Market Update 16/09/2024
Lower rates provided a boost to US equities, with the S&P 500 gaining 0.5%, rounding off a solid 4% rebound for the week, nearly erasing the prior week’s losses. Meanwhile, the Euro Stoxx 600 index advanced by 0.8% and the FTSE 100 was 04% higher. The yield on the US 10-year Treasury slipped by 2 basis points to 3.65%.
Market Update 12/09/2024
US equities showed mixed performance ahead of the key CPI data release tonight (NZT). The S&P 500 was up 0.3%, the Dow Jones down 0.3%, and the NASDAQ gained 0.7%. In Europe, the Euro Stoxx 50 dropped 0.7% and the FTSE 100 declined 0.8%. Meanwhile, the yield on the US 10-year fell by 6 bps to 3.64%.
Market Update 09/09/2024
Stock markets softened on Friday in response to the US August labor market report. The S&P 500 dropped 1.7%, driven lower by losses in tech stocks, while the Nasdaq fell 2.6%. In Europe, the Euro Stoxx 50 ended the day down 1.6%, and the FTSE 100 declined by 0.7%. Meanwhile, the yield on the US 10-year dipped 2 bps to 3.71%, influenced by remarks from Fed Governor Waller, who expressed openness to a more significant rate cut in September.
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Market Update 04/09/2024
Stock markets dropped significantly, and fixed income markets gained on weak August ISM data, poor July US construction spending, and low trading volumes ahead of the closely watched US August labor market report (due early Saturday morning NZT). The S&P 500 fell 2.0%, the Euro Stoxx 50 declined by 1.2%, and the FTSE 100 dropped 0.8%. Meanwhile, the yield on the US 10-year decreased by 6.9 bps to 3.83%.
Market Update 02/09/2024
U.S. equity markets were stronger to end the week following some solid wages data on Friday evening. The Nasdaq closed +1.1%, the S&P 500 +1.0% and the Dow +0.6%. U.S. 10-year yields rose 4bps to 3.7%, and crude oil fell 3.0% to $73.60 a barrel. AUD/USD traded 0.6752/0.6816 before closing the week at 0.67655.
Market Update 30/08/2024
A subdued session on Wall St. saw the Dow Jones close +.6%, the S&P 500 +.1%, and the Nasdaq -.2%. U.S. 10-year yields traded 3bps higher to 3.87%, while crude oil rose 1.9% to $75.95 a barrel. The AUD/USD traded in a .6781/.6824 range before settling at .6795/00 ahead of the Asian session.
The greenback held onto to most of its gains over Germany’s EU harmonized CPI readings which showed a rise of 2.0% y/y in August, down from 2.6% in July and short of 2.2% forecasts. AUD/USD traded 10pts off fresh 0.6824 highs while NZD/USD fell back to 0.6270. EUR/USD traded 1.1090, GBP/USD 1.3180, and USD/JPY 144.60.
Market Update 29/08/2024
A soft session on Wall St. saw the Nasdaq close -1.1%, the S&P 500 -.7%, and the Dow Jones -.4%. U.S. 10-year yields closed slightly higher, while crude oil fell 1.1% to $74.70 a barrel. Currency markets remained steady and saw the AUD/USD settle in the middle of its .6765/.6813 range.
The greenback remained on the front foot into the London lunch as the antipodes fell to 0.67705 and 0.6224. EUR/USD continued below 1.1110 to hit 1.1105 lows while GBP/USD fell below 1.3200 to touch 1.3191. USD/JPY climbed steadily and moved to highs above145.00 into the NY morning while USD/CAD topped out at 1.3479.
Market Update 27/08/2024
A soft start to the week on Wall St. saw the Nasdaq close down 0.9% and the S&P 500 down 0.3%. U.S. 10-year yields edged slightly higher, while simmering tensions in the Middle East pushed crude oil up 3.1% to $77.10 a barrel. AUD/USD traded within a narrow range of 0.67675 to 0.6798. The USD remained strong into the London session as Brent crude rallied above $81 per barrel. The antipodeans fell to 0.67675 and 0.61975, while EUR/USD and GBP/USD slid lower to 1.11635 and 1.3183, respectively. USD/JPY climbed back above 144.00, reaching a high of 144.23.
Market Update 26/08/2024
Equities surged as Fed Chairman Powell announced that it’s time to begin cutting interest rates. The S&P 500 gained 1.1% and the Nasdaq climbed 1.5%, while the Euro Stoxx 50 and FTSE 100 both increased by 0.5%. The yield on the US 10-year decreased by 5.3 bps to 3.80%.
U.S. new home sales jumped 10.6% m/m in July, reaching an annual rate of 739,000, the fastest growth in 14 months. June’s sales were also revised upward to a 0.3% increase, compared to the previously reported 0.6% decline. Sales grew across all major regions, with lower mortgage rates (now at 6.5% compared to 7.3% in April) and builder incentives being key factors behind the surge.
