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13th October 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines 

Officials from the Federal Reserve agreed to increase interest rates to a low level in the near future and maintain them there in order to bring inflation back to the target range, though others stressed it would be crucial to calibrate increases to reduce risks. 

The minutes from their Sept. 20-21 meeting were released overnight in Washington. “Several participants noted that, particularly in the current highly uncertain global economic and financial environment, it would be important to calibrate the pace of further policy tightening with the aim of mitigating the risk of significant adverse effects on the economic outlook,” according to the minutes. 

US Treasury Secretary Janet Yellen made a point of expressing optimism about the country’s financial prospects while promised to be vigilant in addressing “risks on the horizon.” 

She is delivering that message as officials in international finance assemble in Washington to examine the increasingly bleak outlook for the world economy. 

Yellen made the statement in prepared remarks for a conference held in conjunction with this week’s annual meetings of the International Monetary Fund and the World Bank. “Our economy is resilient in the face of global economic challenges,” she added. 

On Thursday, a closely-watched report on consumer prices is due, and on Friday, information on September retail sales is due. Wall Street might benefit from having a clearer picture from both reports of where prices are still trending upward and how consumers are responding. 

 

Market movements 

  • AUD is up 0.2% at US62.83.
  • Bitcoin is up 0.9% to US$19,137.
  • Dow +0.3% S&P 500 +0.3% Nasdaq up 3.0%
  • Gold rose 0.4% to $1,673.59 USD per ounce.
  • Brent crude fell 1.9% to $US92.54 per barrel.
  • Iron ore fell by 0.6% to $US96.50 per tonne.

 

Today’s agenda 

ABS data: 2021 census information on ADF service;  

Weekly payroll jobs and salaries for the week ending September 17.  

US CPI per month. 

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