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Highlights
- ASX 200 futures lifted by Wall Street’s positive momentum
- Corporate earnings season in full swing across major sectors
- Global economic data and inflation prints in sharp focus
Australian equities are on track for a firmer start today, with ASX 200 futures up by 28 points or 0.34% at 8:30 am AEST. This follows an encouraging session on Wall Street, where the S&P 500 continued its strong upward run, now marking its best six-day streak since March 2022. Confidence is being underpinned by upbeat developments in global trade and corporate earnings momentum.
Investor Sentiment Boosted by Global Developments
The rebound in US markets was fueled by renewed optimism surrounding US-China trade negotiations. Speculation about tariff relief and potential deals lifted equities, despite weak economic data. Meanwhile, China offered an exemption on ethane imports from the US, easing some of the trade tension. However, mixed macro indicators emerged — the US trade deficit widened to US$162 billion in March, alongside falling job openings and declining consumer confidence.
Despite these headwinds, optimism in the market persists. The Federal Reserve’s preferred inflation gauge — the Core PCE Price Index — is expected to show slowing inflationary pressure, a key focus for monetary policy watchers. Alongside this, major earnings results from Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), and Qualcomm (NASDAQ:QCOM) are due, which could provide further direction for global markets.
Australian Focus Turns to Earnings and Economic Releases
Locally, market attention shifts to a flurry of corporate updates as the March quarter reporting season gains traction. Quarterly results are anticipated from key names including Champion Iron (ASX:CIA), Coles Group (ASX:COL), Mirvac Group (ASX:MGR), Origin Energy (ASX:ORG), and Stockland (ASX:SGP). Investors will be watching for forward guidance, margin insights, and capital management commentary.
Adding to the data-heavy day, economic indicators such as Australia’s CPI and private sector credit figures will also be released. Additionally, Bank of Queensland (ASX:BOQ) trades ex-dividend today, which may influence individual stock movements.
Global Markets Mixed Ahead of Key Data
European markets extended their rally for a sixth straight session, with notable performance in defence and banking. Rheinmetall surged 8.5% on robust defence demand, while HSBC Holdings (LSE:HSBA) rose 3% on a US$3 billion buyback announcement. Meanwhile, US stocks such as Snap Inc. (NYSE:SNAP) and Super Micro Computers (NASDAQ:SMCI) saw sharp declines in after-hours trade following earnings updates that highlighted ongoing macro uncertainty.
Commodity Prices Retreat on Trade Concerns
Commodities saw notable moves. Brent crude and US crude fell over 2%, weighed by fears of increased OPEC+ supply and tariff-related demand risks. Gold eased as trade tensions subsided, reducing safe-haven buying. Iron ore dipped marginally, reflecting caution amid global trade discussions.
With corporate earnings and critical economic data in focus, volatility may remain elevated. Nonetheless, the alignment of global market trends and domestic updates sets the tone for an active trading session ahead on the ASX.
