Markets Overview
- ASX SPI 200 futures little changed at 9,001.00
- S&P 500 up 0.6% to 6,824.66
- Dow Average up 0.6% to 48,185.80
- Aussie up 0.6% to 0.7084 per US$
- US 10-year yield fell 1.8bps to 4.2734%
- Australia 3-year bond yield rose 5 bps to 4.60%
- Australia 10-year bond yield rose 5.4 bps to 4.91%
- Gold spot up 1.0% to $4,765.57
- Brent futures up 1.7% to $96.38/bbl
Economic Events
- 11:00: (AU) Australia to Sell A$1 Billion 1% 2030 Bonds on April 10
Australia is reinforcing links with its northern neighbors to secure fuel supplies and bolster defense ties in order to compensate for a US administration that’s increasingly preoccupied with, and potentially weakened by, the war in Iran.
Oil opened higher Friday and US stock futures wavered as Israeli strikes in Lebanon and the continued closure of the Strait of Hormuz damped optimism over a ceasefire to the Iran war.
Crude gained for a second day after US President Donald Trump threatened Tehran over charging fees for vessels to use the vital waterway. The cautious turn in sentiment came after the S&P 500 Index gained for seventh day Thursday, the longest winning run since October.
Israeli Prime Minister Benjamin Netanyahu agreed to hold direct talks with Lebanon, with the focus on disarming Tehran-aligned Hezbollah. Trump has asked him for a scale-back in strikes to ensure the success of negotiations with Iran, NBC News reported.
“Not much matters for the market other than the durability of the ceasefire, shipping volume through the Strait of Hormuz and ultimately, whether a bona fide permanent deal is struck,” said Bradford Smith, a fund manager at Janus Henderson Investors.
Asian stocks futures were mixed, with contracts for Japan, Hong Kong and South Korea, all advancing while those for Australia fell.
West Texas Intermediate advanced 0.3% to above $98 a barrel, after adding 3.7% on Thursday in choppy trading, but is still down more than 10% this week after the US and Iran announced a ceasefire on Tuesday. Brent settled near $96.
In Asia, investors will be on the lookout for inflation and producer price data from China, trade data for Taiwan and an interest rate decision in South Korea.
The S&P 500 Index closed 0.6% higher Thursday, overcoming a selloff in software shares to cap its longest winning run since October. The Nasdaq 100 gained 0.7%.
Thursday’s data showed the US economy expanded at a slower pace than previously estimated in the final months of 2025. Consumer spending barely rose in February amid persistent inflation that’s set to accelerate due to the war.
“Even before the war, inflation pressures were especially acute in health care and financial services,” said Jeff Roach at LPL Financial. “We are a long way off from material improvement.”
The latest US data don’t reflect the recent surge in energy prices, but Friday’s consumer price index will capture some of that impact, noted Bret Kenwell at eToro. Economists project a 0.9% increase in CPI — the sharpest one-month advance since 2022.
A separate US report Thursday showed recurring applications for jobless benefits fell to the lowest level in almost two years, adding to evidence of stabilization in the labor market.
“We still see low numbers of those filing for unemployment benefits,” LPL Financial’s Roach said. “The labor market is holding steady amid a slowdown, which gives the Fed some time to wait and manage to their dual mandate.”
