Markets Overview
- ASX SPI 200 futures up 0.4% to 7,396.00
- Dow Average down 0.4% to 34,879.38
- Aussie little changed at 0.7367 per US$
- U.S. 10-year yield fell 4.5bps to 1.2937%
- Australia 3-year bond yield fell 0.8bps to 0.29%
- Australia 10-year bond yield fell 3bps to 1.27%
- Gold spot up 0.3% to $1,794.22
- Brent futures down 1.8% to $71.26/bbl
Economic Events
Asian stocks looked set for a steady start Friday after a bout of weakness in global shares due to a slowdown in the pandemic recovery and the prospect of reduced central bank stimulus.
Equity futures for Japan, Australia and Hong Kong pointed to modest gains. U.S. contracts fluctuated after the S&P 500 dropped for a fourth session, the longest losing streak since June, and the tech-heavy Nasdaq 100 retreated. Reports showed a decline in U.S. jobless claims but also more disruption from the delta virus variant, including Microsoft Corp.’s move to scrap plans to fully reopen its offices.
Treasuries climbed amid the mood of caution and strong demand at a 30-year bond auction. A gauge of the dollar fell. In commodities, oil slid after China decided to tap crude reserves to ease a surge in energy costs.
Chinese technology stocks listed in the U.S. edged lower after a bruising tumble in Asia. Beijing’s crackdown on a range of private industries as well as possible steps to cushion the second-largest economy remain in focus for traders.
Other News
An HR advisor who said he had been left ‘shocked and disillusioned’ after getting just three chicken nuggets for lunch has been awarded over £5,000 after he was sacked for complaining.
Dissatisfied Steven Smith, 30, had been upset at the size of the £1.99 portion he was handed in the office canteen of the company support firm where he worked.
An employment tribunal heard when he queried why others were getting four or five nuggets, he said he felt ‘antagonised’ when he was told he could get three more for an extra 99p.
Mr Smith ‘advised’ the dinner lady he was not a ‘kid’ and ‘if I wanted a happy meal I would go to McDonalds’ before pushing the meal back towards her and leaving the canteen.
The woman said the incident left her stomach ‘churning’ and ‘almost afraid to come into work’.
She complained about his behaviour and Mr Smith was later sacked for gross misconduct after the company found he ‘acted violently’.
But the tribunal has concluded he was unfairly dismissed as the matter was not investigated properly by bosses and will now be awarded £5,181.60.
The Glasgow hearing was told Mr Smith began working for Teleperformance Limited, a company which offers support to clients such as energy companies, in the human resources department based in Airdrie, Scotland in November 2016.
