- ASX SPI 200 futures up 0.9% to 7,357.00
- Dow Average up 0.4% to 36,042.23
- Aussie down 1.3% to 0.7431 per US$
- U.S. 10-year yield fell 1.7bps to 1.5400%
- Australia 3-year bond yield fell 6bps to 0.95%
- Australia 10-year bond yield fell 2bps to 1.89%
- Gold spot down 0.3% to $1,788.16
- Brent futures down 0.2% to $84.52/bbl
- 9am: (AU) Oct. Markit Australia PMI Composite, prior 52.2
- 9am: (AU) Oct. Markit Australia PMI Services, prior 52.0
- 11am: (AU) Australia to Sell A$1 Billion 1% 2031 Bonds
- 11:30am: (AU) Sept. Building Approvals MoM, est. -2.0%, prior 6.8%
- 11:30am: (AU) Sept. Private Sector Houses MoM, prior 3.5%
The relentless rally in stocks pushed major U.S. benchmarks to their all-time highs just a day before the Federal Reserve’s policy decision.
Underpinning that strength is the fact that profit margins have held up incredibly well, despite soaring commodity prices and supply-chain snarls. Many companies have been able to pass through rising costs to consumers, with the majority beating earnings estimates. Regardless of what the Fed may say or do Wednesday, there’s a perception the U.S. will still have comparatively low rates, which bodes well for stocks.
Treasury two-year yields joined a global slide in short-term rates that was unleashed by the Australian central bank’s dovish statementahead of the Fed decision. With U.S. policy makers expected to start scaling back their asset-purchase program soon, economists surveyed by Bloomberg are closely divided on whether a rate liftoff will be next year or early 2023.
Now you can have your sandwich and spend it too.
Despite the sandwich’s limited edition status (in the US, anyway), the image of McDonald’s’ McRib will endure for posterity now as an NFT.
The McRib features a boneless pork patty reformed to look like a short rack of ribs, slathered in BBQ sauce and topped with onions and pickles on a sesame seed bun. It’s a polarizing sandwich as some were immediately turned off by a “rib” sandwich without, well, ribs. Nevertheless, since its debut in 1981, the McRib has thrived in cult status as it reemerges on McD’s menu every few years.
In its absence, the fast-food giant has launched a sweepstakes to win a timeless keepsake of the fan-favorite sandwich in the form of an NFT, or non-fungible token.
Only 10 random entries from the US will be selected — all of whom should come prepared with a crypto wallet for distribution of the McRib NFT, according to official rules. Of course, the crypto market value of the brand-based NFT has yet to be seen, as some have jeered at the news. “Silence, brand,” replied one critic.