Markets Overview
- ASX SPI 200 futures up 0.2% to 6,894.00
- Dow Average down 0.6% to 32,098.99
- Aussie little changed at 0.6901 per US$
- U.S. 10-year yield rose 6.6bps to 3.1061%
- Australia 3-year bond yield rose 14 bps to 3.34%
- Australia 10-year bond yield rose 9.3 bps to 3.67%
- Gold spot little changed at $1,737.61
- Brent futures up 3.9% to $104.96/bbl
Economic Events
- 11:30: (AU) July Private Sector Houses MoM, prior 1.2%
- 11:30: (AU) July Building Approvals MoM, est. -3.0%, prior -0.7%
US stocks and Treasuries fell again Monday as the realization that interest rates are likely to remain elevated for an extended period continued to force a repricing across assets.
The S&P 500 and the Nasdaq 100 dropped a second day, adding to the rout that started Friday when Jerome Powell made it clear the Fed is willing to let the economy suffer as it fights inflation. Treasury yields rose, with the 10-year rate hovering around 3.11%. The two-year yield had climbed to its highest level since 2007 earlier in the day before paring the advance. Oil notched gains on supply risks.
Other News
After a few hours of heads-down work at her office in Washington, D.C., Michele Late will stand up from her desk, get down on all fours and begin a series of cat-cow yoga poses in her cubicle.
If her back is hurting, she might just lie flat on the ground. She can do so without a shred of self-consciousness or fear that a co-worker might walk by because she goes into the office on the day everyone else avoids: Friday.
“No one is going to see me,” says Ms. Late, 51, who works as the deputy director of communications for the American Public Health Association and is required to be in the office two days a week. “I just love Fridays.”
As hybrid work models have taken root in the corporate world and many employees have been given some choice in when they go into the office, Tuesdays, Thursdays and especially Wednesdays have emerged as the most popular days, according to data from Kastle Systems, which tracks access-card swipes in most major U.S. cities. But a subset of workers is purposely going in on the days most of their colleagues prefer to stay home — Mondays and Fridays. It’s a small club but members cite benefits like being spared distracting small talk and weird-smelling food wafting from the microwave. They’d be delighted if you didn’t join.
“There’s no pings from emails or speakerphone conversations,” says Ms. Late, who is one of two or three people who regularly goes in on Mondays and Fridays. “To me, it’s heaven.”
(Wall Street Journal)
