Marcus Today Pre-Market Podcast – Thursday 12th October

US equities finished higher overnight after a choppy session following the release of FOMC meeting minutes, which showed caution among policymakers, fuelling bets that rates would stay steady. The Dow edged higher, up 66 points (+0.19%). Up 143 at best. Down 127 at worst. The S&P 500 rose for a fourth straight session, up 0.43%, and the NASDAQ rose 0.71%, with Nvidia gaining 2.2%. Short-dated 2Y Treasuries rose 3.1bps, while the 10Y yield fell 8.7bps. The US dollar saw its longest losing streak since March, with the USD Index down 0.10%. In corporate news, Exxon Mobil fell 3.59% after agreeing to buy Pioneer Natural Resources and German sandal maker Birkenstock’s IPO flopped, with the stock ending more than 12% below its IPO price.

ASX to edge up. SPI Futures up 6 points (0.08%).

• Russell 2000 -0.15%.
• Producer Prices in the US rose 0.5% MonM in September following a 0.7% in August but above market consensus of 0.3%. Results signal we haven’t seen the end of sticky inflation.
• Gold climbs on lower treasury yields, up 0.73%
• Copper steadied overnight, down 0.21% as markets found comfort that China will unleash more economic stimulus.
• Base metals broadly are mixed. Nickle -1.52%, Aluminium -0.09%, Zinc +0.14%, Lead -0.21%, Tin +0.79%.
• Oil prices fell overnight over disruption concerns to supplies due to conflict in the Middle East. Saudi Arabia pledged to help stabilise the market. Brent Crude down 1.70% and WTI down 2.55%.
• 10Y yield: US 4.56%, Australia 4.43%, and Germany 2.71%.

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