Markets Overview

  • ASX SPI 200 futures down 0.5% to 7,381.00
  • Dow Average down 0.7% to 35,502.83
  • Aussie up 0.2% to 0.7519 per US$
  • U.S. 10-year yield fell 7.0bps to 1.5378%
  • Australia 3-year bond yield rose 16bps to 0.93%
  • Australia 10-year bond yield rose 0.6bps to 1.81%
  • Gold spot up 0.2% to $1,796.96
  • Brent futures down 2.6% to $84.12/bbl

Economic Events

  • 10:30am: (AU) Australia to Sell A$1 Billion 175-Day Bills
  • 10:30am: (AU) Australia to Sell A$1 Billion 119-Day Bills
  • 10:40am: (AU) RBA’s Debelle, Bullock Appear at Senate Committee
  • 11:30am: (AU) 3Q Import Price Index QoQ, est. 3.4%, prior 1.9%
  • 11:30am: (AU) 3Q Export Price Index QoQ, est. 6.5%, prior 13.2%

U.S. stocks dropped from all-time highs, with shares of small companies leading declines, and Treasuries gained on an uptick in growth concerns. Long bonds continued to outperform shorter-maturity U.S. debt ahead of the government’s auctions of five-year notes Wednesday and a seven-year sale Thursday. The yield difference between 5- and 30-year bonds narrowed to as little as 78 basis points, the lowest since March 2020.

Other News

A class-action lawsuit has accused Kellogg’s of misleading customers about the fruit content of their frosted strawberry Pop-Tarts, claiming they contain few actual strawberries.
The suit filed by New York woman Elizabeth Russett accuses the convenience food giant of padding out strawberry Pop-Tart filling with cheaper pears and apples, according to TMZ.
The class-action suit seeks $5 million in damages, and also seeks to force Kellogg’s to change its allegedly misleading Pop-Tart labels.
A spokesperson for the Kellogg Company declined to comment when reached by on Tuesday, saying only: ‘Kellogg does not comment on pending litigation.’ It is not the first time that the ingredients of strawberry Pop-Tarts have come under scrutiny.
A separate lawsuit filed in August also alleges that the labels on strawberry Pop-Tarts ‘are misleading because they give consumers the impression the fruit filling contains a greater relative and absolute amount of strawberries than it does.’
The federal class-action suit filed in Illinois by Anita Harris also points out that the ingredients list on the highly processed breakfast food reveals that they contain ‘less than 2 percent’ strawberries, along with pears and apples.