Good Evening,

Welcome to Equity Espresso’s Daily Market Recap - Markets inched higher for a second day as investors cautiously emerge from their tariff-induced bunkers. Tariff news is waning (thankfully), but quarterly earnings and broker reports are rolling in, so there is plenty to catch up on. Lastly, welcome to the 471 new subscribers who joined this past week and thank you to the 58 subscribers who upgraded to Pro! Let’s jump in.

Local Market

Another day of gains for stocks as the Aussie market slowly emerges out of the wreckage of the start of the month, rising for a second consecutive session, with the S&P/ASX200 index rising 13.1 pts. (+0.17%) to close at 7,761.70. 

The big banks and Health Care (+1.34%) stocks led the day’s gains, with CSL (+2.56%) rising despite the overhang of pharmaceutical tariffs looming from the United States. Financials (+0.48%) gained thanks to rises from Westpac (+0.82%) and Macquarie (+0.84%).

Staples (-1.01%) continued to sell off after heavy buying last week, with Woolworths (-1.78%) and Treasury Wines (-3.38%).

Tariff Update - Overnight, President Trump said he is considering temporary exemptions on vehicle import tariffs to allow automakers time to establish U.S. manufacturing, following recent electronics exclusions. Meanwhile, he plans on implementing new tariffs on pharmaceuticals and computer chips, emphasising his goal of strengthening domestic semiconductor production while potentially easing automotive levies.

It was a busy day for company quarterly earnings. Gold miner Evolution (+4.30%) rose on the back of its March quarter update, while Hub 24 (-2.70%) and Perpetual (-1.78%) also provided FUM updates for March. Bellevue Gold (-21.8%) re-emerged from its trading halt after raising $156.6 million. Today, we covered 13 companies that were out with market-moving updates. Get all the details in our ASX Company section of the newsletter.

We’re taking a look at a couple of Fallen Angels this week. Today, we look at IDP Education and what it needs to do to rebound.

Brokers have been busy with seven different company rating changes today. Our Broker Report section provides commentary and updated price targets for Droneshield, Pilbara Minerals and more.

DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and should not be considered financial advice. It is not intended to encourage you to buy/sell assets or make economic decisions. We strongly recommend conducting your own research before making any investment.