Today’s News

The Big Picture

• Markets surge on peace comments from Trump and Iranian President. Iranian President Masoud Pezeshkian said Iran was open to ending the war with US concessions, while Trump said the US would leave Iran in three weeks. Markets surged on the news, with the Dow Jones up 2.5%, S&P 500 up 2.9%, and ASX 200 up 2.0%. (CNBC | AFR)
  
  

• Oil prices leap a record 63% in March. The month-on-month increase in Brent crude, an international benchmark, surpassed the previous record of 46% that followed Iraq’s invasion of Kuwait in 1990. Brent peaked at over US$119 early this month but has dipped to US$104 with new hope for peace talks. (FT)
  
  

• Wait times for EVs blow out amid gas crisis. EV maker BYD said wait times for its top models have grown from three weeks to three months amid booming demand. Commonwealth Bank echoed the sentiment, saying car loans for EVs increased by 161% in March. The same is true in Europe, with EV test drives, ad views, and used EV sales all rising. (AFR | FT)
  
  

• ATO targets expats returning from Middle East. An estimated 100,000 Australians returning from low-tax lifestyles in the Middle East are being targeted by the ATO, which can access their foreign income data thanks to data-sharing agreements. If a returning expat is deemed not to be a non-resident, they could face a massive tax bill. (AFR)
  
  

• Sydney, Melbourne house prices slide despite national gains. The Cotality national home index grew 0.7% in March, but house prices in Sydney (down 0.1%) and Melbourne (down 0.2%) bucked the trend. This comes after auction clearance rates of just 61% this past weekend, the lowest since December 2022. (Capital Brief | AFR)
  
  

• Asian countries ditch green energy for coal amid fuel crisis. Energy transition efforts have fallen by the wayside as Asian countries look to replace increasingly-costly gas generation with coal generation. Thermal coal prices have risen by 17% since the start of the Iran conflict, while Asian gas prices have risen 60%, making coal a clear cost favourite. (FT)
  
  

• Northern Territory revives old law to halt price gouging. The NT government is bringing back the Price Exploitation Prevention Act to force fuel retailers to provide their full cost structure to prove they’re not ripping off drivers. The law, unused since 1949, imposes fines and prison sentences for non-compliance. (ABC)
  

Companies in the news

• OpenAI raises $3 billion from retail investors in record raise. This marks the first time OpenAI has tapped retail investors, who gained access through banks and ETFs. The fund raised a total of $122 billion, its largest round to date. Only wealthy retail investors can access OpenAI at present, but OpenAI’s CFO hopes to expand access to a broader retail market. (FT)
  
  

• Vodafone slammed over tone-deaf ad. The telco’s new ad campaign states that “nothing’s out here” in rural Australia, sparking outrage among rural Australians. A Vodafone spokesperson said it was meant to be humorous, but the Rural, Regional and Remote Communication Coalition claims it is was metro-centric and dismissive of regional people, many of whom struggle with poor connectivity. (ABC)
  
  

• Oracle cuts 10,000 jobs due to AI efficiencies. Oracle has not announced the layoffs, but employees alerted media outlets of an estimated 10,000 job cuts. Earlier this month, the company’s co-CEO said smaller teams are able to produce better work due to AI coding tools. Oracle joins Atlassian, Amazon, Meta, Block and more tech firms cutting jobs in favour of AI. (BBC)
  
  

• Trump tariffs drive $4 billion US investment by Mercedes-Benz. The German carmaker will invest heavily into its plant in Alabama in response to US tariffs, investing a total of $7 billion in coming years. This follows a trend of carmakers investing in the US for tariff purposes, including Hyundai’s $26 billion of investments and Toyota’s $1 billion EV plant investment. (Fox)
  
  

• Whoop runs towards IPO with new $10 billion valuation. The maker of the popular fitness monitor raised $575 million in its newest raise, bolstering the valuation ahead of a much-anticipated IPO. Among the investors were sport legends Cristiano Ronaldo, Lebron James, Rory McIlroy, and the equally famous Macquarie Capital. Whoop has over 2.5 million users and doubled its subscriptions in the past year. (AFR)

What the…?

Costco’s hot dog meme-based bourbon sold out in a single day. The American bulk retailer is best known for great products at low prices, one of which is their beloved $1.50 hot dog and soft drink combo. One US store paid homage to the fabled frankfurter, launching an “I got that dog in me” bourbon last week.

Despite a limit of one bottle per customer and it only being available in-store, the bourbon sold out in a single day. Hopeful owners offered up to $500 on Reddit for a bottle, which retailed at $86. Looks like Costco has really got that dog in them. (WCNC)

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Today’s Insight

Investing for every stage of life

In a Tuesday’s episode, we spoke with financial adviser Peter Nevill from Viola Private Wealth about investing for every stage of life, from $1,000 to $1 million.

At the goal setting stage, are there any common mistakes you see clients make?

Peter: It's probably just that sort of understanding yourself, understanding how you're going to respond. It's very easy to say, "Oh, I'm a long-term investor." It's very easy when markets are going up. Was it Mike Tyson said, "Everyone's got a plan until they get punched in the face." Markets can punch you in the face.

Bryce: I think that's been a real live conversation in our community at the moment because it's easy to internalise long-term investing and it's easy to look back at dips in charts and say, "I should have bought then, but we're in it now." And it's scary.

Peter: And that's where the whole temperament piece really comes in. And that's what being a long-term patient investor is about. Understanding that this is a little blip in the radar, hopefully we will see.

Bryce: There's never been a dip that hasn't been worth buying.

Are you planning your investing journey to match your stage of life? Fill out the form on our website and we’ll match you with one of our hand-picked advisers to help you get started.

Today in Equity Mates