8th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines The US 10-year note's yield decreased by 11 basis points to 3.42 percent. Communication services led eight out of the 11 S&P 500 industry groups lower on Wall Street. Citi: "Things are easing." According to Citigroup CEO Jane Fraser, as more and more nations experience recessionary conditions, the US economy is expected to follow suit in the second half of 2019. Likewise, "obviously, things are easing" in the US. The consumer is still strong, spending money and holding cash balances far beyond pre-COVID levels, but I think we're at a turning point, according to US Bancorp CEO Andy Cecere. "The full year VIX average might be lower if the Fed pivots early next year in reaction to some combination of swiftly cooling inflation and a strong market sell-off, while average volatility levels could exceed our target if monetary policy tightens well into next year." For the sixth time in a row, the Bank of Canada aggressively increased its benchmark interest rate while leaving the door open to suspending its cycle of increases. The benchmark overnight lending rate was increased by policymakers under the direction of governor Tiff...

7th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines  The 10-year US Treasury yield decreased by 4 basis points to 3.53 percent.  JPMorgan CEO Jamie Dimon predicted a "moderate to more significant recession" in an interview with CNBC. Bank of America's Brian Moynihan claimed that the bank has paused new hiring while David Solomon, the CEO of Goldman Sachs, warned of job cutbacks and significantly reduced bonuses.  According to Bloomberg, Morgan Stanley started a strategy to cut nearly 2000 employees from its global workforce, or about 2% of the entire workforce.  After cutting production for five consecutive months, the US reversed course and increased its prediction for oil production in 2019. This move allayed worries about a slowdown in shale field output.  According to a monthly estimate from the Energy Information Administration, production is expected to surpass the record 12.315 million barrels per day recorded in 2019 and reach 12.34 million barrels per day the following year.  Market movements  Bitcoin increased by 0.3% to US$16,959  The Australian dollar decreased by 0.2% to 66.87 US cents.  Dow down 1% on Wall Street S&P -1.4% -2% Nasdaq  Stoxx 50 in Europe fell by 0.4% FTSE -0.6% CAC -0.1% DAX -0.7%  Spot...

6th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines The 10-year US Treasury yield increased 10 basis points to 3.59 percent. Tesla's stock fell after it was revealed that it would reduce Model Y production at its Shanghai plant by more than 20% from November's levels in December. According to Bloomberg, one of the most reputable SPAC industry sponsors, Alec Gores, will not be merging his Gores Holdings VIII with the materials science startup firm Footprint. Retail traders and Cathie Wood's Ark Investment Management took a hit when Concord Acquisition Corp, whose chairman is former Barclays CEO Bob Diamond, ended its partnership with a stablecoin issuer. As the mania for transactions using special-purpose acquisition businesses goes bust, the two cancellations, which occurred less than an hour apart, are a reminder that industry titans and financial heavyweights with prospective mergers aren't safe. As the market turns against speculative industries, particularly the SPAC market, more than 55 purchases have been abandoned this year. Just a few of the more than 65 sponsors that ceased operations were those cancelled arrangements, sending a terrible message to the 470 teams that are still looking for sponsors.   Market movements On Wall...

5th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines Iron ore is expected to continue its upward trend beyond the $US100 per tonne mark as Australian shares are expected to open higher on expectations that China would continue to relax its zero-COVID policy. ASX futures up by 19 points (0.26%) to 7334. The local currency barely changed while the Bloomberg dollar spot index fell below US68. Bitcoin was up 0.8% to $US17,112 on bitstamp.net. The US 10-year note's yield decreased 2 basis points to 3.49 percent. The S&P 500 and the Nasdaq both declined to close their week, although the Dow managed to teeter upward on Wall Street. The mixed trading followed the November jobs report, which revealed that despite numerous interest rate increases, the US labour market is still solid.   Market movements Down 0.3% to 67.90 US cents in AUD Dow +0.1% on Wall Street S&P -0.1% -0.2% Nasdaq Stoxx 50 in Europe fell by 0.2% FTSE -0.03% CAC -0.2% DAX +0.3% Spot gold fell by 0.3% to US$1797.79/oz; Brent crude fell by 1.2% to US$85.86/barrel; Iron ore rose by 4.1% to US$107.30/ton; 10-year yields were US$3.49%. 3.39% Australia Europe 1.85% Today’s agenda Local:...

2nd December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines The 10-year US Treasury yield decreased 10 basis points to 3.50 percent at. The Dow was losing ground on Wall Street. The index fell by 195 points at the closing after rising by 737 points the previous day. The S&P 500 finished close to 4076. Investors need to pay attention, according to equities strategists at JPMorgan, including Marko Kolanovic: "The S&P 500 Index recovery from crucial support near 3500 is approaching our base-case set of technical goals, which are currently in the 4100s. "We expect the index to decline in the first quarter because we don't think the market will be able to maintain a break above that resistance zone. The level of initial support is 3900. Together with co-founder and newest prospective successor Marc Benioff, Salesforce co-CEO Bret Taylor is leaving the firm after only one year in the top position. In a note, Bank of America reported that while the S&P 500 surged for a second consecutive month, the Sell Side Indicator (SSI), which measures the average recommended allocation to stocks by US sell-side strategists, increased 56 basis points to 53.3% in November. The bank...

