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9th November 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines 

The US 10-year note’s yield decreased by 8 basis points to 4.13 percent. 

As the session went on, sentiment on Wall Street changed, and it ended nearly at session highs. In part, there was hope that Republicans would take back the House, if not also the Senate, and thwart President Joe Biden’s economic initiatives. 

On the other hand, Thursday’s release of the US CPI report is receiving more attention. The Federal Reserve might therefore be able to slow down the pace of interest rate increases, possibly as early as December, if prices had lost some of their rising impetus. 

The fluctuation in the cryptocurrency markets and the decline in oil prices were also factored in. 

 

Market movements 

  • Bitcoin fell 11.5% to US$18,348; 
  • AUD increased by 0.4% to 65.06 cents
  • Dow +1% on Wall Street. S&P +0.6% Nasdaq up 0.5%
  • Stoxx 50 increased 0.8% in Europe. FTSE +0.1% CAC +0.4% DAX +1.2%
  • Spot gold increased by 2.3% to US$1713.38/oz; 
  • Brent crude decreased by 2.3% to US$95.72/barrel; 
  • iron ore increased by 1.3% to US$89.05/ton; 
  • The 10-year yield was US4.13%. Germany 2.27% Australia 4.03%

 

Today’s agenda 

Local: The Economic Outlook will be the topic of Michele Bullock’s speech at the 2022 ABE Annual Dinner. 

Overseas data: China’s October CPI and PPI, New Zealand’s October retail card spending, and Japan’s September current account 

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