Markets Overview
- ASX SPI 200 futures up 0.4% to 7,045.00
- Dow Average little changed at 33,999.04
- Aussie down 0.3% to 0.6915 per US$
- U.S. 10-year yield fell 1.5bps to 2.8822%
- Australia 3-year bond yield rose 4.6 bps to 3.03%
- Australia 10-year bond yield rose 6 bps to 3.33%
- Gold spot down 0.2% to $1,758.40
- Brent futures up 3.0% to $96.49/bbl
Economic Events
- 11:00: (AU) Australia to Sell A$700 Million 2.75% 2027 Bonds
Futures rose for Japan and Australia and were little changed for Hong Kong. S&P 500 and Nasdaq 100 contracts fluctuated after US shares closed up on thinner than usual volumes.
Shorter maturities led a climb in Treasuries Thursday that left the two-year yield at about 3.20%. A dollar gauge hit the highest in over three weeks.
Fed officials diverged a little in policy comments. St. Louis’s James Bullard urged another 75 basis-point move while Kansas City’s Esther George struck a more cautious tone, saying the case for rate rises remains strong but the pace is up for debate.
Investor sentiment has been boosted by expectations of a slower pace of monetary tightening and signs that high inflation is cooling. There remain plenty of hurdles ahead for the 12% jump in global equities from June lows, not least the risk of a synchronized global economic slowdown.
Other News
People in Japan aren’t drinking as much as they used to, so the country is hosting a business contest to boost booze sales, especially among young people.
The Sake Viva! contest, organized by the National Tax Agency, the country’s official tax-collecting agency, will allow young people all over the world to pitch their own business plans and, the agency hopes, help revitalize the alcohol industry, organizers said.
The competition is open to anyone 20 to 39, even those who don’t live in Japan. Application documents just have to be submitted in Japanese, the contest website said.
Plans can include ideas for sake, shochu, awamori, beer, whiskey, wine, liqueur and other types of alcohol.
