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8th December 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines

The US 10-year note’s yield decreased by 11 basis points to 3.42 percent.

Communication services led eight out of the 11 S&P 500 industry groups lower on Wall Street.

Citi: “Things are easing.”

According to Citigroup CEO Jane Fraser, as more and more nations experience recessionary conditions, the US economy is expected to follow suit in the second half of 2019. Likewise, “obviously, things are easing” in the US.

The consumer is still strong, spending money and holding cash balances far beyond pre-COVID levels, but I think we’re at a turning point, according to US Bancorp CEO Andy Cecere.

“The full year VIX average might be lower if the Fed pivots early next year in reaction to some combination of swiftly cooling inflation and a strong market sell-off, while average volatility levels could exceed our target if monetary policy tightens well into next year.”

For the sixth time in a row, the Bank of Canada aggressively increased its benchmark interest rate while leaving the door open to suspending its cycle of increases.

The benchmark overnight lending rate was increased by policymakers under the direction of governor Tiff Macklem by 0.5% to 4.25% overnight, the highest level since early 2008. The decision was in line with what a thin majority of economists in a Bloomberg survey had predicted.

 

Market movements

  • Bitcoin fell by 0.9% to US$16,826
  • AUD increased by 0.6% to 67.28 cents
  • Dow flat; S&P -0.2% on Wall Street. Nasdaq fell 0.5%
  • BHP -0.5% in New York Rio -0.7% +0.4% for Atlassian
  • Spot gold increased by 0.9% to US$1787.27/oz.
  • Brent crude decreased by 2.5% to US$77.36/barrel.
  • Iron ore decreased by 2.1% to US$107.45/tonne.
  • The 10-year yield was US$3.42%. Germany 1.77% Australia 3.35 percent

 

Today’s agenda

Local: At the FIRN Central Bank Conference on the Microstructure of Financial Markets, Brad Jones, RBA Assistant Governor (Financial System), will discuss a central bank digital currency for Australia. He will also discuss the RBA Bulletin and the October trade balance.

Overseas data: Japan’s third quarter GDP and October’s consumer credit data from the US

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