Today’s News

The Big Picture

• Hormuz open to all but US, Israel; Trump threatens Iranian oil hub. Iran’s Foreign Minister announced the Strait of Hormuz is only closed for American and Israeli ships, claiming other tankers and ships are free to pass. Meanwhile, Trump struck Kharg Island, which exports the majority of Iran’s oil, to pressure Iran into fully reopening the Strait. (JP | ABC)
  
  

• Markets pricing in RBA rate rises. Pricing in money markets indicates near certainty of a rate from today’s RBA meeting. Bond markets are equally hawkish, pricing in up to three rate hikes in 2026; this would take the cash rate to 4.6%, a 15-yeah high. (Capital Brief)
  
  

• NSW cracks down on dodgy real estate practices. The state government is increasing the fine for underquoting prices to $110,000, a fivefold increase, and making dummy bidding an equally fined offence. Agents must also publish a price guide with price calculations and cannot advertise a property for less than a previously rejected price. (Guardian)
  
  

• US and Chinese officials rendezvous in Paris. Washington and Beijing have sent representatives to Paris for trade talks in advance of President Trump’s visit to Beijing. Trade remains a hot button issue between the two countries as the Iran conflict and Trump’s new investigation into China add fuel to the fire. (Politico)
  

Companies in the news

• F1 cancels Middle East events. Formula 1 has cancelled its Bahrain and Saudi Arabian Grands Prix in April due to the Iran war, cutting the 2026 season from 24 to 22 races and leaving a five-week gap before Miami on 3 May. Bahrain is home to the US Navy’s Fifth Fleet, making it a potential target; its Manama airport remains closed. (Reuters)
  
  

• Meta plans massive layoffs as Avocado fails to ripen. The tech giant is reportedly planning to layoff 20% of its workforce to offset expensive AI investments. Meta has delayed the March debut of its AI model, Avocado, after testing showed it trailed behind leading AI models in essentially every metric. (Guardian | Investing.com)
  
  

• Google pauses $20 billion Australian investment to avoid taxes. Google told the federal government it is withholding a “generational opportunity” for Australia to become an Asia-Pacific AI and data centre hub because of the risk of exposing its broader operations to higher taxes. This comes as Australian banks, which pay $4 billion in annual taxes, call for US tech firms to pay their fair share. (AFR | AFR)
  
  

• Tesla’s China sales tick up while BYD drops. Tesla’s China-made EV sales for January and February rose 35% year-over-year to 128,000. BYD is still the dominant EV maker in China, selling 393,000 in the same period, but this is a 36% drop from the same period last year. (CNBC)
  
  

• Honda scraps EV plans and braces for loss. The Japanese automaker will face its first loss since 1957, citing slowing EV demand, US tariff pressure, and lost ground in China as it pivots back toward hybrids. Honda wrote down its $16 billion EV business in a painful strategy reversal, driving the loss. (Reuters)
  
  

• Glencore-Rio Tinto merger revived — again. Strong coal prices have given Glencore new leverage over Rio Tinto in Glencore’s attempt to create the world’s largest mining company. Coal-heavy Glencore has seen its share price jump 26% since January on the back of high coal prices, while Rio’s flagship iron ore business is burdened by weakening iron ore prices. (Reuters)
  

What the…?

A bit of “naming and shaming” can go a long way. Hong Kong regulators are inundated with poorly prepared IPO requests by Chinese companies. One proposed solution: Publicly displaying the names of the lawyers, accountants, auditors, and consultants involved in IPO requests that are rejected.

Hong Kong’s stock exchange currently maintains a list displaying the advisers of rejected IPOs, but the proposed legislation would expand that list. The exchange has previously warned bankers for shoddy filings, and they believe the legislation would provide a strong incentive to abide by their standards. (FT | HKEX)

A message from Centuria

Don't chase property trends, Pursue value

At Centuria, we stay ahead of the curve by proactively scanning the market to spot opportunities others may miss. With a disciplined investment process, deep market knowledge and a clear focus on starting with the end in mind, Centuria offers investors a distinct edge: one built on expertise, insight and agility.

Centuria’s property expertise spans a broad range of traditional and alternative property sectors including office, industrial, retail, healthcare, agriculture, data centres and real estate debt.

Today’s Insight

Ask an Adviser — Diversification Deep Dive

Alex Thompson from Viola Private Wealth led us through the classic “eggs in one basket” adage around diversification, which is arguably the most important investing concept.

What does “diversification” mean and why is it important?

Alex: At some point in our life, we have all heard the saying “don’t put all your eggs in one basket”, this old saying goes to the very core of what diversification is. Put simply, diversification means spreading your risk instead of putting everything in one place. Applying an investment lens to this idiom, the “eggs” represent our money and the “baskets” represent the different areas of investment we choose to put that money into.

If we put all our money in one investment, our outcome becomes highly dependent on the success or failure of that one investment. While it may perform well, it also significantly increases the risk of losing capital if things do not go as planned. Instead, by investing across various baskets (think different investments, asset classes, sectors, regions, or strategies), we reduce the impact that any one investment can have on our overall portfolio.

If one investment falls in value, others may remain stable or grow, helping to offset losses and smooth returns over time. Diversification is an important risk management discipline for all of us because it helps reduce risk and increase stability within a portfolio. It helps protect you by making sure no single failure can derail everything, so you are better protected when things don’t go to plan. 

Want to work with an adviser like Alex and incorporate diversification into your portfolio? Fill out the form on our website and we’ll match you with one of our hand-picked advisers.

Today in Equity Mates