Marcus Today Pre-Market Podcast – Friday 16th February

US stocks closed higher on Thursday as retail sales data disappointed, fuelling expectations of potential interest rate cuts by the Fed in the coming months. The S&P 500 rose by 0.58%, the NASDAQ by 0.30%, and the Dow Jones climbed by 350.07 points or 0.91%. US Treasury yields edged lower, with the 10Y Treasury note down 2.4bps 4.242%, marking its second consecutive decline after a rally earlier in the week. The USD also weakened for a second day amid mixed economic data, reinforcing beliefs that the Fed might begin cutting interest rates by June. Betting odds for a rate cut of at least 25bps in May rose to 40%, with June standing at roughly 79%, according to the CME Group's FedWatch Tool. 

ASX SPI up 72 points

• Base metals mixed. Nickel -0.52%, Aluminium -0.63%, Lead +1.21%, and Tin -0.26%.
• Copper rose 1.30%, posting its biggest daily gain in three weeks.
• Zinc advanced 1.69% after touching a one-week high during trade despite another 5,000 tons of inflows into LME warehouses in Singapore, reaching its highest level since Jun-21.
• Gold spot prices gained 0.70%, settling above key $2,000-per-oouncd level.
• Oil prices gained following a sell-off in the dollar. WTI up 1.79%, and Brent Crude gained 1.71%.
• Aussie dollar up 0.49% to 65.22US cents. USD Index 0.42%, and Japanese Yen -0.39%.
• 10Y Bond Yields – US 4.242%, Australia 4.180%, and Germany 2.354%.

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