Australian shares are set to open lower amid a broad sell-off in New York as bond yields surged. The US 10-year yields jumped above 4.8 per cent. The Australian dollar fell 1 per cent. Follow for updates here.
Another tumble on Wall Street has pulled the S&P 500 to a four-month low and wiped off the last of the Dow Jones’ year-to-date gains, setting the stage for another bearish session on the ASX.
On Wall St at 4pm: Dow -1.3% S&P -1.3% Nasdaq -1.9%While debate about the outlook for US rates continues to divide economists and strategists, and their views on the probability of a recession, equity investors’ nerves are fraying.Evercore ISI strategist Krishna Guha The report drove swaps traders to increase wagers on the Federal Reserve raising rates in December to better than a 50-50 odds.
The next data point for the labor market will be a monthly payrolls print on Friday where traders will be looking for any signs of cooling.: “We are expecting a hawkish hold from the RBNZ today with the official cash rate expected to remain at 5.5 per cent. We continue to expect a 25bp hike at the November meeting and risks are tilting towards even more being required in 2024..
As for the Nasdaq Composite, which fell 1.9 per cent to 13,059 overnight, he had this to say, if bearish US equity market seasonality continues into October, the index could slide towards 12,700 and then to 12,300-12,240.As global bond yields rise inexorably higher, Société Générale strategist Albert Edwards said he can’t help hearing echoes of the 1987 market crash.
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ASX 200 LIVE: Australian shares to fall, US bond yield surge jolts Wall StreetAustralian shares are set to open lower amid a broad US sell-off. 10-year Treasuries yields hit 4.8 per cent. RBNZ rate call at midday. Follow updates here.
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ASX 200 LIVE: Australian shares to fall, US bond yield surge jolts Wall StreetAustralian shares are set to open lower amid a broad US sell-off. 10-year Treasuries yields hit 4.8 per cent. RBNZ rate call at midday. Follow updates here.
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ASX 200 LIVE: Australian shares to fall, US bond yield surge jolts Wall StreetAustralian shares are set to open lower amid a broad US sell-off. 10-year Treasuries yields hit 4.8 per cent. RBNZ rate call at midday. Follow updates here.
Read more »
ASX 200 LIVE: Australian shares to fall, US bond yield surge jolts Wall StreetAustralian shares are set to open lower amid a broad US sell-off. 10-year Treasuries yields hit 4.8 per cent. RBNZ rate call at midday. Follow updates here.
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ASX 200 ends the day down on TuesdayThe ASX 200 ended the day down on Tuesday by 1.28 per cent. According to Sky News Business Editor Ross Greenwood, the stock market fell heavily as global bond yields moved higher. The move suggests more rate rises are set to come in the months ahead. Economists predict this will slow economies around the world even faster. “There are also fresh forecasts that America will almost certainly fall into recession,” Mr Greenwood said.
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