Markets Overview
- ASX SPI 200 futures up 0.6% to 6,973.00
- Dow Average up 1.3% to 33,761.05
- Aussie little changed at 0.7113 per US$
- U.S. 10-year yield fell 5.5bps to 2.8312%
- Australia 3-year bond yield rose 9.1 bps to 3.10%
- Australia 10-year bond yield rose 14 bps to 3.43%
- Gold spot up 0.7% to $1,802.40
- Brent futures down 1.5% to $98.15/bbl
Economic Events
Futures for Japan and Australia rose but Hong Kong’s were steady. S&P 500 and Nasdaq 100 contracts fluctuated after a global share index last week hit the highest level in over three months. The dollar was little changed early in Asia.
The picture is different in the bond market, where a still-steep inversion of the Treasury yield curve points to worries that the Fed will tip the US into an economic contraction in the campaign to quell inflation.
China’s data releases will likely show its recovery made a little more headway in July, according to Bloomberg Economics. Figures last week showed low interest rates are failing to spur lending, illustrating challenges from a struggling property sector and Covid-related mobility restrictions.
Other News
The Chandigarh University on Saturday set a new Guinness World Record for the world’s largest human formation of a waving national flag here.
As many as 5,885 students from the Chandigarh University and other schools and colleges along with volunteers of the NID Foundation and other dignitaries gathered for the flag formation at the Chandigarh Cricket Stadium here, according to a release issued by the university.
The feat was achieved by breaking the previous record made by an institution in the United Arab Emirates. The UAE had achieved the record for the largest human image of a waving national flag with 4,130 people in 2017, it said.
