Marcus Today Pre-Market Podcast – Wednesday 6th December

US equities ended mixed while treasury resumed their rally following fresh economic data reinforced bets the Fed will cut rates in Q1 of next year. The Dow Jones fell 80 points (-0.22%). Dow down 194 points at worst. S&P 500 ended marginally in the red, down 0.06%, and the NASDAQ gained 0.31%. Treasuries fell after job openings data hit its lowest since March 2021. 10Y yields down 8.2bps breaching 4.2% levels, and the 2Y yield fell 4.6bps to 4.587%. Key non-farm payrolls report out Friday, which will offer more insight into the health of the labour market. Bitcoin is up 4.8%, Gold eased 0.48%, and the Aussie dollar fell sharply, down 1.03% to 65.51US Cents. Among stocks, the tech sector outperformed as treasuries dipped Nvidia and Apple gained over 2% each, while Amazon and Telsa rose over 1% each.

ASX to rise. SPI Futures up 27 points (+0.38%).

• Base metals down.  Zinc -1.84%, Aluminium -1.03%, Lead -2.03%, and Tin -0.56%.
• Nickel fell 2.88%, continuing its downward trend on expectations of excess supply.
• Copper is down 1.46%, hitting its lowest level in two weeks after Moody’s cut its outlook on China’s credit rating.
• Dalian Iron ore fell 0.91% on lingering fears over China’s supervision of the markets to ensure price stability.
• Oil prices lower, hovering around five-month lows on a stronger USD and demand concerns. Brent Crude -1.32% and WTI -1.07%.
• 10Y yield: US 4.180%, Australia 4.315%, and Germany 2.249%.

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