Markets Overview
- ASX SPI 200 futures down 0.4% to 7,196.00
- Dow Average down 0.8% to 32,799.92
- Aussie down 1.0% to 0.6543 per US$
- U.S. 10-year yield rose 5.0bps to 3.7419%
- Australia 3-year bond yield fell 3.8 bps to 3.34%
- Australia 10-year bond yield fell 0.5 bps to 3.65%
- Gold spot down 0.9% to $1,957.36
- Brent futures up 1.9% to $78.27/bbl
Economic Events
- 10:30: (AU) Australia to Sell A$1 Billion 77-Day Bills
US stocks and bonds fell on Wednesday as traders weighed the possibility of a US recession from either a US debt default or higher interest rates from the Federal Reserve.
The S&P 500 fell 0.7%, led by losses in financials and real estate, as negotiations over the US debt ceiling stretched into another day and minutes from the Fed showed policymakers split on the path for US interest rates.
Yields on short-dated Treasuries continued to push higher, with investors demanding a higher premium on US debt with the highest risk of default. Treasury Secretary Janet Yellen said the US was likely to start missing debt payments as soon as June 1. As such, the yield on securities maturing June 6 pushed above 6.6% on Wednesday while those maturing May 30 are yielding around 3%.
Other News
They’re hoping to make money from it raining on Taylor Swift’s parade.
Fans who braved the wild weather over the weekend to attend Swift’s concert in Foxborough, Massachusetts, have come away with more than just an unforgettable experience — capturing rainwater in containers they’re now trying to sell online.
The pop star is currently performing the US leg of her sold-out Eras Tour, taking to the stage at Gillette Stadium on Saturday amid a heavy downpour.
The “Anti-Hero” singer dazzled despite getting drenched in rain — which some entrepreneurial fans are capitalizing on and trying to flog online for $250.
While the posts have been taken down from online resale platforms, fans who managed to snag a look at the bold sellers couldn’t believe what they were seeing.
“Jealous I didn’t come up with this scam first,” one user commented on an Instagram post showing a screenshot of the optimistic seller.
“If it wasn’t collected off Taylor Swift I don’t want it,” declared another.
Others thought the containers look a little familiar.
“I know a weed container when I see one lol,” a fan laughed.
“When the stoners and the swifties unite,” joked another.
The “Love Story” singer’s tour continues, with further concert dates across the US taking place through May, June, July and August.
(New York Post)
