12th September 2022 Market Updates
FPG Fortune Prime Global Overnight headlines
Overnight headlines
The yield on the US 10-year note decreased by 1 basis point to 3.31 percent.
All three major Wall Street benchmarks saw gains on Friday in New York, marking the first up week in four.
The head of technical strategy at Fundstrat Global, Mark Newton, declared that he is positive at the moment.
“It still seems extremely premature to fade the bullish follow-through, which looks set to continue through next Tuesday/Wednesday. One cannot rule out a greater push higher if CPI figures reveal decreasing headline inflation on declining gas prices, even though this rally is likely to reach 4125–4150 at a minimum.
However, longer-term investors may prefer to wait for weakness in the second half of September before buying dips in October. We do not anticipate this surge to continue nonstop throughout the month.
On Friday, the S&P 500 ended at 4067.
Market movements
AUD increased 1.4% to 68.46 US cents
The Dow increased by 1.2%, the S&P 500 increased by 1.5%, and the Nasdaq increased by 2.0% on Wall Street
Spot gold up 0.5% in New York to $US1716.83/oz.
Brent crude increased 3.6% to US$92.32 per barrel
US 3.31% Australia 3.55% Germany 1.69% 10-year yield
Today’s agenda
Local: NZ net migration
The latest consumer confidence data, NAB business survey results, and reports on inflation forecasts are scheduled for Tuesday, Thursday, and August’s labour force statistics, respectively. Monday is expected to be a quiet day.
No overseas data
The newest consumer mood data from the University of Michigan will be issued on Friday, while the US will disclose the August CPI on Tuesday at 10.30 p.m. The Bank of England has postponed its policy meeting one week, till September 22.
