Markets Overview
- ASX SPI 200 futures little changed at 7,373.00
- Dow Average down 0.1% to 35,894.92
- Aussie up 0.1% to 0.7275 per US$
- U.S. 10-year yield little changed at 1.5838%
- Australia 3-year bond yield fell 3bps to 0.96%
- Australia 10-year bond yield fell 7bps to 1.80%
- Gold spot down 0.5% to $1,858.99
- Brent futures up 1.1% to $81.20/bbl
Economic Events
- 11am: (AU) Australia to Sell A$1 Billion 0.25% 2024 Bonds
Technology stocks led the equity market higher in a volatile session ahead of Friday’s options expiration, which is forecast to be the second-biggest in recent history.
The Nasdaq 100 climbed toward a record as giant chipmaker Nvidia Corp. boosted its outlook, while Apple Inc. jumped after Bloomberg News reported the company is pushing to accelerate the development of its electric car. Macy’s Inc. and Kohl’s Corp. paced gains in retailers after signaling consumer demand remains robust. The Dow Jones Industrial Average underperformed as Cisco Systems Inc., the biggest maker of computer networking equipment, gave a lackluster projection.
The next six months could see the S&P 500 hitting 5,200 in an environment of reduced monetary stimulus and outperformance by cyclical companies, according to Mark Haefele, chief investment officer at UBS Global Wealth Management. That would imply an 11% rally from Wednesday’s close. Stocks have surged this year, with the benchmark up 25%. Along the way, the S&P 500 has posted 65 all-time highs — making it poised for the second-most annual records ever, only behind 1995.
Other News
This is the jaw-dropping moment a “biblical plague” of 50 million crabs head to the ocean to breed.
The swarm of cannibalistic critters shut down roads from the jungle to the coast on Christmas Island off Western Australia.
Unbelievable footage shows the bright-red creatures descending on townships in what is considered one of the greatest animal migrations on the planet.
Every year, an estimated 50 million crabs make their way from the forest after rainfall in October or November and head to the ocean to mate.
The crabs generally eat leaves, fruits, flowers and seeds but have a dark side that sees them eat their young.
The crabs’ cannibal side comes out when babies returning from their first ocean migration are feasted on by adults as part of their diet.
Their journey takes them through residential areas and tourist hotspots through the winter months.
Photos and video shared by Parks Australia show thousands upon thousands of crabs scurrying across roads and specially-constructed bridges.
The animals also turned up at the door of an office block, the organization reported.
Residents of the Drumsite settlement in the northeast were trapped in their homes on Sunday due to the sheer number on the roads.
And workers were forced to rake the crabs off the tarmac in a bid to keep the island moving.
A spokesperson for Parks Australia, which looks after the country’s green spaces, said: “With red crab migration in full swing on Christmas Island, the crabs are turning up everywhere, including at the door of an office block.
“Our staff have been out managing traffic, raking crabs off roads, and providing updates to the community on road closures.”
National Park acting manager Bianca Priest said the spectacular annual event on Christmas Island, which is popular with travelers, has become an attraction itself.
She said: “World-renowned naturalist Sir David Attenborough described the red crab migration as ‘like a great scarlet curtain moving down the cliffs and rocks towards the sea’ and considered filming the spectacle as one of his 10 greatest TV moments.
“Over the years visitors have traveled from every corner of the world to witness this wildlife phenomenon.”
Authorities spend weeks preparing for the migration and visitors are always asked to drive and park their cars carefully.
The male crabs are the first to make the trip to the water, followed by their female counterparts.
After mating, they can produce as many as a hundred thousand eggs in a single season.
This year, the crabs are expected to reach the coast of the island, about 5,550 miles from Perth, by the end of November.
Experts reckon in some areas you could see up to 100 crabs per square meter of beach or rock.
