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Market Analysis

30/01/2023 Today’s Announcements & News

30/01/2023 Today's Announcements & News NZ December trade balance at 8.45am AEDT Overseas: US Dallas Fed index January Australia Australian shares are poised to open higher, bolstered by further gains in New York as Tesla rallied sharply for a second session. United States Fundstrat Global is holding fast to its view that inflation is cooling fast in the US. The overarching takeaway is inflation hit a wall in October and is running well below 3 per cent and arguably on its way to sub-3 per cent by mid-2023. The result will be an easing of financial conditions. The S&P 500 will rise 26 per cent, or to more than 4800 which closed at 4070 on Friday. Commodities Gold futures were flat in the last two weeks as the decline in the US dollar came to a pause. With RSI, indicating that its upside momentum may be exhausted. The rebound in oil markets lost steam with the WTI futures pulling back under $80 per barrel again. While the US crude inventories hit a 16-month high, Russia’s supply seems not to be affected by the western sanctions. The above analysis is only for the views of market researchers and is for reference...

27/01/2023 Today’s Announcements & News

27/01/2023 Today's Announcements & News   Australia Australian markets closed for Australian Day on Thursday. United States Wall Street finished higher amid a Tesla-fuelled tech rally and greater-than-expected US GDP. The US Q4 GDP growth printed at 2.9% annually, higher than an estimated 2.6%, but slower than the third quarter of 3.2%. Despite an insistent tech rally, the economic outlook stays gloomy as the US GDP growth seems to lose momentum. Commodities Gold futures slid as the US dollar strengthened and bond yields held up. From a technical perspective, the precious metal faces a potential pullback risk as a bearish divergence surfaces from an overbought territory in the RSI. Crude oil climbed higher following the Chinese markets’ return as China’s reopening continued to boost the demand outlook. The recent outage in the US refineries has also pushed up the price, while better-than-expected US GDP may have encouraged the commodity markets in general.

26/01/2023 Today’s Announcements & News

26/01/2023 Today's Announcements & News Australia The Australian Q4 CPI data unexpectedly printed at a fresh 30-year high of 7.8% year on year, pushing up the Aussie dollar and sending the ASX 200 lower. AU Market closed today due to Australia Day. United States US stocks bounced off session lows as tech shares showed resilient moves after the Microsoft-induced selloff. Despite a beat on earnings expectations, the software giant warned of a further slowdown in its cloud business’ growth, causing an initial selloff in most of the tech stocks. The US earnings season is not rosy so far, with an expectation of a 3.2% decline in earnings year on year in the S&P 500 in the fourth quarter. The resilient moves on Wall Street on Wednesday suggest that investors intend to be bullish amid macro-optimism on the back of cooling inflation and a slowdown in rate hikes by central banks. Commodities Gold futures climbed higher for the third consecutive trading day as the softened USD continued to push up the precious metal, while the risk aversion sentiment may also support its upside momentum. Golf price may head off the next potential long target of around 1, 973 before it retreats....

25/01/2023 Today’s Announcements & News

25/01/2023 Today's Announcements & News AU Fourth quarter CPI at 11.30am AEDT NZ fourth quarter CPI at 8.45am AEDT, December credit card spending; Eurozone January IFO business climate survey Australia Australian shares were poised to open lower, tracking modest moves in New York. US stocks started to turn more positive in afternoon trading as investors assessed and awaited this week’s wave of quarterly results. ASX futures were down 10 points or 0.1 per cent to 7425 near 7am AEDT.   United States The S&P Global flash January composite purchasing managers index rose 1.6 points to 46.6, the group reported. Readings below 50 indicate falling activity. The gauge of input prices climbed for the first time since May. While the improvement in the composite measure of output at factories and services providers was the first in four months and points to a slower rate of deterioration, the gain in the price index indicates businesses are still contending with rising costs for labor and some materials. Commodities Goldman Sachs and Bank of America have relinquished their lead roles on Abu Dhabi National Oil Co’s planned mega initial public offering of its natural gas business, people with knowledge of the matter said

24/01/2023 Today’s Announcements & News

24/01/2023 Today's Announcements & News AU: NAB December business conditions January PMI services for Japan Nikkei, Eurozone, UK and US January PMI manufacturing for Japan, UK and US US Richmond Fed index January Australia Australian shares are set to open higher as tech stocks paced a broad rally in New York, though US equities had fallen from their session highs near 3pm. ASX futures were up 4 points or 0.05 per cent to 7405 near 7amAEDT. United States It is showing that further erosion in earnings, with the gap between our model and the forward estimates as wide as it’s ever been. The last two times our model was this far below consensus, the S&P 500 fell by 34 per cent and 49 per cent. The earnings recession is imminent. We find the shift in investor tone supportive of our call for new lows in the S&P 500, which will bring this bear market to a close later this quarter or early in 2Q. Commodities Commodities have staged a remarkable rally from the weather-driven lows at the start of the year, coinciding with a fundamental shift in the global macro landscape. With the macro backdrop moving from headwind to tailwind...

