ASX: All-Time High Close at 9,847 Points
The ASX 200 closed at 9,847 points — a new all-time high — driven by a surge in materials and financials on the back of a stronger-than-expected Chinese manufacturing PMI reading of 52.4 for March.
Why it matters: Australian equity markets have returned 18.2% over the past 12 months. Iron ore above $140/t is directly lifting BHP, RIO, and FMG — which together account for roughly 14% of the index. The rally is broad-based, which analysts interpret as genuine rather than sector-driven froth.
Source: ASX
Bitcoin: Crosses $150,000 USD for the First Time
Bitcoin crossed $150,000 USD for the first time in early Asian trading, extending its run following last month’s ETF inflow record of $4.1 billion in a single week.
Why it matters: Institutional allocation is now structurally embedded — BlackRock’s IBIT holds more Bitcoin than MicroStrategy. The next halving in 2028 is already being priced in by quant funds adjusting their four-year cycle models, and sovereign wealth funds in the Gulf are reportedly initiating positions.
Source: CoinDesk
RBA: Holds Cash Rate at 3.85% for Sixth Meeting
The Reserve Bank of Australia kept the official cash rate at 3.85% for a sixth consecutive meeting, citing sticky services inflation at 4.1% and a still-tight labour market with unemployment at 3.8%.
Why it matters: Markets had priced in a 70% probability of a cut before August, but the RBA’s statement was notably more hawkish than the February meeting. Mortgage holders will need to absorb at least one more quarter of elevated repayments before relief arrives.
Source: Reserve Bank of Australia
AUD: Surges to 0.6890 on China Stimulus Optimism
The Australian dollar jumped 1.2% to US$0.6890, its strongest level since November 2024, after Beijing announced a 1 trillion yuan infrastructure spending package targeting green energy and domestic consumption.
Why it matters: The AUD/USD pair is the market’s primary proxy for Chinese economic sentiment given Australia’s commodity export dependence. A sustained break above $0.69 would meaningfully reduce imported inflation pressures, giving the RBA more room to cut later in the year.
Source: Bloomberg
Iron Ore: Jumps 4.8% to $143 Per Tonne
Iron ore futures surged 4.8% to $143 per tonne on the Dalian Commodity Exchange following the Chinese stimulus announcement, recording the single largest daily gain since October 2024.
Why it matters: BHP, Rio Tinto, and Fortescue combined added $18 billion in market capitalisation today. At $143/t, all three miners are generating significant free cash flow above their sustaining capital requirements — investors are now pricing in dividend uplifts in the next half-year reporting cycle.
Source: Reuters