- ASX SPI 200 futures down 0.7% to 6,792.00
- Dow Average down 0.6% to 30,961.82
- Aussie down 0.7% to 0.6701 per US$
- U.S. 10-year yield rose 4.6bps to 3.4489%
- Australia 3-year bond yield rose 8.8 bps to 3.33%
- Australia 10-year bond yield rose 4.7 bps to 3.68%
- Gold spot down 1.9% to $1,664.34
- Brent futures down 3.5% to $90.78/bbl
- 09:30: (AU) RBA Governor Lowe-Testimony
- 11:00: (AU) Australia to Sell A$800 Million 1.25% 2032 Bonds
US stocks fell in a choppy session and Treasury yields climbed after the latest batch of economic data did little to dial back expectations for the Federal Reserve’s next move.
The S&P 500 extended declines in afternoon trading to close at the lowest level since July 18. It ended just above 3,900, a level that has become a battle line for bulls and bears in recent months, acting as a support in mid-May and then keeping a lid on advances briefly in June and July.
Treasury yields rose across the board, with the policy-sensitive two-year rate up as much as eight basis points at 3.87%, the highest since 2007, after the latest data painted a mixed picture for the economy.
Swaps traders are currently pricing in a 75 basis-point hike when the Fed meets next week, with some wagers appearing for a full-point move. Bets ratcheted higher after a hot consumer inflation reading Tuesday, which also sparked the biggest selloff in stocks in two years.
Australians have been suggesting iconic Aussie celebrities to replace the Queen on the country’s banknotes, with zookeeper and national treasure Steve Irwin being a popular choice.
The British monarch is Australia’s head of state and features on the country’s currency.
Following the Queen’s death on September 8, the Australian National Bank announced the next day that King Charles III will appear on their $5 notes in the late monarch’s place.
The same goes for coins which will be minted with King Charles’s portrait. The image will face left, the opposite direction of his predecessor – a 17th-century tradition that says the direction must alternate when there is a new monarch.
This change will not be implemented straight away, with the coins to be circulated in 2023, and then notes (though no date has been confirmed for this – so no one needs to fret about getting their money changed).
“All Australian banknotes issued from 1913 retain their legal tender status,” a spokesperson for the Reserve Bank of Australia said, according to The Guardian.
“We will plan for an update to the $5 banknote design in due course. Creating the design for new banknotes is a complex process.
“It can be several years [between] when a banknote is printed and when it is issued into circulation depending on demand from the public and the need to replace banknotes that have become worn in circulation.”
Despite these plans, it hasn’t stopped calls from Aussies for a different face to appear on their country’s cash and the late Steve Irwin seems to be the most requested name.
Irwin, otherwise known as the Crocodile Hunter, died in September 2006 after he was struck in the chest by a stingray barb.
In a Reddit post on the “straya” forum, titled “RIP Queen Betty” other suggestions included Dame Edna and Australian sitcom characters Kath and Kim, with someone else commenting: “Just wanna see our nation’s proudest bird on our coins. The Bin Chicken.”
“Considering the cultural history of Straya taking the p*** out of itself I completely support putting bin chickens on coins,” another person added.