23/01/2023 Today’s Announcements & News

23/01/2023 Today's Announcements & News UK January house prices; US December leading index Chinese markets closed this week due to  Lunar New Year holidays Australia Australian shares are poised to move within touching distance of a record high after rising 1.7 per cent last week. The S&P/ASX 200 currently sits about 2.4 per cent off its record high after rallying 5.9 per cent this year. ASX futures up 34 points or 0.46 per cent to 7428 over the weekend. The local currency was 0.8 per cent higher. United States The GS global growth forecast has improved by 0.4 per cent during the last three months, translating into roughly 0.3 per cent of EPS uplift. US dollar weakness would also represent a modest boost to S&P 500 EPS. If the dollar were to have maintained its level at the start of 2023 for the whole year, it would have represented 1 per cent growth vs. the 2022 average. According to company disclosures, 29 per cent of S&P 500 revenues in 2021 were derived from abroad, with 9 per cent attributed to the Asia Pacific region and just 3 per cent to Greater China specifically. Commodities Gold speculators notably added to their...

20/01/2023 Today’s Announcements & News

20/01/2023 Today's Announcements & News Australia   ASX 200 rallied to the highest since April 2022 as miner stocks rose on strong production numbers and positive guidance. Its stock markets have also been buoyed by a sharp decline in Australian bond yields due to an unexpected jump in the unemployment rate. Australian dollar is getting down due to the same reason. United States   Wall Street bounced finished lower after Fed Governor Lael Brainard said to stay course in rate hikes. The US bond yields climbed higher on the comments but still at a multi-month low level, sending the US dollar lower, while commodity prices rose further on supply concerns as China reopens. Commodities Crude oil futures gains on demand optimism as the positive when China’s economic recovering and lifting growth-sensitive commodity prices. Gold price surged nearly 20% from November low as the US bond yields fell sharply.Gold futures spiked to the highest level seen in April 2022.

19/01/2023 Today’s Announcements & News

19/01/2023 Today's Announcements & News AU December Labour Force at 11.30am AEDT US December building permits and housing starts, Philadelphia Fed index January Australia It is expect Australia’s labour market to end the year on a firm note, forecasting an above consensus +35k (cons. 20k) print on headline employment growth, and participation rate forecast to remain at 66.8 per cent leaving the unemployment rate unchanged at 3.4 per cent, at historic lows. A strong headline print led by solid full time employment should further increase the odds of a 25bps hike at next month’s RBA meeting. In latest jobs data review, Roy Morgan on Wednesday said employment decreased slightly in December driven by a decrease in full-time employment. United States Retail sales plummeted 1.1 per cent last month, the biggest drop since December 2021. Data for November was revised to show sales decreasing 1.0 per cent instead of 0.6 per cent as previously reported. Economists polled by Reuters had forecast sales decreasing 0.8 per cent. Retail sales rose 6.0 per cent year-on-year in December. News on inflation continued to be encouraging, with a third report from the Labor Department showing the producer price index for final demand decreased 0.5 per...

Bitcoin Price Soars Above 21,000 US Dollars Crypto Industry Signals Recovery

Bitcoin Soars USD Crypto Recovery. Amid a storm of layoffs that hit dozens of global crypto exchanges, the price of Bitcoin over the weekend recorded a sharp rise above 21,000 US dollars in trading Saturday (14/1/2023). This surge was the highest in two months, bringing the cryptocurrency industry's total market capitalization to over $1 trillion in just the last 24 hours, according to data from Livemint. After previously Bitcoin was hit by a bear market and its price fell in the range of 16,000 US dollars per chip. The price of BTC started rising earlier this week after the US government released its December Consumer Price Index report which fell to 6.5 percent. America's inflation fell compared to November 2022 which was pegged at around 7.1 percent. This decline then gave a signal to investors that there would be an easing of interest rates by the US central bank or known as the Fed at a meeting next week. Bitcoin Soars USD Crypto Recovery. The strengthening of prices on the Bitcoin market was also encouraged by the announcement from lawyers of FTX regarding the settlement of the liquid asset debt of investors amounting to 5 billion US dollars. Even though...

