Australian shares are set to open lower amid a broad US sell-off. 10-year Treasuries yields hit 4.8 per cent. RBNZ rate call at midday. Follow updates here.
Another tumble on Wall Street has pulled the S&P 500 to a four-month low and wiped off the last of the Dow Jones’ year-to-date gains, setting the stage for another bearish session on the ASX.
ASX futures were down 31 points or 0.5 per cent to 6933 near 7am AEDT, paring earlier losses similar to what happened late in New York’s session.While debate about the outlook for US rates continues to divide economists and strategists, and their views on the probability of a recession, equity investors’ nerves are fraying.said he thinks markets have overreacted to the latest jobs report, “which overall remained in our view consistent with continued labour market rebalancing”.
The VIX is the Chicago Board Options Exchange’s CBOE Volatility Index. It leapt 15 per cent to more than 20 at 2.40pm in Chicago overnight.In his note, Mr Suttmeier said: “If investors capitulate on market leadership, which we think can happen in October, a break below 14,700-14,432 would expose the prior high from August 2022 near 13,700 as next support.”
He sees a further parallel with currency market turbulence in 1987, which exacerbated recession worries “for an equity market priced for the start of a new economic cycle.about where we are in the economic cycle. “Is that long promised recession still lurking around the corner or are we at the start of a new economic cycle? Many investors are apparently increasingly convinced it’s the latter.
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