FPG Overnight Headlines 26/10/2022

Overnight headlines 

The US 10-year note’s yield decreased 14 basis points to 4.10 percent. In an effort to bring the split Tories together, Rishi Sunak officially assumed office as prime minister and formed his cabinet. The UK’s 10-year yield dropped by 11 basis points to 3.62 percent. 

All three major benchmarks closed higher on Wall Street. After the closing bell, Microsoft and Alphabet are scheduled to release their earnings. Apple and Amazon are expected to report on Friday, while Meta reports on Thursday. 

Among the 11 S&P 500 industrial sectors, real estate drove 10 of them higher while energy lagged, losing 0.04 percent. The NYSE Fang + Index increased by 2.7%. The VIX dropped under 28.50. 

Market movements 

• The Australian dollar increased by 1.3% to 63.93 US cents 
• The price of bitcoin increased by 4.3% to $US20,161.  
• On Wall St: Dow +1.1% S&P +1.6% Nasdaq up 2.3%. 
• Stoxx 50 gained 1.6% in Europe. FTSE -0.01% CAC +1.9% DAX +0.9% 
• Spot gold increased by 0.3% to US$1654.03/oz;  
• Brent crude increased by 0.2% to US$93.40/barrel;  
• Iron ore fell by 3.8% to US$89.50/ton;  
• The 10-year yield was US$4.10%. Germany 2.16% Australia 4.07% 

Today’s agenda 

Local: Third-quarter CPI  

Overseas data: Business optimism in NZ in October; new house sales in the US in September 

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