FPG Market Updates 12<sup>th</sup> January 2023 – Stocks higher on upcoming CPI report

FPG Market Updates: 12th January 2023 FPG Fortune Prime Global Market Headlines  FPG Market Updates 12th January 2023 – Stocks higher on upcoming CPI report ASX futures up 57 points or 0.80 per cent to 7196 near 8.30am AEDT • AUDUSD +0.3% to 69.07 US cents • BTCUSD +0.5% to $US17,552 at 8.25am AEDT • US Indexes: Dow +0.8% S&P +1.3% Nasdaq +1.8% • European Indexes: Stoxx 50 +1% FTSE +0.4% CAC +0.8% DAX +1.2% • XAUUSD flat at $US1876.97 an ounce at 3.12pm New York time • UK Brent Oil +3.4% to $US82.85 a barrel • 10-year yield: US 3.53% Australia 3.71% Germany 2.19% • US prices as of 4.27pm in New York Commodities Copper rose above $US9000 a tonne for the first time since June, as reported, fuelled by optimism that China’s reopening will spur demand in the world’s top consumer. The key industrial metal has bounced back following a 14 per cent decline in 2022, when tough coronavirus restrictions hampered the Chinese economy. The country’s shift away from COVID Zero policies has sparked a rebound, while expectations for less aggressive rate hikes by the Federal Reserve have added support. Today's agenda Local: Trade balance November at 11.30am...

FPG Market Updates: 5th January 2022 – Local shares are set to advance

Local shares are set to advance following US investors digesting disparate economic data and buying tech stocks that were hit during Tuesday’s selloff. ASX futures were up 33 points or 0.5 per cent to 7032 near 6am AEDT. The Australian dollar was up 1.7 per cent at US68.40¢. On Wall Street, US stocks reversed early losses to rise on Wednesday as investors digested disparate economic data and snapped up big-tech stocks that were battered during Tuesday’s selloff. The S&P 500 and the Nasdaq 100 jumped after data from the Institute for Supply Management showed improving supply chain conditions, declining input prices and slower demand. All were developments that the US Federal Reserve would welcome.

FPG Market Updates: 20th December 2022 – AUDUSD down 1% at 64.77, Gold rose 0.7% overnight

Local shares are expected to rise at the open, shrugging off declines on Wall Street as investors assessed the pain ahead for growth stocks. ASX futures were up 52 points, or 0.8 per cent, to 6945 near 6am AEDT on Wednesday. AUDUSD was down 1 per cent at US67.33¢. US equities pushed lower led by declines in Tesla and Apple shares. Treasuries pared earlier gains and the US dollar rose the most in nearly three weeks. The S&P 500 fell and the tech-heavy Nasdaq 100’s losses exceeded 1 per cent. Treasury yields declined across the curve and the policy-sensitive 10-year yield was about 3.78 per cent, after dropping to around 3.72 per cent earlier. Oil retreated.

FPG Market Updates: 20th December 2022 

20th December 2022 Market Updates FPG Fortune Prime Global Market Headlines  Market Headlines The US 10-year note's yield was 3.57 percent.  In the wake of last week's flight to safety, which was sparked by concerns about the recession and the Fed's aggressive rhetoric as it fights against inflation, the S&P 500 and the Nasdaq were down, while the Dow Jones managed to hold on to a tiny gain.  The S&P 500, the Dow, and the Nasdaq are on pace to post their worst yearly percentage losses since 2008, the lowest point of the global financial crisis, with only two weeks left in 2022.  Closer to home, today marks the release of the minutes from the Reserve Bank of Australia's December monetary policy meeting.  Market Movements  Down 0.4% to 67.15 cents US  Bitcoin's price on bitstamp.net was down 0.6% at US$16,602.  The Dow fell 0.1% on Wall Street. S&P 500 -0.7% Nasdaq fell 1.1%  FTSE +0.4%, DAX +0.4%, CAC +0.3%, Stoxx 50 +0.2%  Spot gold fell by 0.2% to $1,789.22 USD/oz.  Brent crude increased 1.7% to US$80.36 per barrel.  A tonne of iron ore costs US$109.2  US-based 10-year yield: 3.59% Germany 2.20% Australia 3.53%  Today’s Agenda  Local:  - The December monetary...

