Markets Overview
- ASX SPI 200 futures little changed at 7,147.00
- Dow Average up 0.2% to 33,830.11
- Aussie up 0.3% to 0.6721 per US$
- U.S. 10-year yield rose 5.0bps to 3.8630%
- Australia 3-year bond yield rose 9.4 bps to 3.26%
- Australia 10-year bond yield rose 11 bps to 3.76%
- Gold spot little changed at $1,772.67
- Brent futures down 3.4% to $92.71/bbl
Economic Events
- 11:30: (AU) RBA Minutes of Nov. Policy Meeting
Australian Prime Minister Anthony Albanese and Chinese President Xi Jinping will meet on the sidelines of the Group of 20 summit today, the first in-person talks between leaders of the two countries since 2019. Reserve Bank of Australia releases minutes of its November interest rate meeting.
US stocks ended a choppy session lower after two Federal Reserve speakers emphasized the central bank’s resolve to be persistent until price pressures head back down to levels consistent with its 2% target.
The S&P 500 was down 0.9%, snapping a two-day rally. The tech-heavy Nasdaq 100 also fell. Treasury yields climbed, with the 10-year rate around 3.87%.
Other News
HelloFresh uses coconut milk obtained from monkey labor in Thailand, according to allegations from the People for the Ethical Treatment of Animals, which is calling for a boycott of the meal delivery service.
Monkeys are chained, whipped, beaten and forced to spend long hours picking coconuts, an investigation by PETA Asia alleges. Claims of animals abuse are alleged at 57 operations in nine provinces of Thailand, according to the findings released on Monday.
HelloFresh did not immediately respond to a request for comment.
Brokers to HelloFresh’s coconut milk suppliers showed PETA the monkeys, who were chained on trash-strewn patches of dirt and flooded areas with car tires as their only shelter, according to the animal rights group, which published photos from its investigation as well as video footage.
Most of the monkeys are kidnapped from their families in nature, even though the species exploited by the coconut trade are threatened or endangered, according to the animal-welfare group.
“Monkeys are chained around the neck and forced to toil day in and day out, all for HelloFresh and other companies that lack a conscience,” Tracy Reiman, PETA’s executive vice president, claimed Monday in an emailed statement. “PETA is calling on everyone, including HelloFresh, to stop buying canned coconut milk from Thailand until moneys are no longer used and abused for profit.”
The Berlin-based company has a global reach, operating in Australia, Austria, Belgium, Canada, France, Germany, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the U.K. and the U.S.
The company had 7.5 million active customers in the third quarter, a three-month period in which the company netted it more than $1.9 billion in revenue, it said last month.
PETA for years has urged companies and people not to purchase any canned coconut milk products manufactured in Thailand due to its abuse claims. The group in 2020 obtained such a commitment from U.S. grocery brands including Walgreens and Stop & Shop.
(CBS News)
