USA: March Non-Farm Payrolls Surprise to the Upside
The US economy added 312,000 jobs in March, well above the 220,000 consensus estimate, with unemployment holding steady at 3.9% and average hourly earnings rising 0.4% month-on-month.
Why it matters: The strong jobs print has pushed back Fed rate cut expectations — markets are now pricing just two cuts in 2026, down from three a week ago. The 10-year Treasury yield jumped 12 basis points to 4.68% on the news, pressuring growth equities globally. The Nasdaq fell 1.4% in early trading.
Source: US Bureau of Labor Statistics
ASX: Materials Sector Gives Back Wednesday’s Gains
The ASX 200 fell 0.9% to 9,757 points as the materials sector retreated 2.3% following profit-taking after yesterday’s iron ore-driven surge. BHP shed 2.1%, RIO fell 1.8%, and Fortescue dropped 3.4%.
Why it matters: The pullback is being characterised by fund managers as technical consolidation rather than a trend reversal — the underlying catalyst (Chinese infrastructure stimulus) remains intact. The ASX financials sector held its ground, with all four major banks within 0.3% of flat, cushioning the index’s overall decline.
Source: ASX
Ethereum ETF: Weekly Inflows Hit $1.2 Billion — a New Record
Spot Ethereum ETFs recorded $1.2 billion in net inflows for the week ending April 2, surpassing the previous weekly record set in January and pushing total assets under management above $28 billion.
Why it matters: Ethereum’s ETF inflows are now running at approximately 40% of Bitcoin ETF inflows despite ETH’s significantly smaller market cap — a ratio that suggests institutional allocation to ETH is comparatively underweight and still building. ETH/USD crossed $4,800 overnight, its highest level since the 2021 cycle peak.
Source: CoinDesk
Afterpay: Share Price Jumps 11% on Block Restructure Announcement
Block Inc announced a restructure that will relist Afterpay as an independent ASX-listed entity within 18 months, ending the five-year experiment of operating the BNPL platform as a wholly-owned subsidiary of Jack Dorsey’s payments conglomerate.
Why it matters: The ASX relisting would value Afterpay at approximately $18 billion — a substantial recovery from the $29 billion acquisition price in 2021, but far above the $8 billion implied valuation during the 2022 BNPL sector rout. Australian retail investors who held Square ADRs specifically for Afterpay exposure responded immediately, with Block ADRs up 6.2% in pre-market trading.
Source: Australian Financial Review
Oil: Brent Crude Spikes 3.1% to $97 Per Barrel
Brent crude jumped $2.90 to $97.12 per barrel following reports of a drone attack on Saudi Aramco refinery infrastructure in the Eastern Province, the details of which remain unconfirmed.
Why it matters: Oil above $95 starts to meaningfully complicate the inflation picture for central banks globally — particularly the RBA, which imports approximately 30% of its refined fuel needs. If the geopolitical risk premium embeds at these levels, the RBA’s already-hawkish stance becomes even more difficult to unwind before the second half of the year.
Source: Reuters