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9th September 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

In New York, the yield on the US 10-year note increased by 6 basis points to 3.32 percent. 

On Wall Street, gains continued until the close for all three significant benchmarks. Eight out of the 11 industry groups in the S&P 500 rose along with the health care and financial sectors. The VIX dropped 4.2% to 23.61.  

“Wall Street expects to see some easing in price pressure with next week’s inflation report, but that shouldn’t slow down the present pace of tightening by 75 basis points.” 
Powell gave a speech earlier today.  

Powell stated in a moderated conversation with Peter H. Goettler, the president and CEO of the Cato Institute in Washington, that “the longer inflation remains far above target, the greater the risk that the public regards higher inflation as the usual.” “History strongly warns against premature policy easing.” 
 
Charles Evans, president of the Federal Reserve Bank of Chicago, also spoke overnight in support of Powell. 
 
“I believe that our strategy is sound. He made the comment during remarks at a gathering held by the College of DuPage in Glen Ellyn, Illinois. “We might very well accomplish 75 in September,” he remarked. 
 
“I have not made up my mind. Evans, who did not cast a vote on monetary policy this year, said: “I do know that we need to be hiking interest rates up to a significantly higher level than where they are presently. 
 
 
Market movements 
Down 0.3% to 67.48 US cents in AUD 
Bitcoin fell by 0.3% to US$19,371 
Dow +0.6% S&P 500 +0.7% on Wall Street +0.6% Nasdaq 
In Europe, the Stoxx 50 increased by 0.3%, the FTSE increased by 0.3%, the CAC increased by 0.3%, and the DAX decreased by 0.1%. 
Spot gold fell by 0.5% to $1709.93 USD per ounce. 
Brent crude increased by 1.5% to $89,34 per barrel. 
US 3.32% for the 10-year yield. Germany is 1.71%, Australia is 3.56% 
 
Today’s agenda 
Local: August credit card usage in New Zealand 
Overseas data: PPI and CPI for China in August 

 

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