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18th October 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines

US 10-year note yield decreased by 1 basis point to 4.01 percent. The yield on the UK 10-year note fell by 36 basis points to 3.96 percent.

The three main Wall Street benchmarks all began the trading week significantly higher. All 11 industry sectors of the S&P 500 had gains, led by consumer discretionary and real estate.

NYSE Fang Plus Index rose sharply. Vix decreased.

Yardeni Research stated in a note, “We are expecting that instead of a V-shaped capitulation bottom, the S&P 500 may very well continue in a volatile trading range around the June 16 low of 3666 for a little longer before climbing up towards the August 16 high of 4305 during the course of this year.”

Overnight, the S&P 500 finished at 3678.

Yardeni attributed the most recent gain to remarks made late last week by James Bullard, a policymaker for the Fed, who indicated he would vote for a 75 basis point rate increase in November and another in December before pushing for a pause.

 

Market movements

  • AUD increased 1.4% to 62.88 US cents
  • Bitcoin increased 1.2% to US$19,551
  • Dow up 1.9% on Wall Street S&P +2.7% Nasdaq up 3.4%
  • Stoxx 50 (+1.8%), FTSE (+0.9%), CAC (+1.8%), and DAX (+1.7%) in Europe
  • Spot gold is up 0.4% to $1,651.73 USD per ounce
  • Brent crude increased by 0.01% to $91.64 a barrel
  • Ten-year yield: 4.01% US Germany 2.26% Australia 4.02%

 

Today’s agenda

Local: NZ third-quarter CPI, RBA deputy governor Michele Bullock’s lecture on policymaking at the Reserve Bank at the Australian Finance Industry Association Annual Conference in Sydney, and the minutes of the RBA’s October board meeting

Overseas data: The release of Q3 GDP figures and September activity data, originally slated for publication on Tuesday, has been postponed by China’s statistics office; ZEW forecasts for the eurozone for October; US industrial production in September and the NAHB housing market index in October

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