- ASX SPI 200 futures little changed at 7,418.00
- Dow Average up 0.1% to 35,785.18
- Aussie up 0.2% to 0.7505 per US$
- U.S. 10-year yield fell 1.8bps to 1.6132%
- Australia 3-year bond yield rose 3bps to 0.77%
- Australia 10-year bond yield rose 2bps to 1.81%
- Gold spot down 0.8% to $1,793.74
- Brent futures up 0.5% to $86.38/bbl
- 11:30am: (AU) 3Q CPI Trimmed Mean QoQ, est. 0.5%, prior 0.5%
- 11:30am: (AU) 3Q CPI Trimmed Mean YoY, est. 1.8%, prior 1.6%
- 11:30am: (AU) 3Q CPI Weighted Median QoQ, est. 0.5%, prior 0.5%
- 11:30am: (AU) 3Q CPI Weighted Median YoY, est. 1.9%, prior 1.7%
- 11:30am: (AU) 3Q CPI YoY, est. 3.1%, prior 3.8%
- 11:30am: (AU) 3Q CPI QoQ, est. 0.8%, prior 0.8%
U.S. stocks rose to all-time highs as corporate earnings helped boost sentiment amid lingering concerns about inflation and growth. The 10-year U.S. Treasury yield fell and the dollar gained. The debate over price pressures continues: former Treasury Secretary Lawrence Summers said officials are unlikely to deal with “inflation reality” successfully until it’s fully recognised.
Despite South Korean President Moon Jae-in encouraging the population not to protest because of the coronavirus pandemic, thousands of the country’s union workers gathered on October 20 to demand better working conditions from the government. As reported by The Straits Times (via Insider), a large group of protestors donned costumes seen in the Netflix sensation “Squid Game” as part of the protests. The South Korean survival series is centered on a game in which 456 financially-challenged adults compete in deadly games to win a massive cash prize. As summarized by Insider: “About 80,000 members of the South Korean Confederation of Trade Unions in 13 different cities in South Korea went on strike on Wednesday local time, calling on the nation’s government to impose better working conditions for irregular workers and a minimum wage hike. In Seoul alone, 27,000 people gathered to protest, prompting local authorities to deploy about 12,000 officers to set up ‘bus walls’ and fences for crowd control, namely in Gwanghwamun Plaza, where most of the rallies took place.” “Squid Game” launched to well over 100 million households on Netflix, making it the streamer’s biggest opening for a piece of original content. A report from ABC News this month detailed how close to home the series was hitting for viewers in South Korea, which is why it’s no surprise “Squid Game” iconography popped up at the union rallies this week.