FPG Overnight Headlines 07/12/2022

Overnight headlines 

The 10-year US Treasury yield decreased by 4 basis points to 3.53 percent. 

JPMorgan CEO Jamie Dimon predicted a “moderate to more significant recession” in an interview with CNBC. Bank of America’s Brian Moynihan claimed that the bank has paused new hiring while David Solomon, the CEO of Goldman Sachs, warned of job cutbacks and significantly reduced bonuses. 

According to Bloomberg, Morgan Stanley started a strategy to cut nearly 2000 employees from its global workforce, or about 2% of the entire workforce. 

After cutting production for five consecutive months, the US reversed course and increased its prediction for oil production in 2019. This move allayed worries about a slowdown in shale field output. 

According to a monthly estimate from the Energy Information Administration, production is expected to surpass the record 12.315 million barrels per day recorded in 2019 and reach 12.34 million barrels per day the following year. 

Market movements 

• Bitcoin increased by 0.3% to US$16,959 

• The Australian dollar decreased by 0.2% to 66.87 US cents. 

• Dow down 1% on Wall Street S&P -1.4% -2% Nasdaq 

• Stoxx 50 in Europe fell by 0.4% FTSE -0.6% CAC -0.1% DAX -0.7% 

• Spot gold increased by 0.04% to US$1769.33/oz;  

• Brent crude decreased by 4.4% to US$79.03/barrel; 

• Iron ore increased by 0.1% to US$109.70/ton;  

• The 10-year yield was US$3.53%. Germany 1.79% Australia 3.39% 

Today’s agenda 

Local: GDP for the third quarter 

Overseas data: Wednesday or Thursday will bring the release of China’s November trade figures, the Eurozone’s third quarter GDP