Market Authorisation with TGA
BPC is pleased to share Wellnex Life(ASX: WNX)'s announcement of the approval of a new Market Authorisation (MA) for a liquid paracetamol plus caffeine soft gel after the successful submission with TGA of the pharmaceutical dossier.
📬 As Barclay Sees It:
This week, Jack Colreavy, CFA discusses the impact of Trump’s newly imposed tariffs on global markets, particularly currency movements. With a 25% levy on Canadian and Mexican imports (excluding energy) and a 10% tariff on Chinese goods, the move has triggered a sharp depreciation in key currencies, including the Australian dollar, which hit a four-year low. Jack examines how markets are reacting and what this means for inflation, trade and economic growth.
Source: Market Index
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