Marcus Today Pre-Market Podcast – Monday 19th February

US equities fell overnight, with the NASDAQ leading the losses, as a hotter-than-expected producer prices report tempered expectations for immediate interest rate cuts by the Fed. The S&P 500 fell by 0.48% but managed to close above 5,000 for the fourth time this year, the Dow Jones slid by 145 points, and the NASDAQ lost 0.82%. Following five consecutive weeks of gains, all three indexes ended the week lower, Dow -0.11%, S&P 500 -0.42%, and NASDAQ -1.34%. US Treasury yields rose in response to the producer prices data, with the 10Y Treasury note climbing by 4.3bps to 4.285%, marking its second consecutive weekly gain. Similarly, the 2Y note yield increased by 6.3bps to 4.646%, marking its third consecutive weekly gain, the longest streak since September.

ASX SPI Futures up 8 Points

• Base metals - Nickel +0.89%, Aluminium -0.22%, Zinc +1.19%, Lead +0.78%, and Tin -1.57%.
• Copper up 2.11%, gaining 3.8% for the week its best weekly performance since March last year.
• Gold ticked higher, up 0.43% but down for the week after hot US inflation cooled rate cut expectations.
• 10Y Bond Yields – US 4.285%, Australia 4.245%, and Germany 2.393%.
• AUD +0.11% to 65.31c. USD Index -0.02%. Japanese Yen +0.20%.
• Oil prices settled higher overnight as geopolitical tensions in the Middle East more than offset the forecast from the International Energy Agency for slowing demand. WTI +1.50% and Brent Crude +0.47%.

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