US equities rose as investors looked ahead to tariff announcements due at 9am NZT. European markets slipped, dragged lower by weakness in healthcare stocks. In Australasia, equities were flat as tariff concerns lingered.
US equities posted solid gains, with the DOW up +0.6%, the S&P 500 +0.7%, and the NASDAQ +1.1%. Investors await tariff announcements at 9am NZT (4pm EST, after the NYSE close), with quiet anticipation despite recent concerns over trade, inflation, and growth. Details remain unclear, but reports suggest Trump is considering a 20% universal tariff, or a tiered system with three bands—10%, 15%, and 20%—varying by country and industry. Meanwhile, US private payrolls rose in March and orders for US-made goods jumped in February, as businesses prepared for tariff impacts. Tesla climbed +4.9% following reports that Trump told Cabinet members his ally, Elon Musk, will soon step back from a government role. That reversed an earlier -6.4% drop in Tesla’s share price after a -13% fall in first-quarter deliveries. In bond markets, the US two-year Treasury yield rose +7 bps to 3.93%, while the 10-year gained +6 bps to 4.22%.
European markets fell, with London’s FTSE 100 down -0.3% and the STOXX 600 shedding -0.5%, hovering near two-month lows. While some investors still hope for targeted levies and trade deals, fears over reciprocal tariffs persist.Healthcare stocks were among the weakest performers, down -1.7% and hitting their lowest level since December. Sanofi and Novartis both dropped around -1.6%. In contrast, Svitzer surged +30.2% after A.P. Moller Holding announced a DKK9 billion (US$1.3b) cash offer for the Danish towage and service provider.
Australian equities were flat, with the ASX 200 edging up +0.1% as investors awaited US trade announcements later in the day. Losers outnumbered winners by a ratio of 5-to-4. Emerald Resources rose +1.9% as investors sought safe-haven assets. The gold miner also became debt-free after making its final payment on debt used to fund the Cambodian Okvau project, giving it stronger leverage to rising bullion prices. Kelsian jumped +4.3% after announcing plans to divest its Australian tourism assets to simplify operations and boost returns. Asian markets lacked direction, with sentiment supported by Standard Chartered’s upgraded 2025 growth forecast for China—raised to 4.8% from 4.5% on strong activity and a positive March PMI. Hong Kong’s Hang Seng was flat, while China’s Shanghai Composite and CSI 300 both slipped -0.1%. Japan’s Nikkei 225 fell -0.3%, and Korea’s Kospi declined -0.6%. In New Zealand, the NZX 50 gained +0.1%. Global markets will be watching the NZX closely, as it is the first exchange to open following Trump’s ‘Liberation Day’ announcements.
WTI Crude and Gold added +0.9% and +0.4% to US$71.84/bbl and US$3,122.93/oz, while Iron Ore slid -0.3% to US$102.21/MT.