Markets Overview

  • ASX SPI 200 futures down 0.2% to 6,911.00
  • Dow Average little changed at 32,832.54
  • Aussie up 1.1% to 0.6984 per US$
  • U.S. 10-year yield fell 7.1bps to 2.7554%
  • Australia 3-year bond yield rose 13 bps to 2.94%
  • Australia 10-year bond yield rose 13 bps to 3.21%
  • Gold spot up 0.8% to $1,789.21
  • Brent futures up 1.5% to $96.32/bbl


Economic Events

  • 10:30: (AU) Aug. Westpac Consumer Conf Index, prior 83.8
  • 10:30: (AU) Aug. Westpac Consumer Conf SA MoM, prior -3.0%
  • 11:30: (AU) July NAB Business Conditions, prior 13
  • 11:30: (AU) July NAB Business Confidence, prior 1

Asian stocks look set for a soft start on Tuesday after a dip in US shares on disappointing corporate earnings and a climb in Treasuries amid concerns about the outlook for economic growth.

Treasuries climbed Monday, led by the long end, taking the 10-year yield below 2.8%. Investors are pricing in expectations that further Federal Reserve interest-rake hikes to fight price pressures could spark recession. A dollar gauge dipped.

Oil held a rebound past $90 a barrel, bolstered by uncertainty around Iranian supplies. Bitcoin was near $24,000 after steady progress this week.

US inflation data Wednesday will provide clues on how aggressively the Fed will have to raise borrowing costs to contain the cost of living. That, in turn, could spell more market volatility: a more than 9% rebound in global stocks from June lows appears to have paused as investors await the figures.

Other News

A mysterious, giant sinkhole appeared at a mining site in Chile over the weekend, leading authorities to investigate.

In a Monday tweet, Chile’s National Service of Geology and Mining, Sernageomin, announced the sinkhole was 25 meters, or 82 feet, in diameter. By Tuesday, the agency confirmed the sinkhole was actually larger – at almost 105 feet in diameter. That’s about 11 feet longer than an NBA or WBNA basketball court.

Aerial images show the sinkhole near Lundin Mining Corp.’s Alcaparrosa underground copper mine, close to the town of Tierra Amarilla in Chile’s Atacama Desert.