Markets Overview

  • ASX SPI 200 futures down 2.2% to 6,855.00
  • Dow Average down 3.9% to 31,104.97
  • Aussie down 2.3% to 0.6732 per US$
  • U.S. 10-year yield rose 4.8bps to 3.4061%
  • Australia 3-year bond yield fell 4.4 bps to 3.15%
  • Australia 10-year bond yield fell 6 bps to 3.57%
  • Gold spot down 1.3% to $1,702.53
  • Brent futures down 0.5% to $93.49/bbl

Economic Events

Asian equities and bonds are set to slump after a broad-based selloff sent US shares to their worst day in more than two years on inflation data that fueled bets on jumbo hikes by the Federal Reserve. The dollar roared back.

US equity index futures ticked higher on Wednesday after the S&P 500 fell more than 4% and the Nasdaq 100 tumbled more than 5%. Asia contracts signal stock indexes will drop more than 2% in Japan, Australia, Hong Kong and Taiwan. Swaps traders are certain the Fed will raise interest rates three-quarters of a percentage point next week with some wagers appearing for a full-point move.

The two-year Treasury yield, the most sensitive to policy changes, jumped as much as 22 basis points, pushing it more than 30 basis points above the 10-year rate and deepening an inversion in what is generally a recession warning. Australian bond futures also tumbled overnight, with the implied three-year yield climbing 14 basis points, while New Zealand two-year rates are up 10 basis points this morning,

The US consumer price index increased 0.1% from July, after no change in the prior month, Labor Department data showed Tuesday. From a year earlier, prices climbed 8.3%, a slight deceleration but still more than the median estimate of 8.1%. So-called core CPI, which strips out the more volatile food and energy components, also topped forecasts.

Other News

An animal expert says it is “not surprising” that a kangaroo managed to kill a man in West Australia’s south over the weekend in the country’s first fatal kangaroo attack in more than 85 years.

An elderly man died on Sunday after he was attacked by the wild animal, which he reportedly kept as a pet.

It is believed the 77-year-old was attacked by the angry marsupial at his Redmond property, near Albany.

The man was found by a family member with serious injuries about 5pm.

Emergency services were called to the scene, but the kangaroo prevented paramedics from accessing the property, as it became violent.

Police were called and decided to kill the kangaroo, as it was posing a threat to emergency responders.

The man died at the scene from his injuries.

Australian Reptile Park life science manager Hayley Shute said it was important to show respect around wild animals and remember how dangerous male kangaroos could be.

“The public sort of see kangaroos and koalas as fluffy, cuddly animals. I think it’s just important to note that they are wild animals and there’s a level of respect you have to give them,” she told NCA NewsWire.

“The icon, that picture of an Australian kangaroo, is usually a female kangaroo with a joey sticking his head out of the pouch and they look so cute and sweet.

“But male kangaroos, part of their life and hierarchy within the mob is to take on the male that’s bigger than it. There’s a struggle there to become the alpha male and that’s part of a male kangaroo’s life and behaviour.

“At any point, these males are going to take on a threat to it and it’s a behavioural instinct for them.”

Western Australia’s Albany region is home to western grey kangaroos. Males can weigh 70kg and be 223cm tall from head to tail.

The 77-year-old man’s death was Australia’s first reported fatal kangaroo attack since 1936.

William Cruickshank, 38, died in Hillston Hospital, NSW after his jaw was broken and he suffered extensive head injuries while trying to rescue his two dogs.

(The Australian)