AUSSIE BONDS: ACGB Apr-29 Auction Result

US President Trump has posted via Truth Social that he has ordered a total and complete blockade of all sanctioned oil going into and out of Venezuela. The full Truth Social post is re-printed below. Trump also states that the Venezuelan regime has been designated as a Foreign Terrorist Organisation. WTI benchmark oil prices have edged a little higher as these headlines crossed. We were last $55.60/bbl, up around 0.65% versus end Tuesday levels in NY. 

• "Venezuela is completely surrounded by the largest Armada ever assembled in the History of South America. It will only get bigger, and the shock to them will be like nothing they have ever seen before — Until such time as they return to the United States of America all of the Oil, Land, and other Assets that they previously stole from us. The illegitimate Maduro Regime is using Oil from these stolen Oil Fields to finance themselves, Drug Terrorism, Human Trafficking, Murder, and Kidnapping. For the theft of our Assets, and many other reasons, including Terrorism, Drug Smuggling, and Human Trafficking, the Venezuelan Regime has been designated a FOREIGN TERRORIST ORGANIZATION. Therefore, today, I am ordering A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of, Venezuela. The Illegal Aliens and Criminals that the Maduro Regime has sent into the United States during the weak and inept Biden Administration, are being returned to Venezuela at a rapid pace. America will not allow Criminals, Terrorists, or other Countries, to rob, threaten, or harm our Nation and, likewise, will not allow a Hostile Regime to take our Oil, Land, or any other Assets, all of which must be returned to the United States, IMMEDIATELY. Thank you for your attention to this matter! DONALD J. TRUMP" 

• MNI: UK SEP-NOV BRIGHTMINE MEDIAN PAY AWARDS +3.0% (VS +3.3% AUG-OCT)

The S&P(ESH6) overnight range was 6817.50 - 6892.00, SPX closed -0.24%, Asia is currently trading around 6845. The belated US data came and went, the market tried lower but bounced into the close. The leading AI names all ended well up on the day as the likes of Oracle finally found some buyers looking for value after falling 46%, it ended up over 2%. The bulls point to the start of QE that will add more liquidity. This morning futures have opened a little lower, E-minis(S&P) -0.15%, NQZ5 -0.25%. The E-mini’s has stalled above the 6900 area, will these concerns continue to cap price and challenge the support. On the day in the (ESH6) futures, resistance lies toward 6890-6920 where I would look for sellers to reemerge looking for another test toward 6800-6830 at some point. Above 6930 and the market will be looking for momentum to make new highs again.

• Bloomberg - “Oracle's $248 Billion Rent is Next AI Bombshell”.   {NSN T7CX4LKIJH9K <GO>}
• Lance Roberts on X: “Growth has had an unusually long run, valuations are stretched, and speculative products are exploding — all classic signs of a late-cycle environment. You don’t dump growth, but you do start adding value and defense now because when the rotation finally hits, those areas will protect your portfolio.”
• RenMac on X: “Unemployment is up a point. Why wouldn't it keep rising? If the outlook is right, the market & Fed are underestimating the rate cuts coming between now and next year.”
• The S&P 500 Index Average True Range(ATR) for the last 10 Trading days:  65 Points

Fig 1: S&P 500 Index Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P