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4th October 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines

Australian equities are projected to climb as investors reevaluate how high the Federal Reserve will hike interest rates in response to US manufacturing data that was worse than expected but still sent Wall Street higher.

The Dow Jones Industrial Average increased by 2.66 percent, the S&P 500 increased by 2.74 percent, and the Nasdaq Composite increased by 2.3% during the session on Wall Street, which experienced its best day since late July.

Stocks received a boost from recent data showing that US industrial activity expanded at its slowest rate in nearly 2-1/2 years on the theory that a weaker economy could restrain inflation and the Federal Reserve’s efforts to keep raising interest rates.

Exxon Mobil Corp. and Chevron Corp., two of the world’s largest oil companies, increased by more than 5.5 percent in tandem with a rise in crude prices amid reports that the Organization of the Petroleum Exporting Countries and its allies are considering their largest output reduction since the COVID-19 pandemic began.

Reduced supply projections contributed to the 3.51 percent increase in Brent crude to $88.13 per barrel. US crude increased 4% to $82.70 a barrel.

The benchmark US 10-year Treasuries, which at the time of writing were yielding 3.6406 percent, saw their yields decline in response to news that the British government had decided to forgo plans for a tax cut.

As of 6564, ASX futures are up 112 points or 1.74 percent.

With attention on today’s Reserve Bank policy meeting, the local currency was up 1.8% at US65.18. At its October board meeting, the RBA is anticipated to announce a fifth consecutive 0.5 percentage point rate increase, bringing the cash rate from 0.1 percent in early May to 2.85 percent.

A typical $750,000 mortgage would see monthly repayments increase by $222 under a fifth double “business as usual” rate increase, bringing the total increase since early May to $1140.

An additional 0.5 percentage points would add $296 to the monthly repayment increase since May for a typical borrower with a mortgage of $1 million, bringing it to $1520.

Gareth Aird, head of Australian economics at the Commonwealth Bank, claimed that the current tightening cycle was not just quick but also unheard of in terms of the percentage change from bottom to top.

 

Market movements

  • AUD at US65.18, up 1.8%
  • BTC price up 2.0% to US$19,609
  • Dow +2.66% S&P 500 +2.9% Nasdaq up 2.27 %
  • At $US1697.97 per ounce, gold is up 2.3%
  • Brent oil increased 4.5% to $US88.93 per barrel

 

Today’s agenda

Local:

Australian Industry Group Manufacturing Index
AGM: Investment Company for Australian Foundations
ANZ Job Advertisements monthly release
ABS Data: Building approvals for August. lending indications for August.
AGM: AMCIL Ltd
RBA Board Meeting: Cash Rate and Monetary Policy RBA Commodity Prices Index

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