Markets Overview

  • ASX SPI 200 futures up 0.6% to 7,460.00
  • Dow Average up 0.3% to 34,583.57
  • Aussie down 0.4% to 0.7479 per US$
  • U.S. 10-year yield rose 6.1bps to 2.6597%
  • Australia 3-year bond yield fell 4bps to 2.52%
  • Australia 10-year bond yield fell 2bps to 2.91%
  • Gold spot up 0.3% to $1,931.75
  • Brent futures up 0.5% to $101.54/bbl

Economic Events

  • 11:30am: (AU) RBA-Financial Stability Review

Markets stabilized on Thursday as traders weighed comments from Federal Reserve officials following minutes from the central bank’s latest meeting, which provided more clarity on the bank’s campaign to quell rampant inflation.

U.S. equities rebounded from a decline while the U.S. Treasury curve steepened with 10- and 30-year yields rising to the highest level since 2019.

Data Thursday showed applications for U.S. state unemployment insurance fell last week by more than forecast, backing the Fed’s contention that the economy is strong enough to withstand rate increases. Meanwhile, crude oil fluctuated as the International Energy Agency announced they would be adding 240 million barrels of oil to the global supply given Russia’s war in Ukraine. Coal stocks gained as the European Union agreed to ban coal imports from Moscow.

Other News

The first ever meat-free ‘chicken wings’ to feature a ‘bone’ have caused debate after some vegans claimed it ‘made them uncomfortable’.

East London-based street food brand Biff’s Plant Shack have launched the sugarcane ‘spear’ which runs through their Crispy Fried Jackfruit Wingz and is set to be sold in Waitrose.

The company claims the dish gives customers a ‘genuine wing-eating experience’ without sacrificing its plant-based status.

The Jackfruit Wingz – made from jackfruit, mushrooms, carrots and a secret herb and spice mix – are described by Biff’s as the ‘hero product’ in their new street food range which launches in 280 Waitrose stores across the UK this week.  A pack of four will cost £4.50.

Biff’s say the wings ‘re-define boneless’ and will join the ranks of other vegan products that imitate meat including Beyond Meat’s bleeding burger and fish-free tinned tuna.

While many of their fans have been quick to praise the creation, some have said they feel ‘uncomfortable’ with the bone.

The vegan ‘bones’ are made from cut sugarcane spears, on which the jackfruit is formed and then coated in a crispy breadcrumb mixture – making the bone an integral part of the structure of each wing.

Biff’s say the bone makes its product the closest resemblance to an actual chicken wing in the world today, which they hope will entice meat eaters, as well as vegans, to try it.

While other chicken restaurants have offered vegan wings with bones before – this is the first time its been sold in a supermarket.

But the company’s founder, Biff Bloom-Burrows, also acknowledges some vegans might be offended by the realism of their product.

Opinions were divided among those reacting to the announcement on Instagram.

Biff’s Plant Shack was founded in 2017 by couple Biff and Christa Bloom-Burrows, after long-time vegan Christa persuaded her amateur chef partner to ditch his beloved beef-burgers and embrace her plant-based diet.

Biff set about creating plant-based comfort foods, and quit his job to start his own street food stall four months after he first perfected his jackfruit wings recipe – complete with the sugarcane bone.

Other products in the street food range include Crispy Fried Jackfruit Burgers, Smoky Chilli Cheeze Waffle Fries, Banging Bhaji Loaded Fries and two plant-based sauces.

The company boast a flagship restaurant in Dalston, London and almost 50 home delivery kitchen concepts across the UK.

(Daily Mail)