FPG Market Updates: 19th December 2022 

19th December 2022 Market Updates FPG Fortune Prime Global Market Headlines  Market Headlines In New York, the yield on the US 10-year note increased by 4 basis points to 3.48 percent.  The three major Wall Street benchmarks all ended Friday's trading session approximately 1% lower as three US policymakers predicted no change in interest rates anytime soon.  The Dow dropped 1.7%, the S&P dropped 2.1%, and the Nasdaq dropped 2.7% for the week.  Market Movements  Down 0.3% to 66.85 cents US  The Dow fell 0.9% on Wall Street. S&P -1.1% -1% Nasdaq  Stoxx 50 in Europe fell by 0.8% DAX -0.7%, CAC -1.1%, and FTSE -1.3%  Spot gold in New York is up 0.9% to $1793.08 USD/oz.  Brent crude dropped by 2.5% to $US79.20 per barrel.  Iron ore fell by 0.4% to $112.70 US per tonne.  US 3.48% Australia 3.45% Germany 2.14% 10-year yield  Today’s Agenda  Local: NZ consumer confidence Westpac-MM fourth quarter  Overseas data: German IFO business climate survey from December; US NAHB housing market index from December 

FPG Market Updates: 16th December 2022 

19th December 2022 Market Updates FPG Fortune Prime Global Market Headlines  Market HeadlinesIn New York, the yield on the US 10-year note increased by 4 basis points to 3.48 percent. The three major Wall Street benchmarks all ended Friday's trading session approximately 1% lower as three US policymakers predicted no change in interest rates anytime soon. The Dow dropped 1.7%, the S&P dropped 2.1%, and the Nasdaq dropped 2.7% for the week.  Market Movements Down 0.3% to 66.85 cents US The Dow fell 0.9% on Wall Street. S&P -1.1% -1% Nasdaq Stoxx 50 in Europe fell by 0.8% DAX -0.7%, CAC -1.1%, and FTSE -1.3% Spot gold in New York is up 0.9% to $1793.08 USD/oz. Brent crude dropped by 2.5% to $US79.20 per barrel. Iron ore fell by 0.4% to $112.70 US per tonne. US 3.48% Australia 3.45% Germany 2.14% 10-year yield  Today’s Agenda Local: NZ consumer confidence Westpac-MM fourth quarter Overseas data: German IFO business climate survey from December; US NAHB housing market index from December 

FPG Overnight Headlines 15/12/2022

15th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines  The Dow lost more than 600 points from just before the Fed announced its statement and projections until long after Fed chairman Jerome Powell started meeting with reporters, resulting in a final loss of 142 points.  Powell claimed that the government's aggressive campaign of interest rate rises was still ongoing. "There is still a long way to go. Maintaining a tight posture on policy for a while will probably be necessary to restore price stability, he told reporters.  Just before the Fed delivered its rate statement and updated economic predictions, all US benchmarks were up by around 0.8%. Over the last two hours of trading, they fluctuated widely.  Rates are expected to close the year at 5.1%, shattering expectations that the Fed will switch to a rate drop in the second half of 2023. Rates are anticipated to be 4.1% by the end of 2024.  A sustained increase  Seven authorities anticipate a rate peak that is considerably higher, with one official predicting that the rate will need to increase to 5.75 percent and remain there through at least 2025.  It's unclear if Fed officials genuinely trust their...

FPG Overnight Headlines 14/12/2022

14th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines  At closing, 10 of the 11 S&P 500 industry groups were headed higher by the real estate sector. Consumer goods experienced a 0.2% decline. More than 9% of the VIX was lost. The final S&P 500 value was 4019.  The local currency increased by 1.6%, while the Bloomberg dollar spot index fell by 0.9% as a result of the inflation report providing the Federal Reserve room to raise rates tomorrow in a smaller step.  Following their final meeting of 2022 on Thursday, decision-makers will issue a statement. They are anticipated to vote to reduce the key rate from 0.75 percent to 0.5 percent.  Bitcoin increased by 3.2% to $US17,728 after briefly approaching $US18,000.  The US 10-year note's yield decreased 10 basis points to 3.51 percent.  At the opening bell on Wall Street, shares soared higher. The Dow increased by about 700 points in the first half of the day, and then another 100 points were added.  The S&P 500 and Nasdaq Composite both reflected the abrupt open and retreat, although they have so far managed to stay in positive territory for the session.  A crucial economic policy...

