13 April 2026 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 13 April 2026
Did you know?
Over the past 12 months property price in Perth, Darwin and Brisbane are up over 19%. Whereas in Sydney and Melbourne, prices are only up 4.8% and 3.4% respectively. There are a number of factors at play here, including a shift to more affordable cities, diverging stamp duty policies by state (Vic the most onerous) and net interstate migration towards Qld/WA and away from NSW.
Market Movements
The Australian market had a very strong week, with the majority of sectors posting solid gains. Financials led the charge, up 6.6%, followed by property (up 5.0%), resources (up 4.6%) and technology (up 3.9%). The exceptions were energy (down 3.3%), driven by the large fall in oil prices (down 13.3%), utilities (down 0.8%) and consumer staples (down 0.2%). Lynas was among the strongest stocks (up 13.5%), whilst Xero (down 3.5%) and Woodside (down 4.7%) were among the weakest. The Australian dollar strengthened 1.5% to US$0.70, now up 5.2% year to date.
Overseas, it was a strong week across the board. In the USA, most sectors rallied with information technology up 4.4%, communication services up 4.5%, and industrials up 4.8%. Energy was the notable exception, down 3.5% globally, mirroring the move in Australia. China’s Shenzhen A-Share index surged 6.2%, Japan’s Nikkei gained 2.9%, and India’s SENSEX rallied 4.7%. The breadth of this rally – with virtually every major market higher except energy – suggested a meaningful shift in risk appetite, likely driven by improving sentiment around the Iran situation.
Iran update
The ceasefire optimism proved short-lived, with weekend talks stalling as Iran continues to assert control over the Strait of Hormuz, threatening marine mines against “unauthorised” transits. The US and allies have redeployed naval assets to defend free passage, escalating tensions further. Whilst we are confident the Strait will reopen fully in the months ahead, uncertainty has risen sharply in the near term. For investors this week, expect renewed volatility in energy prices and risk assets. Oil is likely to retrace last week’s ceasefire-driven decline, and safe havens like gold should find support as markets reprice the durability of any peace deal. It is anyone’s guess where the situation could be in 5 days let alone 5 weeks, but at least we are seeing some attempt for constructive dialogue.
Portfolio Movements
CSL responds to US section 32 tariffs on Pharmaceuticals
- Problem stock CSL has responded to the U.S. section 32 tariffs on Pharmaceuticals imported into the U.S. announced over the weekend. CSL said it is working through the details, but the initial view is that most of CSL’s U.S. product sales will not be subject to tariffs.
- CSL is pleased the U.S. Administration has recognised the unique nature of plasma-derived therapies, and that CSL’s U.S. plasma therapies are derived entirely from U.S. sourced plasma. CSL continues to invest in manufacturing and job creation in the U.S., recently announcing plans to spend $1.5 billion to expand its plasma therapy manufacturing capabilities in Illinois.
- CSL Seqirus’ primary vaccine product, Fluad, sold in the U.S is manufactured in the U.K. where the tariff rate is presently 10% and expectations are that this tariff will reduce to 0%. The effective date for any tariff impacts is 29 September 2026.
BlueScope preparing auction for US steelmaking business
- Reports in the AFR that BlueScope is preparing an information memorandum to launch an auction for its North American steelmaking business, which generated $556 million or 56% of group underlying EBITDA in the first half. The company is being advised by UBS, Herbert Smith Freehills Kramer and Tanarra Capital’s John Wylie.
- Interested parties are expected to receive preliminary due diligence materials in coming weeks ahead of a deadline for non-binding indicative offers. Sources cautioned that BlueScope has not committed to a sale at this stage, but the board now sees an auction as the surest way to establish the division’s value after rejecting multiple approaches from SGH and Steel Dynamics.
- Morgan Stanley’s research analysts have previously valued the US equity at between $11.4 billion and $14.8 billion ($25.90 to $33.80 per share).
Shell provides Q1 update, marketing earnings “significantly higher” but production hit by conflict
- Portfolio holding Shell released a Q1 update ahead of full results on 7 May. The company noted Q1 marketing adjusted earnings are expected to be “significantly higher” than the same period last year, reflecting higher oil prices and stronger oil trading revenue.
- However, the Middle East conflict hit Integrated Gas production, which fell from 948 kboe/d in Q4 to 880-920 kboe/d in Q1, with LNG volumes from Qatari joint ventures affected. Upstream production was guided at 1,760-1,860 kboe/d.
- Shell’s indicative refining margin rose to US$17/bbl with refinery utilisation at 95-99%. Shell shares closed 4.7% lower in London as energy stocks were caught up in the broader sector sell-off following the ceasefire.
The Week Ahead
- Tuesday 14 April: USA Producer Price Index (Mar) — After February’s hotter-than-expected +0.7% MoM (3.4% YoY), March PPI is expected to accelerate further given surging energy input costs. Watch the core components that feed into the Fed’s preferred PCE measure — the CPI report last Friday showed headline inflation spiking to 3.3% YoY driven almost entirely by a 21% surge in gasoline, but core remained relatively contained at 2.6% YoY. If PPI tells the same story — hot headline, cool core — it reinforces the view that this remains a one-channel energy shock rather than broad-based inflation.
- Wednesday 15 April: USA Empire State Manufacturing Index (Apr) — the first April activity reading, which will capture business sentiment in the wake of the ceasefire announcement. Import Prices (Mar) will show the pass-through of higher oil and shipping costs into the broader economy.
- Thursday 16 April: USA Initial Jobless Claims (Apr 11) consensus ~215k (prior 219k) — the labour market has remained remarkably resilient through the conflict, but any uptick here would be an early signal of softening. China Q1 GDP — consensus ranges from 4.6–5.0% YoY, along with March Retail Sales and Industrial Production. A strong print would signal that the world’s largest manufacturer has so far absorbed the energy shock better than Western economies.
- Friday 17 April: Australia Employment (Mar) — a critical release for the RBA after its hike to 4.1% in March. The unemployment rate has been hovering around 4.1% trend, and another solid jobs result would reinforce the case for the RBA to stay on hold or tighten further. Fed speakers continue through the week — watch for any shift in tone now that the March CPI has confirmed headline inflation is running well above target.
Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice
The information presented in this publication is general information only, and is not intended to be financial product advice. It has not been prepared taking into account your investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. Before making any investment decision you need to consider (with your financial adviser) your particular investment needs, objectives and financial circumstances.
Some numerical figures in this publication have been subject to rounding adjustments. Akambo Pty Ltd (including any of its directors, officers or employees) will not accept liability for any loss or damage as a result of any reliance on this information. The market commentary reflect Akambo Pty Ltd’s views and beliefs at the time of preparation, which are subject to change without notice.
