Fortune Prime Global Overnight headlines 02/12/2022

Overnight headlines

The 10-year US Treasury yield decreased 10 basis points to 3.50 percent at.

The Dow was losing ground on Wall Street. The index fell by 195 points at the closing after rising by 737 points the previous day. The S&P 500 finished close to 4076.

Investors need to pay attention, according to equities strategists at JPMorgan, including Marko Kolanovic: “The S&P 500 Index recovery from crucial support near 3500 is approaching our base-case set of technical goals, which are currently in the 4100s.

“We expect the index to decline in the first quarter because we don’t think the market will be able to maintain a break above that resistance zone. The level of initial support is 3900.

Together with co-founder and newest prospective successor Marc Benioff, Salesforce co-CEO Bret Taylor is leaving the firm after only one year in the top position.

In a note, Bank of America reported that while the S&P 500 surged for a second consecutive month, the Sell Side Indicator (SSI), which measures the average recommended allocation to stocks by US sell-side strategists, increased 56 basis points to 53.3% in November.

The bank said that the SSI is currently 1.8 percentage points from a “buy” signal and that the index is one of six factors towards its 2023 year-end S&P 500 objective of 4000.

“Historically, subsequent 12 month S&P 500 returns were positive 95% of the time, and the median 12 month return was 21%, when the SSI was at current levels or lower.”

Market movements

• Australian Dollar up 0.4% to 68.12 US cents;
• Bitcoin down 0.9% to US$16,885;
• Dow down 0.6% on Wall Street. S&P -0.1% Nasdaq up 0.1%.
• Stoxx 50 increased 0.5% in Europe. FTSE -0.2% CAC +0.2% DAX +0.7%
• Spot gold increased by 1.9% to US$1801.28/oz;
• Brent crude increased by 0.3% to US$87.19/barrel;
• Iron ore increased by 1.9% to US$103.10/ton;
• 10-year yield was US$3.50%. Germany 1.81% Australia 3.48 %

Today’s agenda

Local: third quarter terms of trade for New Zealand’s housing finance in October

Overseas data: October’s PPI for the eurozone and November’s jobs data in the US

Note: At the Bank of Thailand’s 80th Anniversary Conference in Bangkok, Philip Lowe, Governor of Central Banking, participated on a panel titled “Central Banking amidst Shifting Ground.”

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