Market Wrap / Election day!

China’s apparent willingness to negotiate with the US saw the local market finish a positive trading week on a high, despite concerns about US earnings.

The S&P/ASX 200 gained 1.1% today, reaching 8238 points, to gain 3.4% over the week.

One notable laggard was to be found in the tech space, with Block losing 26.7% as it missed estimates for first-quarter earnings amid muted consumer spending, sending NYSE and ASX shares lower.

Meanwhile, WiseTech confirmed media speculations regarding preliminary talks for the acquisition of e2open in the US. Investors digested that news and the stock seesawed during today’s trade.

News China was willing to join the negotiation table with the US provided support to the mining sector with BHP and Rio both ending the day in the green. 

Copper players received a boost for favourable futures which pushed above US$9200 a tonne in London amid signs of progress on trade deals between the US and other nations. Capstone copper jumped 2.8% as it reiterated its FY25 guidance. 

The consumer sector also made some gains, with data showing a 0.3% increase in retail sales value over March. 

But the outlook might prove to be more negative. Corporate Travel Management has echoed Flight Centre in flagging a subdued revenue outlook. The stock dropped 10% this Friday.

It’s now time for the Federal Election this Saturday, with polling stations closing at 6pm on Saturday. Next week, both the Fed and Bank of England will deliver interest rate decisions.