FPG Overnight Headlines 13/12/2022

13th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines US consumer price information for November will be made public on Wednesday. The Federal Reserve's policymakers will meet for two days starting tomorrow; a statement is expected on Thursday. The local currency fell by 0.9% while the Bloomberg dollar spot index increased by 0.4%. Bitcoin's price on bitstamp.net dropped by 1.3% to $US17,019. The US 10-year note's yield increased by 3 basis points to 3.61 percent. Energy led all 11 of the S&P 500's industry sectors up on Wall Street. Market movements Down 0.7% to 67.51 US cents in AUD Bitcoin fell 0.6% to $17,062 USD Dow up 1.6% on Wall Street S&P +1.4% Nasdaq rose 1.3% Stoxx 50 in Europe fell by 0.5% FTSE –0.4% CAC –0.5% DAX -0.4% Spot gold fell by 0.9% to $1781.89 USD/oz. Brent crude increased 2% to US$77.63 per barrel. Iron ore fell by 1.9% to US$110.25 a tonne. US 3.61% Australia 3.38% Germany 1.93% 10-year yield Today’s agenda Local: Westpac-MI consumer confidence in December,November business survey by NAB Overseas data: German final CPI for November; ILO October unemployment rate for the UK; Wednesday's US November CPI data

FPG Overnight Headlines 12/12/2022

12th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlinesIn New York, the yield on the US 10-year note increased by 10 basis points to 3.58 percent.After a largely quiet session, all three major Wall Street benchmarks declined in the last hour. The Dow closed at 33,476 down 305 points. S&P 500 ended the day at 3934.Ten out of the eleven S&P 500 industry groups finished down as sentiment turned significantly negative. With a 2.3% decrease, energy saw the biggest drops. The fact that eight of the dropping categories dropped by less than 1% may have been a plus. A little 0.02 percent increase was recorded in communication services.The US consumer price index for November will be made public early on Wednesday AEDT. On Thursday, Australia's November jobs report will be released.Philip Lowe, the head of the RBA, will deliver the opening remarks on Wednesday at the AusPayNet Annual Summit in 2022. Market movementsAUD up 0.4% to 67.95 cents USDow dropped by 0.9% on Wall Street. S&P -0.7% Nasdaq fell 0.7%Stoxx 50 up 0.5%, FTSE up 0.1%, CAC up 0.5%, and DAX up 0.7%Spot gold increased by 0.5% to $US1797.32/oz.A barrel of Brent crude fell by 0.1% to...

FPG Overnight Headlines 09/12/2022

9th December 2022 Market Updates FPG Fortune Prime Global Overnight headlines  Overnight headlines  The yield on the 10-year US Treasury note increased 7 basis points to 3.48 percent, making up the majority of the loss from the previous session.  Information technology led nine of the 11 S&P 500 industry sectors higher on Wall Street. Energy and communication services were behind.  Market movements  AUD +0.7% to 67.72 US cents  Bitcoin is now worth $US17,186, up 2.2%.  Dow +0.6% on Wall Street S&P +0.8% Nasdaq increased by 1.1%.  Stoxx 50 +0.2% FTSE -0.2% CAC -0.2% DAX +0.02%  Spot gold increased by 0.1% to $1789.43 per ounce;   Brent crude decreased by 0.5% to $76.80 per barrel;   Iron ore increased by 3% to $110.70 per tonne;   The 10-year yield was US 3.48%. Australia is 3.36%, Germany is 1.81%  Today’s agenda  Local: November credit card usage in NZ  Overseas data: China November CPI and PPI; US November PPI final; preliminary December consumer sentiment from the University of Michigan 

FPG Overnight Headlines 08/12/2022

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...

FPG Overnight Headlines 07/12/2022

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...

FPG Overnight Headlines 06/12/2022

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...

FPG Overnight Headlines 05/12/2022

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:...

FPG Overnight Headlines 02/12/2022

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...

FPG Overnight Headlines 01/12/2022

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...

FPG Overnight Headlines 30/11/2022

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...

FPG Overnight Headlines 29/11/2022

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...

FPG Overnight Headlines 25/11/2022

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...

FPG Overnight Headlines 24/11/2022

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...

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