FPG Overnight Headlines 08/11/2022

Overnight headlines 

The US 10-year note’s yield increased by 5 basis points to 4.21 percent. 

Communication services led eight out of the 11 S&P 500 industry groups higher on Wall Street. Utilities, consumer discretionary, and real estate were among the decliners. The VIX decreased 0.7% to 24.38. 

The Fed’s unambiguous message that it is not yet finished and stronger than anticipated labour market statistics seriously tested the bear market rally last week. It did, however, survive this assault when all was said and done at the end of the week, only to face another one this week with inflation data due on Thursday and a midterm election that would increase uncertainty in the near future. 

Market movements 

• Bitcoin fell by 1.9% to $US20,772 
• AUD increased by 0.2% to 64.80 US cents
• Dow up 1.3%; S&P up 1% on Wall Street. +0.9% Nasdaq
• Stoxx 50 increased 0.6% in Europe. DAX +0.6%, CAC flat, and FTSE -0.5%
• Spot gold decreased by 0.3% to US$1676.39/oz;
• Brent crude decreased by 0.6% to US$97.99/barrel; 
• Iron ore decreased by US$10.95 to US$87.95/tonne; 
• The 10-year yield was US$4.21%. 3.90% in Australia Deutschland 2.34%

Today’s agenda 

Local: Consumer confidence data from November from Westpac and a business survey from NAB 

Overseas data: September retail sales in Europe; consumer credit in the US September