Good Evening,

Welcome to Equity Espresso’s Daily Market Recap - Markets sleepwalked lower as many traders seem to have started their Easter chocolate hunt early. CBA extended its winning streak while China finds creative ways to retaliate. Let’s jump in.

Local Market

Another fairly timid day on the markets as some investors appear to be on their Easter break early. We looked set to notch a third straight day of gains before an afternoon slumber saw the S&P/ASX200 index fall 2.8 pts. (-0.04%) to close at 7,758 90. The trade tariff squabbles between the U.S. and China continue, we recap the overnight events at the bottom of this section.

Banks continued their recent resurgence, with Financials (+0.97%) again the day’s best performer thanks to rises from Westpac (+1.50%) and ANZ (+1.09%). Meanwhile, CBA (+0.81%) finished higher for the 7th straight session to close at $159.32

On the other side of the ledger, Energy (-2.64%) was the day’s worst performer after the International Energy Agency (IEA) lowered its 2025 global oil demand growth figures by ~30% to an extra 730,000 barrels per day. The IEA predicts a further slowdown in demand growth to 690,000 bpd in 2026 due to a weaker economic outlook. The losses were widespread in the sector, with Whitehaven Coal (-7.37%) and Ampol (-3.05%) seeing some of the sharpest falls.

Gold continues to break new records, rising again today to trade just below US$3,300. Genesis Minerals (+8.40%) rose after reporting quarterly earnings, while Evolution Mining (+1.34%) also gained despite being downgraded to Neutral a neutral rating by Macquarie and Bell Potter. Both brokers believe there is minimal upside to the current Evolution share price. Check out our Broker Section later in the newsletter with all the broker movers and commentary.

Quarterly reports continue to come in thick and fast; Zip Co. (+16.22%) was one of the day’s top performers after it upgraded its cash EBTDA guidance to $153 million for the full year (from $147 million). Select Harvests (-14.97%) was one of the day’s poor performers, falling after it downgraded its 2025 crop estimates.

Tariff Trade Update

• China instructed its airlines to halt Boeing jet deliveries and other U.S. aircraft equipment purchases.

• Nvidia shares fell more than 6% in after-hours trading after disclosing that it faces new U.S. export restrictions requiring licenses for its H20 chips to China due to supercomputer concerns. The company expects to record up to $5.5 billion in charges for inventory and purchase commitments this quarter.

• Hong Kong Post will suspend air mail service to the U.S. for items containing goods starting April 27.

• China has been fighting back through TikTok. Several viral videos expose how high-end brands manufacture their products in Chinese factories and then apply excessive markups when selling to consumers. ⬇️ 

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.