Markets Overview
- ASX SPI 200 futures up 1.0% to 7,037.00
- Dow Average up 0.3% to 32,864.46
- Aussie down 0.3% to 0.6677 per US$
- U.S. 10-year yield rose 9.4bps to 3.6806%
- Australia 3-year bond yield rose 11 bps to 3.30%
- Australia 10-year bond yield rose 19 bps to 3.73%
- Gold spot up 1.7% to $1,818.59
- Brent futures up 0.1% to $79.90/bbl
Economic Events
US stocks oscillated between gains and losses throughout a volatile session, with technology shares still under pressure after last week’s hawkish central bank turn. Treasuries slumped, with the global bond market digesting the Bank of Japan’s sudden increase in its yield trading band.
The S&P 500 ended the session with a modest gain, snapping a four-day losing streak. The tech-heavy Nasdaq 100 fell for the fifth day, its longest stretch of declines since October. With few macro catalysts before the end of the year, swings are liable to pick up, as stocks witnessed on Tuesday.
Fresh economic data showed new US home construction continued to decline in November and permits plunged, an indication that Federal Reserve tightening is serving its purpose. However, closing prices climbed in the third quarter, and the Fed will continue to raise rates if housing remains costly, which could be detrimental for risk assets in the long-term.
Treasuries broadly held losses, with the 10-year rate climbing to around 3.69%. Yields rose after a hawkish move from the Bank of Japan sent the yen soaring more than 4% against the dollar at one point. Analysts reckon more losses lie ahead as Japanese investors — major players in US and European debt — have more incentive now to bring money home.
Other News
Lionel Messi’s historic World Cup run just reached another milestone this week.
The international superstar was awarded the Golden Ball for his game-winning performance in Argentina’s victory over France on Sunday, becoming the only player ever to win the coveted award twice.
Messi took to Instagram the next day to share snaps of the lifetime achievement, but in doing so, he reached another first.
According to the Guinness Book of World Records, Messi’s post became the most-liked Instagram post in history with 58 million likes, which as of Tuesday afternoon had reached more than 65 million likes.
“WORLD CHAMPIONS!!!!!!!” Messi wrote in the post via USA Today. “I dreamed of this so many times, I wished for this so much I still haven’t fallen, I can’t believe it.”
The previous record for most-liked post was set in 2019 and was an image of an egg with 55.7 million likes. The record before that was held by Kylie Jenner who posted a photo of her newborn daughter, Stormi, in 2018 and received more than 18 million likes.
According to the Guinness Book of World Records, Messi set five other records with his World Cup performance, including most FIFA World Cup matches played in by a player (26) and most FIFA World Cup appearances as captain (19).
(Fox News)
