Market Headlines
The US 10-year note’s yield decreased by 3 basis points to 3.45%.
The local currency decreased by 2.4% while the Bloomberg dollar spot index increased by 1%.
Bitcoin’s price fell by 2.4% to $US17,392.
Focus on inflation at ECB
As the Bank of England and European Central Bank echoed the pessimism of the US Federal Reserve from Thursday AEDT, shares plunged precipitously in Europe as well. Rates were raised by 0.5 percent by the ECB and the BoE separately.
• Stoxx 50 fell 3.5% in Europe. FTSE -0.9% CAC -3.1% DAX -3.3%
Europe’s bond yields skyrocketed. Germany’s 10-year yield increased 14 basis points to 2.07 percent, while Italy’s 10-year yield increased 29 basis points to 4.14 percent. The UK 10-year yield, on the other hand, decreased 7 basis points to 3.23 percent.
The BoE’s rate is currently 3.5%, a 14-year high following nine consecutive hikes. The ECB rate is at 2%, which is also the highest since the start of the global financial crisis in 2008 following four straight rises.
Risk of policy error is high
We still have a ways to go, Powell noted only 24 hours prior. It will probably take some time to restore price stability, thus restrictive policies will need to be maintained.
Market movements
- Down 2.4% to 67.03 US cents in AUD
- Bitcoin fell 2.4% to $17,406 USD.
- Dow -2.3% and S&P -2.5% on Wall Street Nasdaq fell 3.2%
- BHP was down 1.2% in New York. Rio -0.4% 2.4% Atlassian
- Stoxx 50 fell 3.5% in Europe. FTSE -0.9% CAC -3.1% DAX -3.3%
- Spot gold decreased by 1.6% to $US1779.00/oz.
- Brent crude decreased 1% to US$81.89 per barrel.
- Iron ore increased 3.1% to US$113.15 per tonne.
- US 3.45%, Australia 3.45%, Germany 2.07% for the 10-year yield.
Today’s agenda
Local: Manufacturing PMI for November from BusinessNZ
Overseas data: EU October trade balance, November CPI final; December preliminary manufacturing and services PMIs for Japan (Nikkei), the Eurozone, the UK, and the US (Markit); UK Retail sales for November and December GfK consumer sentiment
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