Markets Overview

  • ASX SPI 200 futures up 0.4% to 7,180.00
  • Dow Average up 0.9% to 35,773.18
  • Aussie up 0.5% to 0.7185 per US$
  • U.S. 10-year yield fell 4.1bps to 1.9234%
  • Australia 3-year bond yield fell 1bp to 1.54%
  • Australia 10-year bond yield fell 2bps to 2.11%
  • Gold spot up 0.4% to $1,833.36
  • Brent futures up 0.7% to $91.41/bbl

Economic Events

  • 10:30am: (AU) Australia to Sell A$1 Billion 91-Day Bills
  • 10:30am: (AU) Australia to Sell A$1 Billion 119-Day Bills
  • 11am: (AU) Feb. Consumer Inflation Expectation, prior 4.4%

The advance in U.S. stocks gathered pace as an easing in a Treasury selloff provided respite to markets whipsawed in recent weeks by concerns about tightening monetary policy.

The 10-year U.S. Treasury yield retreated from levels last seen in 2019 and hit session lows around 1.91% after strong demand at auction of similar-maturity notes.

Investors are weighing still-robust earnings against worries about a rapid withdrawal of pandemic-era stimulus. About 76% of the 317 S&P 500 firms that have reported results beat earnings estimates, with profits coming nearly 6% above projected levels. But data this week is expected to show U.S. inflation continues to overheat, potentially stoking bets on a more aggressive Federal Reserve liftoff in March.

Other News

A $229,368.52 slot machine snafu gave new meaning to the phrase “What happens in Vegas stays in Vegas” — albeit briefly and unknowingly in this case.

Due to a technical glitch, an Arizona man named Robert Taylor left town not knowing he had won the progressive jackpot at the Treasure Island Hotel & Casino on Jan. 8, the Nevada Gaming Commission said on its website.

True to their mission, officials tracked down their mystery winner after a “review of multiple hours of surveillance footage across multiple gaming properties, numerous witness interviews, a study of electronic purchase records, and the analysis of rideshare data,” and Taylor got the news Jan. 28, the gaming commission said in a Feb. 4 press release.