1St December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines Despite commodities declining and nerves fraying ahead of the August US nonfarm payroll report, Australian shares are expected to open slightly higher thanks to a shift in New York.  If the US labour market remains robust, it might make the Federal Reserve's decision to raise interest rates higher and more quickly even stronger.  ASX futures reversed early losses by rising 21 points, or 0.31 percent, to 6818.  Dow up 0.5% on Wall Street S&P 500 +0.3% Nasdaq fell 0.3% The local currency decreased to below US68. The Fed will not stop raising rates for some time are helping to support the dollar.  Bitcoin's price on bitstamp.net dropped by 0.9% to $US19,991.  The US 10-year note's yield increased by 6 basis points to 3.26 percent.  On Wall Street, the Dow began to rise around 3 o'clock, and this momentum grew in the final minutes, helping the S&P 500 also close higher. The Nasdaq substantially cut its previous losses.  Kurt Reiman, senior investment strategist at BlackRock, predicts that shares of oil and gas companies will continue to be a rare bright spot in an otherwise challenging market, despite the asset manager's downgrading of...

30th November 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines Due to the small losses in New York, Australian equities are expected to open barely altered. The Nasdaq was hurt by a decline in tech shares as US Treasury yields shot up. ASX futures dropped one point to 7259. Dow +0.01% on Wall Street. S&P -0.2% -0.6% Nasdaq BHP +3.1% in New York Rio +4.1% -3.5% for Atlassian Tesla -1.1% Apple -2.1% -1.6% for Amazon Letter -0.8% The local currency increased by 0.6% while the Bloomberg dollar spot index decreased by 0.1%. Bitcoin's price on bitstamp.net increased by 1.6% to $US16,481. The 10-year US Treasury yield increased 6 basis points to 3.74 percent. Information technology led six of the S&P 500's 11 industry sectors lower on Wall Street. The five advancers were led by real estate. The VIX did not alter much. The International Monetary Fund may need to lower its prediction for China's economic growth as obstacles in the real estate market and COVID-19-related limitations dim the outlook. The crisis lender with headquarters in Washington predicts that China's GDP would grow by 3.2% this year and 4.4% in 2023. IMF Managing Director Kristalina Georgieva told reporters...

29th November 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines At 3.68 percent, the yield on the US 10-year note was unchanged. Wall Street mood was negatively impacted by the COVID protests in China and the Federal Reserve officials' ongoing calls for higher interest rates, with real estate leading all 11 S&P 500 industry groups below. One of the St. Louis Fed's most hawkish officials, James Bullard, stated that he believes "markets are underpriceing a little bit the risk that the will have to be more aggressive rather than less aggressive in order to contain the very substantial inflation that we have in the US." Separately, John Williams, the head of the New York Fed, stated in an online forum sponsored by the Economic Club of New York that his "baseline view is that we're going to need to raise rates further from where they are today" and that "we're going to need to keep restrictive policy in place for some time," at least through 2023. According to the Platts division of S&P Global Commodity Insights, "market participants continued to cite poor market confidence and see large uncertainty pertaining to market demand outlook," the spot price of...

25th November 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlinesFollowing advances in Europe on expectations that the US Federal Reserve is close to ending its rate-rising cycle, Australian equities are expected to increase marginally at market open.ASX futures up by 14 points (0.19%) to 7267.The local currency increased by 0.5%. The dollar spot index according to Bloomberg decreased by 0.3%.Bitcoin's price on bitstamp.net increased by 0.8% to $US16,565.The Thanksgiving holiday saw a closure of the US financial markets. On Friday, trading will resume, although markets will close early at 1pm local time.According to Reuters, the STOXX 600 index for Europe closed at a new three-month high, driven by increases in stocks related to real estate.The STOXX 600 index for all of Europe increased 0.5% to reach its highest point since August 18.While predicting a deteriorating recession for Sweden's economy, Riksbank increased borrowing prices by 0.75 points to 2.5 percent and indicated more tightening is necessary to control inflation.Despite the financial suffering that consumers are experiencing, the Bank of England must keep hiking interest rates to get inflation back to 2%, according to two policymakers.Deputy Governor Dave Ramsden stated that his preference was for additional tightening and cited...

24th November 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines Following a signal from US policymakers that they are leaning towards a downshift in their rate-rising cycle, Australian shares are expected to open slightly higher. According to the meeting's minutes from November 1-2, "a strong majority of participants judged that a decrease in the pace of increase would likely soon be warranted." ASX futures increased by 5 points, or 0.07 percent, to close at 7254. Prior to the release of the minutes, they had decreased by a comparable amount. Dow +0.3% S&P +0.6% on Wall St. Nasdaq up 1%. Investors should anticipate a rate increase of 50 basis points at the upcoming Fed meeting, according to Jeffrey Roach of LPL Financial. Recession appears to be more likely in the coming year, though it might be brief and modest if the Fed reacts appropriately. The local currency increased by 1.3% to reach US67; the NZ dollar increased by 1.5% to US62.46. The exchange rate was $NZ1.0781 or AUD92.75. Bloomberg's dollar spot index decreased 0.8%. Bitcoin's price on bitstamp.net increased by 2.3% to $US16,503. The US 10-year note's yield decreased by 6 basis points to 3.69 percent. The stock...