Markets Overview

  • ASX SPI 200 futures down 0.5% to 6,955.00
  • Dow Average up 0.4% to 32,159.66
  • Aussie little changed at 0.6687 per US$
  • U.S. 10-year yield fell 5.5bps to 3.3800%
  • Australia 3-year bond yield fell 7.8 bps to 2.91%
  • Australia 10-year bond yield fell 7.5 bps to 3.29%
  • Gold spot up 1.4% to $1,997.49
  • Brent futures down 1.8% to $75.34/bbl

Economic Events

  • 09:00: (AU) March Judo Bank Australia PMI Servic, prior 50.7
  • 09:00: (AU) March Judo Bank Australia PMI Compos, prior 50.6
  • 09:00: (AU) March Judo Bank Australia PMI Mfg, prior 50.5
  • 11:00: (AU) Australia to Sell A$500 Million 4.25% 2026 Bonds

Labor is on the cusp of holding power in every mainland state and territory in Australia for just the second time in the party’s 120-year history. Polls suggest a state election on Saturday in New South Wales could end 12 years of center-right rule.

The stock market shrugged off losses, with traders piling into some of the world’s largest technology companies that are seen by many on Wall Street as a kind of shelter in times of stress and economic uncertainties.

Gains in megacaps like Apple Inc. and Microsoft Corp. put the Nasdaq 100 close to the threshold of a bull market after an almost 20% surge from its December low. In the wake of the banking turmoil that has rattled markets and added to recession fears, tech stalwarts have largely outperformed. Banks slumped even after Treasury Secretary Janet Yellen told lawmakers the US would be prepared for further steps to protect deposits if needed.

A gauge of US financial heavyweights like Wells Fargo & Co. and Bank of America Corp. sank to the lowest since November 2020. First Republic Bank tumbled 6% while PacWest Bancorp closed at a record low.

Banks reduced their borrowings only slightly from two Federal Reserve backstop facilities in the most recent week, a sign that institutions are taking advantage of the central bank’s liquidity in the wake of turmoil. US institutions had a combined $163.9 billion in outstanding borrowings in the week through March 22, compared with $164.8 billion the previous week, according to Fed data.

Short-dated Treasuries were rocked by outsized moves for an 11th-straight trading day as investors pessimistic about the economic outlook cemented their view that the Fed will need to slash interest rates later this year. The two-year Treasury yield fell as much as 18 basis points on the day to 3.75%, having earlier been up close to 7 basis points, marking yet another day with an intraday range of more than 20 basis points.

Other News

That doesn’t look very ap-peel-ing.

Snack brand Fruit Roll-Ups has forewarned people on TikTok to not eat the plastic that the fruit leather is wrapped in after someone on the platform claimed that the plastic is edible.

The video is one of several TikTok clips making the rounds about unique ways to eat the classic snack. In one, users freeze the Fruit Roll-Ups for an icy and sweet treat.

Others are even putting a chunk of ice cream in the fruit leather’s center for a brain-numbing delicacy.

The fruity label debunked a user on TikTok recently — named hollyberry09 — who stated that it was perfectly fine to eat the plastic when the snack is frozen.

Fruit Roll-Ups’ social media account stitched the person’s clip and captioned it: “Legal is making me clarify that you should not attempt to eat plastic #fruitrollup.”

The woman in the brand’s video looked skeptical and proceeded to chill a blue roll-up with a plastic casing around it in order to try the theory.

“There’s no way [this would work],” the taste-tester said. “Let’s see.”

However, she squashed the idea with one quick bite when she snapped off a piece of the cold candy and the plastic part didn’t snap off so easily.

The stitch was posted on Wednesday, and it already has over 10 million views.

Commenters were shocked that the General Mills brand even felt inclined to make a video urging viewers to not replicate Holly’s bizarre snack choice.

“The fact that y’all had to make this,” a user joked. “Omg, I love that fruit roll ups had to roll up and debunk this.”

Someone else laughed: “Fruit Roll Ups legal team working overtime to make sure no one eats the plastic.”

Others believed that Holly simply took off the plastic before freezing it, and re-wrapped the candy once it came out of the freezer.

Eating the plastic backing on Fruit Roll-Ups isn’t the only potentially dangerous way to snack on the treat.

While the current fad of chomping on ice cream nestled inside the Roll-Up is blowing up users’ For You Pages, the dish apparently can hurt one’s teeth.

Because the sour delicacy becomes very crunchy once it meets the frozen cream, the cold treat could hurt someone with sensitive pearly whites.

(New York Post)