Wall Street records, Brent above $100, BHP-CMRG deal sealed — 23 Apr 2026
Sentiment: mixed ASX 200 futures: -0.8% (SPI at 8,878)
The S&P 500 closed at 7,137.90 (+1.05%) on 22 April 2026, a fresh all-time high, led by a 1.6% Nasdaq surge on semiconductor strength. Brent crude crossed $100 for the first time since mid-April after Iran fired on three commercial vessels in the Strait of Hormuz. BHP.AU confirmed it has concluded iron ore sales negotiations with China's CMRG, ending a seven-month standoff.
Overnight Wall Street
- S&P 500: 7,137.90 (+1.05%)
- Nasdaq: 24,657.57 (+1.64%)
- Dow: 49,490.03 (+0.69%)
- VIX: 18.92 (-3.0%)
President Trump extended the US-Iran ceasefire indefinitely, citing a "seriously fractured" Iranian government unable to produce a unified peace proposal. The announcement cleared a binary risk that had weighed on equities since late March. Semiconductor stocks drove Nasdaq to a record, outpacing the Dow by almost a full percentage point. The VIX dropped below 19 for the first time since early March.
Tesla reported Q1 revenue of $22.4B (vs $22.1B consensus) and adjusted EPS of $0.41 (vs $0.36 expected). Gross margin hit 21.7%, above estimates. Boeing narrowed its quarterly loss to $0.20/share (vs $0.76 expected) on revenue of $22.2B, with 143 aircraft deliveries in the quarter — up 10% year-on-year. Both stocks rose after hours.
Commodities & FX (AU-relevant)
- Gold: US$4,758/oz (+0.8%)
- Brent: US$101.85 (+3.4%)
- WTI: US$92.87 (+3.6%)
- Iron ore 62% Fe CFR: US$107/t (flat)
- Copper: US$6.14/lb (+2.1%)
- AUD/USD: 0.7157 (+0.1%)
Brent crude broke back above US$100 after Iran fired on three vessels in the Strait of Hormuz on 22 April — a Greek cargo ship was hit by gunfire and RPGs off Oman, and Iran seized two other ships. The attacks came hours after the ceasefire extension, with the US naval blockade of Iranian ports still in place. Oil has risen 35% since the war started in early March.
Iron ore at US$107/t held steady. BHP.AU's resolution of the CMRG dispute — which had blocked BHP iron ore from Chinese mills since September 2025 — removes a supply overhang. The terms were not disclosed. Gold continued to climb above US$4,750 on residual safe-haven demand despite the equity rally. Copper hit US$6.14/lb, its highest in two weeks, on restocking signals.
Key themes for ASX open
- Energy: Brent above US$100 lifts WDS.AU, STO.AU, and the sub-index. Iran/Hormuz disruption is now the primary crude catalyst, not demand.
- Iron ore majors: BHP.AU +1.8% on the CMRG deal resolution, which restores access to Chinese mill customers after seven months. RIO.AU, FMG.AU should track.
- Semiconductors/tech: NASDAQ.US record could pull WTC.AU, XRO.AU, and the tech-30 higher. The Philadelphia Semiconductor Index led Wall Street overnight.
- AUD/gold miners: AUD at 0.7157 is near four-year highs; gold above US$4,750 supports NCM.AU, NST.AU, EVN.AU margins but the strong AUD clips translated revenue.
Economic calendar today
- 11:30 AEST: ABS Labour Force (final seasonal and trend estimates, March 2026)
- Offshore — ~171 US companies report Q1 earnings, including Amazon (AMZN.US) after market close
What to watch
- SPI futures at 8,878 imply an ASX 200 open around 8,843 — down ~105 points from yesterday's 8,949 close, despite the Wall Street rally. The disconnect suggests AU-specific selling pressure or overnight futures reacting to the Hormuz oil spike.
- The BHP.AU-CMRG deal terms remain undisclosed. If the pricing mechanism favours CMRG (as some analysts assume given BHP's weaker negotiating position during the ban), the stock's +1.8% pre-reaction may not hold.
- Brent above US$100 creates a two-way pull: positive for energy, negative for transport, airlines, and consumer discretionary. QAN.AU and the travel sub-index tend to correlate inversely with crude spikes above US$95.
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