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. “Sticky inflation and resilient services sector activity, evidenced by both the Judo Bank PMIs and official economic data releases, pose the question of whether the economy is slowing down enough to achieve the soft-landing forecast by the RBA.”
Apple Inc., Nvidia Corp., Amazon.com Inc. and Tesla Inc. topped the list of most profitable short trades for the month. The four companies combined netted short sellers a paper profit of nearly $5 billion. 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.
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