Markets Overview

  • ASX SPI 200 futures up 0.6% to 7,256.00
  • Dow Average up 0.8% to 35,180.65
  • Aussie little changed at 0.7130 per US$
  • U.S. 10-year yield rose 5.1bps to 1.5260%
  • Australia 3-year bond yield fell 2bps to 0.91%
  • Australia 10-year bond yield rose 0.4bps to 1.74%
  • Gold spot down 1.1% to $1,783.16
  • Brent futures up 0.1% to $72.80/bbl

Economic Events

  • 9:30am: (AU) Nov. ANZ Roy Morgan Weekly Consumer, prior 107.4
  • 11:30am: (AU) Oct. Private Sector Credit MoM, est. 0.6%, prior 0.6%
  • 11:30am: (AU) Oct. Private Sector Credit YoY, est. 5.8%, prior 5.3%
  • 11:30am: (AU) 3Q Net Exports of GDP, est. 1.0, prior -1.0
  • 11:30am: (AU) Oct. Private Sector Houses MoM, prior -16.0%
  • 11:30am: (AU) Oct. Building Approvals MoM, est. -1.5%, prior -4.3%
  • 11:30am: (AU) 3Q BoP Current Account Balance, est. A$29.2b, prior A$20.5b

Australia’s economy probably posted its second-largest contraction on record as businesses were forced to shutter and states sealed borders to try to contain a raging outbreak of the delta variant of coronavirus. Deputy governor of the Reserve Bank of Australia Guy Debelle is scheduled to hold fireside chat in Sydney.

Other News

A new, fast-spreading Covid-19 variant dubbed omicron has sent bitcoin, cryptocurrency and traditional markets into meltdown this week, with investors being warned to “be on guard.”

The bitcoin price lost more than 5% in a matter of hours this week, taking its decline from all-time highs of around $69,000 per bitcoin to 20% and plunging bitcoin into a technical bear market that’s wiped billions of dollars from the combined cryptocurrency market capitalization.

However, the price of one tiny cryptocurrency, coincidently named omicron, is suddenly soaring, adding around 500% in the days since the World Health Organization named the new Covid-19 variant.