Markets Overview
- ASX SPI 200 futures up 0.3% to 7,242.00
- Dow Average up 1.0% to 34,402.91
- Aussie up 1.2% to 0.7378 per US$
- U.S. 10-year yield little changed at 2.1885%
- Australia 3-year bond yield rose 7bps to 1.87%
- Australia 10-year bond yield rose 1bp to 2.51%
- Gold spot up 0.5% to $1,937.20
- Brent futures up 8.8% to $106.67/bbl
Economic Events
- 11am: (AU) Australia to Sell A$1 Billion 4.25% 2026 Bonds
Stocks climbed in a volatile session, while the dollar fell and Treasuries wavered a day after a bond-market indicator flashed concern the economy could buckle under the weight of the Federal Reserve’s most aggressive rate-hike campaign in two decades. Oil topped $100 a barrel.
The S&P 500 notched its biggest three-day rally since November 2020. Equities rebounded after Bloomberg News reported JPMorgan Chase & Co. processed funds that were earmarked for interest payments due on dollar bonds issued by Russia and sent the money on to Citigroup Inc. The implied probability of a default by Russia within the year inched lower, according to credit-default swap pricing. Earlier in the day, stocks dropped as Moscow poured cold water on reports of progress in Ukraine peace talks.
Russia’s ability to make payments on its debt is being closely watched by global markets. There’s been concern about the possibility of creditors not getting the cash in dollars within the 30-day grace period starting Thursday, which would mark the first default on foreign-currency bonds since the Bolsheviks repudiated the czar’s debts in 1918. Kremlin spokesman Dmitry Peskov said the nation has all the resources it needs to avoid a default.
The U.S. House of Representatives voted overwhelmingly to end regular trade relations with Russia in a move that would allow the U.S. to sharply raise tariffs on Russian goods entering the country. President Joe Bidenand China’s leader Xi Jinping will speak about Russia on Friday. Secretary of State Antony Blinken told reporters on Thursday that Biden will make clear to Xi that the U.S. will impose “costs” if China backs Russia.
Other News
This TikToker is literally living and breathing his work.
Chibuzor Ejimofor, who uses the name Simon Jackson professionally, made a now-viral video of himself living in his work cubicle, claiming it was a form of “protest” since he wasn’t paid “enough.”
The video has earned over 12 million views since March 8, but in a follow-up video, Jackson revealed he was allegedly fired from his job at the design and engineering consultancy firm Arcadis.
In his initial viral video — hilariously titled “Check out my new [apartment]” — the 28-year-old filmed himself setting up his desk with his clothes, toiletries and other personal belongings.
“I’m moving from my apartment into my cubicle at work,” he declared in the voiceover. “They do not pay me enough to do both, so as a matter of protest, I am just going to live at my job, and we’ll see how long I can get away with this.”
After setting up his mini pad at Arcadis’ downtown Seattle office, his stunt ultimately went awry when his employer forced him to leave four days later.
But Jackson told The Post that while it was a “protest,” it was also a matter of timing that inspired him to live at work. He said he had to move out of his apartment because his lease was ending and the rent was going up. Since he was in a rush to move, no apartments had accepted his application in time.
