6th October 2022 Market Updates
FPG Fortune Prime Global Overnight headlines
Overnight headlines
After OPEC+ agreed to the greatest supply cut since 2020 and Russia threatened to cut its own output even more, the price of oil continued to rise. Brent crude last increased 2% to $93.67 a barrel.
Inability to hold onto a late-day rise caused Wall Street equities to end the day down on Wednesday. According to preliminary statistics, the Nasdaq Composite lost 30.59 points, or 0.27%, to 11,145.81, while the S&P 500 lost 9.81 points, or 0.20%, to conclude at 3,783.65 points. To reach 30,258.08, the Dow Jones Industrial Average dropped 58.24 points, or 0.14%.
As investors lost faith that the Federal Reserve would be prepared sooner to ease up on rising interest rates in its fight against inflation, US Treasury yields reversed two days of declines to continue their ascent. The benchmark 10-year Treasury yield increased by 16 basis points to 3.7729%.
After two days of steep drops, the dollar index, which measures the value of the dollar against a basket of six different currencies, recovered 1.12% to reach 111.291.
The bearish outlook is consistent with similar calls made by other investment banks, such as Goldman Sachs and Bank of America. These banks are concerned that the S&P 500 has not yet bottomed out despite the fact that it has experienced declines in three consecutive quarters, its first such run since the global financial crisis.
Market movements
- US64.93 at AUD -0.1%
- Bitcoin up 0.2% to $20,178 USD
- S&P 500 down 0.2%, Dow flat -0.4% Nasdaq
- Gold fell 0.6% to $1716.05 US per ounce
- Brent crude rose 1.7% to $US93.37 per barrel
- Iron ore increased 0.2% to $US95.70 per tonne
Today’s agenda
Local: Construction Index for the Australian Industry Group. August international commerce in commodities and services, according to ABS data.
Overseas data: Publishes USA Unemployment Claims
