FPG Overnight Headlines 31/10/2022

Overnight headlines 

Australian stocks are expected to increase by 1.4%, lagging behind a weekend increase on Wall Street. 

The ASX futures index increased by 92 points or 1.4% to 6868. 

The local currency dropped 0.6%, retreating to a handle of US63. The dollar spot index according to Bloomberg increased 0.2%. 

The US 10-year note's yield increased by 9 basis points to 4.01 percent. 

As a consequence of positive quarterly results from Intel and Apple more than offsetting negative quarterly results from Amazon, Alphabet, Meta, and Microsoft, all three of Wall Street's key indexes increased by at least 2.5%. The Dow increased by 828 points, and the S&P 500 ended the day at 3901. 

With policy meetings taking place in Australia (Tuesday), the US (Wednesday), and the UK this week, central banks are under the spotlight (Thursday). On Friday night, the US will issue its October jobs data. 

Fear and contempt in the violently divided USA Inflation is the top concern for voters in the US midterm elections, with crime coming in second. I've just personally witnessed why voters give it such high ratings. 

RBA is forecast to increase 0.25 percentage points on Cup Day. Some economists argue that the RBA may make a larger adjustment even though markets are fully pricing in a 0.25 percentage point hike. 

Market movements 

·        Bitcoin decreased by 0.9% to $US20,685  

·        Australian dollars decreased by 0.6% to 64.11 US cents 

·        Dow +2.6% and S&P +2.5% on Wall Street Nasdaq grew 2.9% 

·        Stoxx 50 +0.2% DAX +0.2%, CAC +0.5%, and FTSE -0.4% 

·        Spot gold fell by 1.1% to US$1644.86/oz in New York;  

·        Brent crude fell by 0.8% to US$96.22/barrel;  

·        Iron ore fell by 0.8% to US$81.85/tonne;  

·        The 10-year yield was US$4.01%. Germany 2.09% Australia 3.73 percent 

Today’s agenda 

Local: Retail sales September, MI inflation October, and private credit September 

Overseas data: Japan's September industrial production, the Eurozone's October CPI and third quarter GDP, China's October manufacturing and services PMIs, the US's October Chicago PMI, and the Dallas Fed manufacturing index 

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