Markets Overview

  • ASX SPI 200 futures up 0.3% to 7,332.00
  • Dow Average up 0.2% to 35,144.31
  • Aussie up 0.2% to 0.7382 per US$
  • U.S. 10-year yield rose 1.6bps to 1.2930%
  • Australia 3-year bond yield fell 0.3bps to 0.26%
  • Australia 10-year bond yield fell 2bps to 1.18%
  • Gold spot down 0.2% to $1,798.31
  • Brent futures up 0.9% to $74.79/bbl

Economic Events

  • 9:30am: (AU) July ANZ Roy Morgan Weekly Consumer, prior 104.3
  • 10:35pm: (AU) RBA’s Debelle Speech Online to U.S. Conference

Asian stocks look set for a steady open Tuesday as traders assess steep losses in Chinese stocks sparked by Beijing’s sweeping regulatory overhaul as well as another record Wall Street close.
Equity futures edged up in Japan and Australia and were little changed in Hong Kong. The S&P 500 hit a new peak with Tesla Inc. the latest firm to post better-than-expected results. The Nasdaq 100 and Dow Jones Industrial Average also ended at all-time highs. U.S stock futures fluctuated.
The Nasdaq Golden Dragon China Index — which tracks 98 of China’s biggest firms listed in the U.S. — suffered its largest two-day drop since 2008, hurt by China’s clampdown on sectors ranging from technology to education and real estate as Xi Jinping’s Communist Party tightens its grip on the economy.
Treasuries and the dollar declined ahead of this week’s Federal Reserve policy meeting, where officials are expected to discuss an eventual tapering of stimulus. The real yield on U.S. 10-year debt touched a record low, which for some reflects concerns over the spread of the delta coronavirus variant and a possible peak in the economic recovery from the pandemic.

Other News

An ultramarathon runner who is trying to trek on foot from Florida to Bermuda in a strange floating device drifted ashore Saturday along the coast of the Sunshine State, a report said. Reza Baluchi — and his so-called bubble, which allows him to navigate on the top of the water — ventured ashore in Flagler County, Fox 35 reported. Baluchi is attempting the daring sea voyage to raise money for charity and to encourage people to follow their dreams. “I will show people anything you want to do, do it,” he told the news outlet. “Don’t listen to anyone. Chase your dreams.” Baluchi said his goal is to raise money for homeless people, the Coast Guard and police and fire departments. The endurance runner has tried similar aquatic travels in the past. In 2014, he was rescued by the Coast Guard while trying to reach Bermuda in a homemade floating “Hydro Pod.” He had been suffering from fatigue at the time. “I’ll never give up my dream,” he told Fox 35. “They stop me four or five times but I never give up.”