FPG Overnight Headlines 30/11/2022

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 in Berlin that “risks are on the negative.” In this period of extremely high uncertainty, it is possible that we will need to lower these projections

Market movements

• Bitcoin increased by 1.6% to US$16,481
• AUD increased by 0.6% to 66.89 cents.
• Dow gained 0.01% on Wall Street. S&P -0.2% Nasdaq fell 0.6%

• Stoxx Europe 50 -0.03% DAX -0.2%, CAC +0.1%, and FTSE +0.5%
• Spot gold increased by 0.5% to $US1750.14/oz,
• Brent crude increased by 0.5% to $US83.59/barrel,
• Iron ore increased by 2.4% to $US101.25/ton,
• The 10-year yield was US 3.75%. 3.60% for Australia Germany, 1.9%

Today’s agenda

Local: Speaking at the Sydney 2022 Australian Securitization Conference is Jonathan Kearns, head of domestic markets for the RBA; Construction work completed in the third quarter, October building approvals, October private sector credit, and October CPI indicator

Overseas data: Building permits in NZ in October and ANZ business confidence China’s manufacturing and services PMIs for November, Japan’s industrial production for October, the Eurozone’s preliminary CPI for November, the US’s November ADP report, the third quarter’s annualised GDP, and the Chicago MNI Pending home sales and November PMI September, Fed Brown Book