Markets Overview
- ASX SPI 200 futures little changed at 7,434.00
- Dow Average up 0.6% to 35,335.71
- Aussie up 1.1% to 0.7212 per US$
- U.S. 10-year yield little changed at 1.2533%
- Australia 3-year bond yield rose 1bp to 0.19%
- Australia 10-year bond yield rose 2bps to 1.10%
- Gold spot up 1.3% to $1,804.66
- Brent futures up 5.2% to $68.57/bbl
Economic Events
- 9:30am: (AU) Aug. ANZ Roy Morgan Weekly Consumer, prior 101.1
U.S. equities rose Monday as the Covid-19 immunization drive was bolstered by U.S. regulators granting full approval for the vaccine made by Pfizer Inc. and BioNTech SE.
The S&P 500 and Nasdaq 100 rebounded from lows last week as the approval could lead to more vaccine mandates amid a surge in delta variant cases that has threatened the momentum of the global economic recovery. Mixed U.S. data Monday showed July home salescoming in higher than expected while growth at U.S. services and factories slowed to an eight-month low.
Energy shares led the gains as oil rose above $65 a barrel in New York on improving sentiment. Treasuries were little changed and the dollar was weaker as investors also looked ahead to the Jackson Hole symposium Thursday, which may offer insights into how and when the Federal Reserve plans to taper its asset-purchase program. The tech-heavy Nasdaq Composite closed at a record.
Other News
Australia’s biggest natural gas producer has sparked outrage over a science activity taught to eight and nine-year-olds.
Woodside Energy came under fire after volunteers attended a Perth primary school on Thursday to show year three pupils how to ‘make a reservoir’ using slices of bread, Vegemite, sprinkles and M&Ms.
The lesson, which coincided National Science Week, became public after a school permission note sent home to parents stated the task would involve ‘drilling for oil’.
‘The children will get the opportunity to “make a reservoir” using bread slices, Vegemite, and sprinkles,’ the note from the unnamed school read.
‘They will then become their own Exploration Company, and try to find the best spots to ‘drill’ into the sandwich and find the oil (Vegemite).’
It didn’t take long for the school note to go viral online after environmentalists got hold of it.
‘Woodside Energy staff are currently in a primary school in Perth teaching kids how to drill for oil using vegemite sandwiches and 100s & 1000s,’ one tweeted.
Environment group 350 Australia added: ‘Nothing sweet about fossil fuels, but Woodside Energy are trying their best to sell propaganda to the very kids whose future they’re destroying:
A Woodside Energy spokeswoman told the Daily Mail Australia the situation was blown out of proportion on social media.
