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16th November 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines

The 10-year US Treasury yield decreased 8 basis points to 3.77 percent, continuing its previous decline.

The NYSE Fang + Index increased 3.4% on Wall Street. Nine out of the 11 industry sectors in the S&P 500 saw gains led by communication services. Earlier, all 11 had been higher.

Following the release of good quarterly results and an increase in its yearly outlook, Walmart saw a 6.5% increase.

A monthly Bank of America survey found that although global fund managers are still keeping their distance from the market even if stocks are in a rallying phase.

Investors continue to evaluate the positions of specific Fed policymakers.

Michael Barr, the vice chair for supervision at the Federal Reserve, warned that as the US central bank deals with excessive inflation, the US economy would suffer.

During a hearing with the Senate Banking Committee on Tuesday in Washington, he stated, “I think that it is the case that we are going to witness significant slowdown in the economy. “Inflation is way out of control.”

President Raphael Bostic of the Atlanta Fed wrote in an editorial that although there have been some encouraging recent indications that inflation may be moderating, more effort is still required.

There are signals of hope, according to Bostic, who cited signs including slower price hikes for commodities. “I need to see signs of a general decrease of inflation,” the speaker said.

In a separate statement, Patrick Harker, president of the Philadelphia Federal Reserve, said he anticipates policymakers to moderate the rate of interest rate rises as monetary policy gets closer to being suitably restrictive.

In remarks for a speech, Harker stated, “In the coming months, in light of the cumulative tightening we have achieved, I believe we will decrease the pace of our rate hikes as we approach a sufficiently restrictive stance.” “I anticipate we will hold at a restrained rate for a while to let monetary policy do its work” sometime in the coming year.

 

Market movements

  • Bitcoin increased by 2.9% to US$16,802
  • On Wall Street, the Dow gained 0.2% and S&P gained 0.9%,Nasdaq rose 1.5%
  • Stoxx 50 increased 0.7% in Europe. FTSE -0.2% DAX + 0.5% CAC + 0.5%
  • Spot gold was up 0.2% to $US1775.35/oz.
  • Iron ore increased by 0.4% to US$95.70 per tonne, and
  • Brent crude increased by 1.9% to US$94.93 per barrel.
  • The 10-year yield was US$3.77%. Germany 2.10% Australia 3.75%

 

Today’s agenda

Local: Westpac October leading indicator; third-quarter Wage

Overseas data: September business inventories from September, October CPI from the UK, October retail sales from the US, industrial production and import/export prices from September, and November NAHB housing market

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