P 500 +0.2% Nasdaq +0.5%The local currency down 0.4 per cent to 69.05 US centsThe yield on the US 10-year note advanced six basis points to 3.10%.On Wall Street, gains were pared in a slow session with traders hesitant to make big moves.
“The Fed still has a lot of tightening to do and that won’t change during the winter. Powell’s fight against inflation might send the US economy into a recession late next year, but for now he needs to stick to the hawkish script and leave all options of tightening on the table.” Overseas data: China Caixin Mfg PMI Aug; Euro zone unemployment rate Jul; Japan Nikkei PMI Mfg Aug; UK Markit manufacturing PMI Aug; USASX futures up 18 points or 0.4 per cent to 6,921 near 4.29amOn bitstamp.net, Bitcoin was up 1 per cent to $US21,654 at 4.15am AEST.In New York: BHP -1.7% Rio -3.5% Atlassian +0.5%Spot gold +0.1% to $US1,749.54 /oz at 2.11pm New York timeIron ore +0.2% to $US102.5 a tonne10-year yield: US 3.11% Australia 3.62% Germany 1.
The likes of Snap, Pinterest and Meta have seen both estimates and their stock prices slide this year amid mounting competition and falling corporate ad budgets. “If we’re in an environment of higher energy prices in the medium-term, rising interest rates and dollar strength, we think UK markets will remain supported,” said Joseph Little, HSBC Asset Management’s chief global strategist.US crude sales overseas are set to hit fresh records through next year as American oil increasingly takes market share in Europe.
Source: Financial Digest (financialdigest.net)
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