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Greetings and welcome to a speedrun version of HotCopper’s The ASX Today. I’m Jon Davidson, and spare a thought for everybody who got rugpulled after Trump’s televised speech intraday Thursday helped tank the ASX, send Brent back up, gold back down, and U.S. 10Y Bond yields back up.
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Standing here mid-arvo, we’re back to where we were two or three days ago. The ASX was back in the high 8,500pts range, down nine-tenths of a percent; the NIKKEI fell down -1.8%; the Hang Seng fell -1%, and then finally, India NIFTY futures fell by just over -2% at a quarter to two in the arvo Sydney time.
Long story short, listeners: More of the same, and here in Australia, we’re about to head into a four-day weekend thanks to the Easter holidays.
Trump wasn’t the only one to give a speech today. So did Anthony Albanese, using the Australian Press Club to basically distance Australia from Trump’s actions in Iran while not saying anything too offensive.
More importantly, Australia is unleashing $5 billion from its Net Zero Fund as this latest geopol shock makes domestic supply capacity a trending issue.
It was perhaps one little throwaway comment from Albanese I found most interesting: In talking about new relationships, which in between the lines means who can replace U.S. export demand; Albo pointed to the quote ‘emerging superpower’ India, but he referenced another country as an emerging superpower – Indonesia. Indonesia as a superpower is a fairly obscure idea, one to chew on.
Looking around the traps on Thursday, Electro Optic (ASX:EOS) climbed up as Trump basically said more war for longer; Karoon Energy (ASX:KAR) followed suite along with Strike Energy (ASX:STK) as energy bulls remain validated; Alcoa Corp (ASX:AAI) continues to climb as aluminium is also now wrapped up into the Iran War investment psychology; and Zip Co (ASX:ZIP) fell as Australian investors appear to ditch some attempts at finding defensive ratholes to stuff cash.
That’s The ASX Today for Thursday, ahead of the Easter long weekend. I’m Jon Davidson. Have a fantastic Easter holiday, don’t eat too much chocolate or drive drunk, and we’ll see you again next Tuesday.
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