Markets Overview

  • ASX SPI 200 futures little changed at 7,335.00
  • Dow Average up 0.4% to 35,084.53
  • Aussie up 0.2% to 0.7394 per US$
  • U.S. 10-year yield rose 3.1bps to 1.2643%
  • Australia 3-year bond yield fell 0.4bps to 0.23%
  • Australia 10-year bond yield rose 0.1bps to 1.15%
  • Gold spot up 1.2% to $1,828.12
  • Brent futures up 1.7% to $76.01/bbl

Economic Events

  • 11am: (AU) Australia to Sell A$700 Million 2.75% 2027 Bonds
  • 11:30am: (AU) June Private Sector Credit MoM, est. 0.4%, prior 0.4%
  • 11:30am: (AU) June Private Sector Credit YoY, est. 2.4%, prior 1.9%
  • 11:30am: (AU) 2Q PPI QoQ, prior 0.4%
  • 11:30am: (AU) 2Q PPI YoY, prior 0.2%

Asian stocks looked set for a muted start Friday as traders weighed megacap technology earnings and risks from China’s crackdown on private industries. U.S. shares edged up while Treasuries and the dollar fell.
Futures dipped in Japan and Hong Kong but were steady in Australia. Nasdaq 100 and S&P 500 contracts slipped in early Asia trading. On Thursday, Asia-Pacific shares jumped the most in more than two months after Beijing tried to allay market fears over regulatory curbs on private industries, but U.S.-listed Chinese stocks resumed declines overnight.
Benchmark 10-year U.S. Treasury yields pushed higher and a gauge of the dollar slid, putting the greenback on course for its biggest weekly drop since May. Oil held overnight gains and the Bloomberg Commodity Spot Index was at the highest in about a decade on expectations of strong demand from economic reopening.

Other News

Tourists are panning a “hollowed-out mountain” installation that opened this week in London – leading officials to offer refunds to people who paid to see it. The $2.78 million, 80-foot high Marble Arch Hill near Hyde Park was supposed to attract tourists but instead it has attracted insults, with some of the more kind social media comments comparing its design to the set of “The Teletubbies.” “Marble arch mound is the worst thing I’ve ever done in London,” said one Twitter user. Another called it the “s— hill at Marble Arch.” “It’s literally just scaffolding covered in plastic sheeting and from tomorrow you can pay £8(!!) to climb the stairs to marvel at the busy intersection from a height,” the user posted. “Omg it’s so bad.” Another user noted the reality of the hill didn’t match the green-filled artist’s rendering of the project, while many others compared its boxy landscape to the graphics of old video games such as “Mario 64” from the mid-1990s. The temporary installation, which will remain in place through January, is built from scaffolding covered in turf and offers great views of the area. But much of the landscape has yet to grow in and certain parts of the installation have yet to open, officials said. “We are aware that elements of the Marble Arch Mound are not yet ready for visitors,” the Westminster City Council said in a statement posted to its website on Monday. “We are working hard to resolve this over the next few days.” Visitors will be offered refunds and return tickets free of charge, the statement said. Those who have tickets purchased through the weekend can come see the hill and still get a free return ticket, the council stated.