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14th November 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines 

Following Wall Street’s upward movement and amid hopes that the rally has more room to run over the coming weeks, Australian equities are expected to extend their gains from Friday. 

ASX futures up by 42 points (0.59%) to 7204. On Friday, the S&P/ASX 200 rose 194 points, or 2.79 percent. 

In comparison to a month ago, when the Aussie temporarily traded with a US61¢ , the local currency increased by 1.4% and reached US67¢. 

Bitcoin was down 2.2% at $US16,461 on bitstamp.net. 

The Nasdaq led New York higher on Wall Street, gaining another 2% as tech stocks attracted further support. Gains were less widespread; six of the S&P 500’s industrial groupings saw gains led by energy. The VIX decreased 4.2% to 22.5. 

The Federal Reserve officials meeting this week will be watched closely by equity strategists who are betting on continued increases for US equities to determine if there is a coordinated effort to oppose a rate pace step down. 

The following Fed speakers are on the radar: Fed vice chair Lael Brainard was the Fed governor on Monday, followed by Lisa Cook, Christopher J. Waller, John Williams, and Michelle W. Bowman, Philip N. Jefferson, as well as James Bullard, head of the St. Louis Federal Reserve, and Loretta Mester, head of the Cleveland Federal Reserve, on Tuesday. 

 

Market movements 

  • AUD increased 1.3% to 67.03 US cents. 

  • Dow +0.1% on Wall Street S&P +0.9% Nasdaq up 1.9% 

  • Stoxx 50 increased 0.6% in Europe. FTSE -0.8% CAC +0.6% DAX +0.6%Spot gold +0.9% to $US1771.24/oz in New York 

  • Brent crude rose by 2.5% to $US95.99 per barrel. 

  • Iron ore increased 4.7% to $US92.25 per tonne. 

  • US 3.81% Australia 3.65% Germany 2.15% 10-year yield 

 

Today’s agenda 

Overseas data: Eurozone industrial production in September; UK Rightmove house prices in November 

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