Markets Overview

  • ASX SPI 200 futures up 0.7% to 7,583.00
  • Dow Average up 1.5% to 34,911.20
  • Aussie up 0.4% to 0.7376 per US$
  • U.S. 10-year yield rose 8.4bps to 2.9381%
  • Australia 3-year bond yield rose 10bps to 2.47%
  • Australia 10-year bond yield rose 10bps to 3.07%
  • Gold spot down 1.5% to $1,949.95
  • Brent futures down 5.1% to $107.39/bbl

Economic Events

  • 9:30am: (AU) April ANZ Roy Morgan Weekly Consumer, prior 94.6
  • 10:30am: (AU) March Westpac Leading Index MoM, prior -0.15%

Asian stocks look set for a steady open Wednesday as investors weigh cross-currents including a rally in U.S. shares, a surge in Treasury yieldsand lower oil prices.

Futures rose for Japan and Australia, while Hong Kong’s were steady. U.S. contracts fell following an after-hours Netflix Inc. slump on disappointing subscriber numbers, which tempered the optimism from the S&P 500 rally.

Treasury yields jumped across the curve Tuesday. Short-end rates led the move, while the 30-year yield rose above 3% for the first time in three years. Expectations of sharp Federal Reserve policy tightening to tackle high inflation continue to build. Chicago Fed President Charles Evans said interest rates will probably rise above the neutral level.

Oil held losses after the International Monetary Fund cut its global growth forecast amid Russia’s war in Ukraine and China’s Covid lockdowns.

Investors are waiting to see whether loan prime rates fall in China. Measures to support the Covid-hit economy have so far failed to impress investors. The offshore yuan was around its weakest level in six months.

Other News

An endurance athlete who has been running every day for 100 days has broken the record for completing the most marathons in consecutive days.

Kate Jayden, from Derbyshire, has completed a 26.2-mile run each day since January, covering 2,620 miles.

She hit the milestone as she finished the Brighton Marathon on Sunday.

The current female record is held by US runner, Alyssa Clark, who completed 95 marathons in 95 consecutive days, according to Guinness World Records.

(BBC News)