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29th September 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines 

The 10-year US Treasury yield fell 21 basis points to 3.73 percent. That was nothing compared to the turnaround in the UK markets. 

The UK 30-year bond’s yield dropped 106 basis points to 3.92 percent, while the UK 10-year note’s yield dropped 50 basis points to 4%. 

The Bank of England’s decision to intervene by “temporary purchases of long-term UK government bonds from September 28” was followed by those actions. These purchases will be made in order to bring the market back to order. The purchases will be made at whatever volume is required to achieve this result. 

The British pound increased by 1.4% to $US1.0882. 

All three of the key benchmarks on Wall Street increased. Following news that it will not increase production of the “basic” iPhone 14 model, Apple lagged and experienced a decline. 

Despite being dragged down by Apple, the NYSE Fang + Index increased by 3.1%. The VIX decreased 7%, dropping to below 30.18. All 11 of the S&P 500’s industry sectors saw gains led by the energy sector. 

The US fuel inventory statistics revealed larger-than-anticipated drawdowns and a comeback in consumer demand, which helped oil gain for a second day. 

Market movements 

  • AUD +1.3% to US cents 65.21 

  • Bitcoin increased 3.3% to US$19,605 

  • Dow up 1.9% on Wall Street S&P +2% Nasdaq up 2.1% 

  • Stoxx 50 + 0.2%, FTSE + 0.3%, CAC + 0.2%, and DAX + 0.4% in Europe 

  • Spot gold up 1.9% to $1660.11 per ounce 

  • Brent crude increased 3.5% to US$89.25 per barrel 

  • US 3.73% Australia 4.09% UK 4% Germany • 10-year yield 2.11% 

Today’s agenda 

Local: August job openings; New Zealand Business confidence in September 

Overseas data: European Union consumer and economic confidence US second quarter GDP annualised in September; second quarter Core PCE 

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