Markets Overview

  • ASX SPI 200 futures down 0.7% to 7,298.00
  • Dow Average down 1.3% to 34,370.03
  • Aussie up 0.4% to 0.7497 per US$
  • U.S. 10-year yield fell 8.5bps to 2.2971%
  • Australia 3-year bond yield rose 5bps to 2.18%
  • Australia 10-year bond yield rose 5bps to 2.78%
  • Gold spot up 1.3% to $1,947.40
  • Brent futures up 5.1% to $121.35/bbl

Economic Events

  • 9am: (AU) March S&P Global Australia PMI Servi, prior 57.4
  • 9am: (AU) March S&P Global Australia PMI Compo, prior 56.6
  • 9am: (AU) March S&P Global Australia PMI Mfg, prior 57.0
  • 10:30am: (AU) Australia to Sell A$1.5 Billion 77-Day Bills
  • 10:30am: (AU) Australia to Sell A$1 Billion 140-Day Bills

U.S. stocks declined Wednesday as Treasuries staged a small recovery from unprecedented losses ahead of tighter monetary policy to curb inflation.

The S&P 500 fell 1.2%, led by losses in financials, while the benchmark 10-year Treasury yield slid to 2.30% after surging to highs unseen since mid-2019.

Bonds are taking the brunt of central-bank calls for tougher action to rein in inflation as investors hold up stocks as an inflation hedge, spurring a rally that had seen the S&P 500 recover half its decline from January over just six sessions.

Other News

Pusha T wrote McDonald’s now-famous jingle in the early 2000s while trying to make it as an up-and-coming rapper, he claimed in a recent interview, but he says he didn’t get paid enough for it. Two decades later, he just dropped a diss track revealing that — ba da ba ba ba — he’s still not lovin’ it.

On Monday, Pusha T teamed up with one of McDonald’s competitors to release “Spicy Fish Diss Track.” The 1:15-minute song, which had racked up more than 3.8 million views on his Twitter account as of Tuesday morning, hypes Arby’s new Spicy Fish Sandwich while attacking the McDonald’s classic Filet-O-Fish.

“I’m the reason the whole world love it, now I gotta crush it,” Pusha T raps before comparing the McDonald’s fish sandwich to feces. “You should be disgusted. How dare you sell a square fish asking us to trust it. A half slice of cheese, Mickey Ds on a budget?”

Pusha T may not like the Filet-O-Fish, but his beef with the Golden Arches is bigger than a single menu item. The rapper was in his 20s in 2003 when he and his brother, who goes by the stage name No Malice, wrote the “I’m Lovin’ It” jingle, Pusha T said in a Rolling Stone interview published Monday. The brothers claim they got paid about $1 million total, which Pusha T called “peanuts for as long as that’s been running.”