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16th September 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines

The US 10-year note’s yield increased by 4 basis points to 3.45 percent.

After a volatile session, equities on Wall Street finished lower. As tech equities fell once more, the Nasdaq had the worst performance. Nine out of the 11 S&P 500 industrial sectors finished lower, led by energy and utilities, while health care and financials advanced.

The VIX increased 0.4% to 26.27.

The outlook for the US economy has been revised downward by Oxford Economics. According to Oxford Economics, “higher-for-longer inflation, more aggressive Fed monetary policy tightening, and negative spillover effects from a weakening global backdrop will combine to push the US economy into a mild recession in H1 2023.

“Our prediction for 2022 real GDP growth is unchanged at 1.7% as the economy should continue to grow strongly in the second half of 2022. However, we have reduced our projection for 2023 by 1ppt to zero.

Last month, retail sales grew 0.3%, helped in part by back-to-school purchasing. However, statistics for July was altered to indicate a decrease in retail sales of 0.4% rather than a stay-the-course. Sales were expected to remain flat, according to economists surveyed by Reuters; expectations ranged from a 0.5% fall to a 0.5% increase.

The subdued increase in retail sales in August shows that the continuous collapse in gasoline prices has so far done little to stimulate real consumption, which is on course to have scarcely increased last month. Consumption growth appears to have slowed further, despite the fact that the third quarter’s overall GDP is still on track to increase.

 

Market movements

  • Down 0.7% to 67.01 US cents in AUD
  • Bitcoin fell 1% to $19,775 USD
  • The Dow fell 0.6% on Wall Street. S&P -1.1% Nasdaq fell 1.4%
  • Stoxx 50 in Europe fell by 0.7% FTSE up 0.1% CAC down 1% DAX -0.6%
  • Spot gold fell 1.9% to $US1665.60 per ounce.
  • Brent crude dropped by 3.3% to $US90.99 per barrel.
  • Ten-year yield: 3.45% US Germany 1.76 % Australia 3.6 %

 

Today’s agenda

Local: Manufacturing PMI for BusinessNZ in August

Overseas data: China’s manufacturing and retail sales start at noon. AEST, August Eurozone CPI, August UK retail sales, and September US early consumer sentiment data from University of Michigan

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