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MARKET OUTLOOK - Global & Local


mminion

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we are uneasily slouching towards more low points

US stocks fell sharply after the November jobs report missed expectations but did not alter the outlook for a faster taper and as more cases of omicron were detected across the globe.

  • On Wall St: Dow -0.2% ; S&P 500 -0.8% ; Nasdaq -1.9%
  • In New York: BHP -5.5% ; Rio Tinto -4.4% ; Atlassian -5.3%
  • Tesla -6.4% ; Microsoft -2% ; NYSE Fang -3.6% ; Netflix -2.3%

All three major benchmarks attracted buyers late in the day. The Dow rallied 180 points in the final 10 minutes.

While the US economy added just 210,000 new jobs last month, less than half what most economists expected, Federal Reserve Bank of St. Louis president James Bullard said the report overall was positive

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The household survey was up 1.1 million. That suggests there are probably revisions coming to the nonfarm payrolls side.

That comment bolstered expectations among some investors that the Fed will accelerate its taper and puts the US central bank on a path to lifting interest rates perhaps earlier and at a faster pace.

The Australian dollar was 1.4 per cent lower to US69.98¢

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ASX futures were up 54 points or 0.7 per cent to 7385

  • AUD +0.9% to 71.14 US cents
  • Bitcoin on bitstamp.net +3.6% to $US50,903.52
  • On Wall St at 3.10pm: Dow 1.5% ; S&P 500 2.1% ; Nasdaq 2.9%
  • In New York: BHP +3.8% ; Rio +3.7% ; Atlassian +7.7%
  • Tesla +4.1% ; Apple +2.8% ; Amazon +3% ; Microsoft +2.4%
  • In Europe: Stoxx 50 +3.4% ; FTSE +1.5% ; CAC +2.9% ; DAX +2.8%
  • Spot gold +0.3% to $US1783.34/oz
  • Brent crude +3.9% to $US75.94 a barrel
  • US oil +4.6% to $US72.65 a barrel
  • Iron ore +8.3% to $US111.34 a tonne
  • 2 year yield: US 0.69% ; Australia 0.66%
  • 5 year yield: US 1.25% ; Australia 1.34%
  • 10 year yield: US 1.48% ; Australia 1.64% ; Germany -0.38%

There, omicron not as bad as thought!! And Bonds not kicking out, giving a breather for the panickers.

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The emergence of the omicron COVID 19 variant is a source of uncertainty but is unlikely to derail Australia’s economic recovery, which is occurring faster than expected, Reserve Bank governor Philip Lowe said. The strength of the recovery makes it more likely the central bank will raise rates earlier than expected, with Dr Lowe dropping his previous outlook for underlying inflation to be no higher than 2.5 per cent at the end of 2023.

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The RBA held the overnight cash rate at the record low rate of 0.1 per cent at its board meeting on Tuesday, and in a statement from the governor said the board would not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range.

 

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