1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The S&P/ASX 200 dropped 0.39% to 8,926 points this Monday, as the collapse of US-Iran peace talks dented risk appetite. US President Donald Trump also announced a blockade of the Strait of Hormuz, in a bid to choke Iran’s oil revenues.
The US dollar strengthened its safe-haven appeal, putting pressure on gold stocks locally. Evolution Mining dropped 6.4%.
Tech was also under strain, after Morgan Stanley slashed its valuations for ASX-listed names, saying they need to reflect a world increasingly shaped by AI disruption. While the broker still sees some upside, it flagged expectations would need to be tempered.
Energy stocks were among the few bright spots on the index, up 2.1%, tracking higher oil prices. Woodside and Karoon both finished in the green.
In corporate news, Telix Pharmaceuticals signed a strategic collaboration with Regeneron to co-develop cancer therapies. And Pro Medicus renewed a US$37 million contract.
Elsewhere, A2 Milk tumbled 12.7% after significantly downgrading its full-year guidance, pointing to supply chain disruptions in its China infant formula business.
Overnight, the US Q1 earnings season kicks off, with Goldman Sachs and Fastenal set to report. Locally, Westpac’s consumer sentiment index for April and NAB’s business confidence reading for March are due tomorrow.
