Markets Overview
- ASX SPI 200 futures up 0.3% to 7,224.00
- Dow Average up 0.9% to 32,942.14
- Aussie down 0.5% to 0.6728 per US$
- U.S. 10-year yield rose 7.7bps to 4.0714%
- Australia 3-year bond yield rose 5.7 bps to 3.57%
- Australia 10-year bond yield rose 7.4 bps to 3.86%
- Gold spot little changed at $1,836.08
- Brent futures up 0.3% to $84.59/bbl
Economic Events
- 09:00: (AU) Feb. Judo Bank Australia PMI Servic, prior 49.2
- 09:00: (AU) Feb. Judo Bank Australia PMI Compos, prior 49.2
- 11:30: (AU) Jan. Investor Loan Value MoM, prior -4.4%
- 11:30: (AU) Jan. Owner-Occupier Loan Value MoM, prior -4.2%
- 11:30: (AU) Jan. Home Loans Value MoM, est. -3.0%, prior -4.3%
US stocks snapped two days of losses after Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank could be in a position to pause rate hikes sometime this summer. Treasury yields stayed elevated.
Traders ditched their low-conviction moves toward the middle of the trading day, pushing the S&P 500 higher. The Nasdaq 100 also jumped as investors considered Bostic’s comments somewhat dovish. Both indexes shrugged off the losses they suffered earlier after data signaled continued resilience in the labor market, supporting the case for the Fed to keep raising rates.
Treasury yields across the curve stayed above the 4% level. The policy-sensitive two-year rate has been climbing for three straight days, its longest rising streak in two weeks. A dollar index also clung onto gains.
Other News
Jenson Button has broken a Guinness World Record reflex challenge.
The former Formula 1 champion broke the record for “the most lights extinguished on a Batak wall in 30 seconds” achieving a score of 58 lights extinguished.
He beat the former record holder, Arshia Shahriari from Iran, who held the record of 56 strikes for 4 years, in a challenge set by streaming service NOW, ahead of the Formula 1 season on 3rd March.
