All Eyes on Trump as Ceasefire Deadline Nears

• Markets remain uneasy heading into the next phase of developments in the Middle East, with attention turning to President Trump’s ceasefire deadline due around 10am Sydney time tomorrow.
• Reports overnight suggested Iran rejected a US-backed ceasefire proposal, while President Trump warned the country could face overwhelming military action. He also indicated that reopening the Strait of Hormuz would be a key condition of any agreement.
• In US data, March payrolls rose 175k, well above expectations of around 65k, though February was revised sharply lower to –133k, highlighting recent volatility in the data.
• Domestically, focus today shifts to February household spending, where markets expect a 0.3% month-on-month increase.
• The ANZ–Indeed Job Ads series for March will also be released, offering another read on labour demand and one of the first local data points since the escalation of the Middle East conflict.