Australia Daily Briefing

BHP closed at $91.33 (+3.41%) and RIO at $112.29 (+2.55%) as iron ore pricing firmed on renewed optimism around Chinese steel demand — likely catalysed by fresh PBoC commentary or trade-flow data out of Asia overnight. This is the clearest China transmission event on the ASX in weeks, and it re-establishes the resources sector as the primary beta lever for global macro traders. Watch Fortescue for confirmation follow-through tomorrow; if FMG can't match BHP's move, the rally may be concentrated and fragile.

MQBKY dropped $4.19 to $169.13 (-2.42%), dragging the entire banking sector down with it in a session where rate-sensitive financials clearly repriced. The sell-off likely reflects bond yield movements and renewed RBA cut expectations compressing net interest margin outlooks across the Big Four — Macquarie's capital markets-heavy model amplifies that pressure versus pure-retail lenders like CBA or NAB. If the RBA signals a May cut next week, banks face further multiple compression even as mortgage volumes hold; watch the CBA spread vs. 10-year AGB as the leading indicator.

Amid a session dominated by the miners-vs-banks tug-of-war, WiseTech Global (ASX: WTC) is re-emerging as a watchlist name for investors seeking non-commodity ASX exposure with structural growth characteristics. The logistics software play sits at the intersection of supply-chain digitisation and Australian tech scarcity premium — there are very few quality compounder names on the ASX that offer that combination. With global IT sector rotation picking up, any further softness in WTC presents a better risk/reward entry than chasing the miners at today's elevated levels.