Morning traders. Thanks loungers, especially @Ravgnome and...

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.


Outlook for the day: Muddy! Depends heavily on whether the US and Iran extend a 10 am deadline for a ceasefire deal. Keep your eyes on the headlines.

ASX futures: up 13 points or 0.15%


Overnight themes: ​

• US stocks closed mixed after largely overcoming early weakness amid hopes for an 11th-hour ceasefire deal in the Middle East ahead of this morning's US deadline. ​
• The S&P 500 edged up 0.08% in the final minutes of trade after Pakistan's Prime Minister asked US President Donald Trump to postpone planned attacks on Iranian infrastructure today for two weeks to allow negotiations to continue. The Nasdaq Composite closed 0.1% ahead. The Dow trimmed its loss to 85 points or 0.18%.​
• Pakistan requested a two-week extension that would include a temporary ceasefire and Iran reopening the Strait of Hormuz for two weeks as a gesture of good will while negotiations continued. Trump told Fox News he was aware of the request, but could not comment "because right now we're in heated negotiations". A White House spokesperson said "a response will come". Tehran said it was "positively reviewing" the extension request. CNN said a deal was "expected to be closed" before this morning's 10 am AEST deadline, citing a "regional source". ​
• The ceasefire proposal followed a string of threats from the White House to "obliterate" Iran and send it "back to the Stone Age". “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will,” Trump posted overnight on Truth Social. ​
• "Investors are calibrating as they try to read into the president's messaging and predict the degree he will follow through with some ⁠of his rhetoric in terms of the ultimatum," Matthew Keator, managing partner in the Keator Group, told Reuters. "How much of it is posturing, and how much of it is telegraphing what he will actually do? Investors need to make sure that they make whatever necessary adjustments for their personal circumstances."​
• Oil prices fell in recent trade after settling mixed before the extension request from mediator Pakistan. Brent crude was lately down 4.05% at US$105.32 after settling 50 US cents or 0.46% lower at US$109.27 a barrel. Overnight, long-dated Brent crude hit US$144.42, the highest level on record. US crude settled 54 cents or 0.48% ahead at US$112.95, but was lately down 1.9% at US$110.28. ​
• Chip stocks and Dow Transports outperformed. The PHLX Semiconductor Index firmed 1.11%. The Dow Jones Transportation Average gained 1.26%. Communication services, energy and tech were the pick of the S&P sectors. Drags included consumer stocks and materials. Financials closed less than 0.1% lower. ​
• Precious metals ticked higher as the clock ticked down to the latest US peace deadline. "The gold market is treading water ahead of this evening's U.S.-imposed 8 p.m. Eastern Time deadline. It is on hold ⁠as traders wait to see what happens, as the event could be impactful," Jim Wyckoff, senior analyst at **promotion blocked** Metals, told Reuters. Spot gold was lately up US$61.05 or 1.31% to US$4,712.09 an ounce. US gold futures settled unchanged at US$US$4,684.70 in choppy, sideways action, but were up around 1% in more recent trade. Spot silver was ahead 31 US cents or 0.43% to US$73.02. ​
• Iron ore slid to a fourth straight loss in China as war in the Middle East continued to muddy the outlook for global steel demand. Benchmark ore on the Dalian Commodity Exchange declined 0.44% in daytime trade to US$116.30 a metric ton. Prices rose earlier after Chinese President Xi Jinping called for a new energy system to safeguard the country against future energy shocks. Plans include the world's largest hydroelectric dam. ​
• Copper gave up early gains when trade resumed in London overnight following the Easter break. Benchmark copper on the London Metal Exchange eased 0.25% to US$12,328.50 a metric ton during a mixed session on the exchange. Aluminium, zinc, tin and lead all rose. Nickel fell. ​

Key events today: ​

• Trump deadline for Iran ceasefire deal - 10 am AEST​
• Minutes from last US Federal Reserve rates policy meeting - tonight​

S&P 500: up 5 points or 0.08%

Dow: down 85 points or 0.18%

Nasdaq: up 22 points or 0.1%

VIX: up 6.66% to 25.78

US 10-year treasury yield: down 4 points to 4.304%

Dollar: up 0.87% to 69.76 US cents

Iron ore (Dalian): down 0.44% to US$116.30

Brent crude: down 50 US cents or 0.46% to US$109.27

Gold (futures): Steady at US$4,684.70

Gold (spot): up US$61.05 or 1.31% to US$4,712.09

NYSE Arca Gold Bugs: up 0.74%

Silver (spot): up 31 US cents or 0.43% to US$73.02

Bitcoin: down 0.67% to US$69,366

Copper (LME): down 0.25% to US$12,328.50

Nickel (LME): down 0.44% to US$17,025

Lithium carbonate (China battery grade): up 0.51% to 20,419 yuan

Global X Lithium & Battery Tech ETF: up 0.85%

Antimony (USA): Steady at US$16.50 per lb

Uranium (spot): Steady at US$85.15

Global X Uranium ETF (URA): down 1.36%

BHP: up 0.71% (US); down 0.14% (UK)

Rio Tinto: up 0.69% (US); up 0.24% (UK) ​