Markets Overview
- ASX SPI 200 futures up 0.3% to 7,482.00
- Dow Average up 0.5% to 35,264.67
- Aussie up 0.2% to 0.7347 per US$
- U.S. 10-year yield rose 2.7bps to 1.3507%
- Australia 3-year bond yield little changed at 0.31%
- Australia 10-year bond yield fell 0.5bps to 1.20%
- Gold spot little changed at $1,728.95
- Brent futures up 2.5% to $70.77/bbl
Economic Events
- 10:30am: (AU) Aug. Westpac Consumer Conf SA MoM, prior 1.5%
- 10:30am: (AU) Aug. Westpac Consumer Conf Index, prior 108.8
- 11am: (AU) Australia to Sell A$300 Million 3.25% 2039 Bonds
Asian stocks looked set to follow their U.S. peers higher as investors assessed the ability of the economy to sustain less stimulus and rising virus outbreaks. Treasuries slipped while the dollar edged higher.
Futures pointed to modest gains in Japan and Australia and dipped in Hong Kong. The S&P 500 climbed to an all-time high, while the tech-heavy Nasdaq 100 declined. Chip stocks retreated, while energy shares rallied. Crude oil bounced back from a three-week low on bets that the global demand recovery will remain intact despite the fast-spreading delta virus variant.
Other News
Oregon Gov. Kate Brown privately signed a bill last month ending the requirement for high school students to prove proficiency in reading, writing, and arithmetic before graduation. Brown, a Democrat, did not hold a public signing or issue a press release regarding the passing of Senate Bill 744 on July 14, and the measure, which was approved by lawmakers in June, was not added into the state’s legislative database until more than two weeks later on July 29, an unusually quiet approach to enacting legislation, according to the Oregonian. “SB 744 gives us an opportunity to review our graduation requirements and make sure our assessments can truly assess all students’ learning,” Charles Boyle, a spokesman for the governor, said in an email to the Washington Examiner. “In the meantime, it gives Oregon students and the education community a chance to regroup after a year and a half of disruption caused by the pandemic.” The bill, which suspends the proficiency requirements for students for three years, has attracted controversy for at least temporarily suspending academic standards amid the COVID-19 pandemic.
