Australian shares are set to open lower amid a broad sell-off in New York as bond yields surged. The US 10-year yields jumped above 4.8 per cent. The Australian dollar fell 1 per cent. Follow for updates here.
The ASX looks set to extend a six-month low, tracking a sell-off on Wall Street after a strong US labour market data added to fears the Federal Reserve will have to continue to raise interest rates.
The S&P 500 fell 1.4 per cent to a four-month low, while the Nasdaq 100 index dropped 1.8 per cent. The Dow Jones dropped 1.3 per cent, wiping off the last of its year-to-date gains. “Never in my career have I witnessed such uncertainty about where we are in the economic cycle,” he said. Wall Street’s fear gauge, the CBOE Volatility Index or VIX, rose above 20 intraday — a key level signalling increased skittishness in the market — the highest such reading since May.Markets tumbled across the board after the number of available positions rose to 9.61 million from less than 9 million in July, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey, or JOLTS.
“The dominant market theme, therefore, is one that many developed-market investors have not had to deal with since the ’08-’09 crisis: volatility,” he added. 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.”
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