Marcus Today Pre-Market Podcast – Friday 25th August

All major US indexes closed sharply in the red overnight, ending near worst levels, losing more than 1% each as profit-taking weighed on shares. Dow Jones down 374 points (-1.08%). Dow at best up 222 points. Dow at worst down 379 points. S&P 500 finished below the 4400 level, down 1.35%, and the NASDAQ lost 1.87% as early session big tech rallies ceased after bond yields rose. Mega cap stocks weighed, including Google -2.1, Apple -2.6, and Tesla -2.9% but Nvidia edged higher another 0.1% after hitting a record high. US treasuries rose 10Y yield edged up 4.3bps, and the 2Y yield, which is the barometer of interest rate expectations, rose 7.1bps. USD Index firmed up 0.54% toward an 11-week high, and the VIX jumped 7.6%.

• ASX to open lower. SPI Futures down 91 points (-1.28%)
• 10Y yield: US 4.23%, Australia 4.11%, and Germany 2.51%
• Copper pulled back after five sessions of gains, down 1.08%, as unease surrounding high-interest rates curbing global growth offset optimism in the uptick of demand from China.
• Nickel -0.53%, Aluminium -1.06%, Zinc +0.42%, Lead -0.46%, Tin -1.47%.
• Brent and WTI oil rose 0.31% and 0.52% after a report of sliding gasoil stocks in Europe.
• Gold prices steadied, up 0.17% despite a stronger USD and an uptick in bond yields.
• Aussie dollar down to 64.13c, down 0.09%. 

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