Good Evening,

Welcome to Equity Espresso’s Daily Market Recap. I haven’t seen this many flip-flops since a politician’s election promises, so actually not long ago. It seems we can’t have a headline-free weekend. We recap today’s market movers and keep you updated on all the tariff ins and outs. Let’s jump in.

Local Market

The Aussie market got a nice kickup higher today, as tariff tensions appear to be easing, at least compared to the worst-case scenario markets had been fearing. Below, we recap all the tariff shenanigans since our Friday newsletter. The S&P/ASX 200 index finished the session 102.1 pts. (+1.34%) higher, to close at 7,748.60, with 10 sectors finishing the day higher.

It was back to a risk-on sentiment today, with Technology (+2.61%) the day’s best-performing sector, led by Technology One (+2.81%) and Wisetech Global (+3.08%), while Goodman Group (+2.44%) led the REITs sector higher.

Miners also saw gains thanks to a rise in Iron Ore futures, which traded at a smidge under US$100.00/t. BHP Group (+2.68%) and Fortescue (+0.86%) were the day’s best performers. Defensive sectors saw some selling pressure, with Staples (+0.45%) the only sector in the red as Coles (-0.24%) and Woolworths (-0.51%) both dropped.

Gold prices remain elevated, trading above US$3,200 as the Aussie miners continue to benefit; check out our Technicals section of the newsletter with all the gold miners hitting 52-week highs today.

Tariff Updates

Here’s a recap of the tariff activity over the weekend:

• April 11: Trump confirmed that Chinese tariffs are 145%, not 125%, with the higher rate including a 20% tariff related to China’s role in the fentanyl crisis.

• April 12: President Trump announced tariff exemptions for certain electronics—including smartphones, laptops, memory chips, and flat-screen displays—from the 145% tariffs on Chinese imports. These changes will be retroactive starting from April 5.​

• April 12: China ceased imports of U.S. beef due to a 116% tariff rate, making trade unviable.

• April 13: Trump confirms that he will announce a tariff rate on imported semiconductors over the next week, with the previously implemented exception only temporary. These imports will face "a special focus-type of tariff" within two months. President Trump also clarified that the exempted items are still subject to the existing 20% Fentanyl Tariffs.

• April 14: China has suspended exports of critical minerals and magnets, affecting global automakers, aerospace, semiconductor, and military sectors. This disruption could permanently cut supplies to specific companies, including U.S. military contractors.

Poll Results - Thanks to everyone who participated in last week’s poll. Here are the votes on what investors are doing with their portfolios at the moment:

• Holding / DCA small amounts - 42%

• Trimming - 19%

• Selling - We’re not close to the bottom - 15%

• Buying - The Bottom is In! - 15%

• Rebalancing to ‘Defensive’ Companies - 9%

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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.