FPG Overnight Headlines 24/10/2022

Overnight headlines 

On Friday in New York, the yield on the US 10-year note decreased by 1 basis point to 4.22 percent. 

All three major benchmarks on Wall Street increased, and all 11 S&P 500 industry sectors closed higher. 

The S&P 500 reached 3752.75 at the week’s finish. 

While the month of October may have had some downward volatility, Newton added, “I anticipate that the recent improvement in breadth and momentum paired with persistent pessimism should result in excellent buying opportunities on any pullbacks in the weeks ahead.” From November until the middle of December, trends should be optimistic. 

According to Reuters, the S&P 500 increased 4.74 percent for the week, the Dow increased 4.89 percent, and the Nasdaq increased 5.22 percent. The weekly percentage advances for each of the three major indices were the highest in the previous four months. 

Market movements 

• AUD up 1.6% to US$63.79;
• Bitcoin up 1.4% to US$19,449
• Dow +2.5% S&P 500 +2.4% Nasdaq up 2.3%.
• FTSE +0.4% DAX -0.3% CAC -0.9%
• Gold up 1.8% to $1657.69 USD per ounce.
• Iron ore +1.8% at $US93.00 per tonne;
• Brent oil +1.2% at $US93.50 per barrel

Today’s agenda 

Assistant Governor for Financial Markets at the RBA Christopher Kent will present on Exchange Rates and Inflationary Pressures. 

Overseas data: Japanese, Eurozone, UK, and US services and manufacturing PMIs from October; US Chicago Fed national activity index from September 

Week ahead 

Australia’s federal budget, third-quarter CPI, and third-quarter trade figures will all be made public on Tuesday, Wednesday, and Thursday, respectively. On Thursday, the RBA will publish its annual report. 

Overseas, the European Central Bank holds a policy meeting on Thursday, and the next British prime minister may be announced as soon as Monday. This week also sees meetings for the banks of Canada and Japan. 

This week may see the announcement of China’s third quarter GDP. The US earnings season picks up steam with reports from Apple, Amazon, Meta, Alphabet, more Tuesday (Thursday).