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4th November 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines 

The 10-year US Treasury yield increased 5 basis points to 4.15 percent at. 

Although the Bank of England resisted market pricing and predicted that the UK economy would decline for two years, the rate increase of 0.75 percentage points was expected. 

As investors braced themselves for rising rates, the three major benchmarks on Wall Street all extended losses, with selling intensifying into the close. This put pressure on growth stocks, particularly some of the tech sector’s top fliers. 

Six of the S&P 500’s 11 industry groupings experienced declines, led by information technology and communication services. The five advancers were led by energy and industrials.  

DataTrek Research predicted that the S&P 500 will likely gain $US220 per share this year in a tweet. In their combined models, analysts had $US230 per share at midyear. They presently have US$236 per share for 2023, an increase of 7%. History indicates that number must decrease. 

The NYSE Fang + Index decreased by 1.5%.  

According to a note from Yardeni Research, Jerome Powell’s press conference “may have signified his next pivot—a pivot to his peak hawkishness.” 

According to Yardeni, Powell said “that the Fed will raise interest rates unless there are persuasive evidence that inflation is abating, which he believes there haven’t been thus far.” There won’t be any breaks along the route, and definitely none will be eased. 

 

Market movements 

  • Bitcoin increased by 0.4% to $US20,240 from AUD -0.9% to 62.93 US cents.
  • The Dow fell 0.5% on Wall Street. S&P -1.1% Nasdaq fell 1.7%
  • Stoxx 50 in Europe fell by 0.8% FTSE +0.6% CAC -0.5% DAX -1%
  • Spot gold fell by 0.3% to US$1629.75/oz;
  • Brent crude fell by 1% to US$95.23/barrel;
  • Iron ore rose by 0.8% to US$83.75/tonne;
  • The 10-year yield was US$4.15%. Germany 2.24% Australia 3.92 %

 

Today’s agenda 

Local: RBA Monetary Policy Statement 

Overseas data: China’s third-quarter current account, the October Nikkei services PMI, German manufacturing orders, the October Markit services PMI and PPI for the Eurozone, and the October US jobs report 

 

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