Your morning market wrap. All eyes are on US CPI.
Stocks:
Another down day for Wall Street. The S&P 500 dropped 0.33% to dropp to newlows, while the NASDAQ was practically flat. FOMC minutes sparked a brief flurry. However,investors remain braced for tonight's US CPl data. SPlFutures are pointing to an18 pointdrop for the ASX200 this morning.
Rates/bonds:
lmplied volatility in the bond market pushed to new highs. Yields dropped marginally, with the US 10 year falling 5 points to 3.89%. FOMC minutes delivered the "higher for longer” message, however some members agreed it was important to eventually"calibrate the pace" of hikes to balance risks to economic activity. Rate expectations didn'tmaterially change, with market pricing suggesting a peak in the Fed Funds Rate of around 4.75%. All eyes on US CPl now. it's expected to print at 8.1% on a headline basis, and showan increase in core CPl to 6.5%.
FX:
The US Dollar Index was flat, largely by virtue of a steady Euro.The Pound's wild ride continues though, with the currency climbing 1.1%, as nervousness prevails ahead of the possible exit of the BOE from the Gilt market.The Yen also plunged to around 147 - a new 24 year low - as BOJ Governor Kuroda vowed further loose policy. The AUD/USD remains around 62 cents.
Commodities:
Oil prices declined after OPEC+ cut its demand forecasts by 460,000 barrelsper day for this year and 360,000 barrels per day for next year.Brent fell 1.9% to aroundsus92.50. Gold bounced 0.4% to be currently fetching sus1670.
Crypto:
Little movement in Bitcoin prices which remains in the low $US19,000s.
$S&P 500(.SPX)$ $DJIA(.DJI)$ $NASDAQ(.IXIC)$
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