Fortune Prime Global Overnight headlines 24/11/2022

Overnight headlines

Following a signal from US policymakers that they are leaning towards a downshift in their rate-rising cycle, Australian shares are expected to open slightly higher.

According to the meeting’s minutes from November 1-2, “a strong majority of participants judged that a decrease in the pace of increase would likely soon be warranted.”

ASX futures increased by 5 points, or 0.07 percent, to close at 7254. Prior to the release of the minutes, they had decreased by a comparable amount.

• Dow +0.3% S&P +0.6% on Wall St. Nasdaq up 1%.

Investors should anticipate a rate increase of 50 basis points at the upcoming Fed meeting, according to Jeffrey Roach of LPL Financial. Recession appears to be more likely in the coming year, though it might be brief and modest if the Fed reacts appropriately.

The local currency increased by 1.3% to reach US67; the NZ dollar increased by 1.5% to US62.46. The exchange rate was $NZ1.0781 or AUD92.75. Bloomberg’s dollar spot index decreased 0.8%.

Bitcoin’s price on bitstamp.net increased by 2.3% to $US16,503.

The US 10-year note’s yield decreased by 6 basis points to 3.69 percent.

The stock market closed higher on Wall Street. Ten of the industrial groupings that make up the S&P 500 rose with consumer discretionary. Energy was slow. The VIX decreased 4.4% to 20.35.

Market movements

• Bitcoin gained 2.3% to US$16,503
• AUD increased by 1.3% to 67.33 cents
• Dow +0.3% S&P +0.6% on Wall St. Nasdaq up 1%.
• Stoxx 50 +0.4% CAC +0.3% and FTSE +0.2% DAX +0.04%
• Spot gold increased by 0.6% to US$1750.86/oz;
• Brent crude fell by 3.7% to US$85.06/barrel;
• Iron ore increased by 1.1% to US$95.20/tonne;
• 10-year yield was US$3.69%. Germany 1.92% Australia 3.59 %

Today’s agenda

No local data

Overseas data: German November IFO business climate survey; Japanese November services and manufacturing PMIs

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