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7th October 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines

In terms of Wall Street, the S&P 500 dropped 1%. The benchmark index had its largest two-day jump since the spring of 2020 and is still on track for a 5% gain this week. The Nasdaq dropped 0.7% and the Dow Jones Industrial Average dropped 1%.

The head of the International Monetary Fund, Kristalina Georgieva, issued a warning that the IMF will again decrease its predictions for global economic growth in 2023, forecasting a $4 trillion reduction through 2026.

She added that the Russian invasion of Ukraine, which started in February, has significantly altered the IMF’s stance on the economy, and that “things are more likely to get worse before it gets better.” She referred to the current economic climate as a “time of historic fragility” and warned that “the dangers of recession are mounting.”

US investors were examining the most recent employment market data. The biggest number of Americans to apply for unemployment benefits in four months occurred last week. But even in the face of continuing inflation and a weakening US economy overall, the labour market is still robust.

According to experts’ median estimates, the monthly US employment report, which is released on Friday, is anticipated to reveal that companies increased payrolls by 250,000 last month. The unemployment rate is predicted to remain at 3.7%, which is slightly above a low point in five decades.

As the Fed continues to be adamant about raising interest rates in an effort to cool the highest inflation in four decades, Wall Street is eagerly monitoring employment data. Investors are worried that the Fed would raise interest rates excessively and cause a recession.

 

Market movements

  • At US64.05, AUD fell by 1.3%
  • Bitcoin fell by 1.4% to US$19,991
  • Dow -1.0% S&P 500 -0.7% Nasdaq fell by 0.4%
  • Gold fell 0.2% to $1713.02 USD per ounce
  • Brent crude rose 1.1% to $US94.43 per barrel
  • Iron ore up 0.1% to US$95.80 per tonne

 

Today’s agenda

RBA Release on Retail Payments. Financial Stability Review by the RBA. ABS data for the 2020–21 fiscal year Time management in Australia: a report. US employment data for September. Unemployment rate in Canada.

 

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