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Daily Market Briefing, Asia Pacific

18 Oct 2023

Will Fed Chair Powell change his tune?

• Shaky sentiment. Renewed market wobbles as Middle East tensions were compounded by higher bond yields. Stocks fell & the USD was a little firmer.• AUD vol. AUD whipped around. Gains on the back of the better than expected China data & ‘hawkish’ tone from the RBA unwound overnight.• Upcoming events. AU jobs report released today. US jobless claims are due tonight, but more focus will be on a speech by Fed Chair Powell. Some renewed wobbles in markets overnight with Middle East tensions compounded by another move up in bond yields. Stocks retreated (US S&P500 -1.3%), while oil (WTI...

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16 Oct 2023

Shifting sentiment

• Positive vibes. Equities & bond yields rose, & the USD eased as diplomatic efforts aimed at avoiding a wider Middle East conflict calmed nerves.• AUD bounce. The backdrop supported the AUD. RBA minutes released today. China data due tomorrow, with new RBA Gov. Bullock also speaking.• US data. US retail sales & industrial production data released tonight. The US economy is consumer driven. There are signs spending is cooling. A reversal of fortunes overnight with financial markets starting the week on a more positive footing. In terms of the Middle East diplomatic efforts aimed at avoiding a wider conflict,...

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15 Oct 2023

Risky times

• Risk aversion. Middle East developments have weighed on risk sentiment. Bond yields & equities lower, while gold, oil, & the USD have been supported.• AUD pressure. The backdrop is pressuring the AUD. But we think it is starting to look stretched on several metrics. A lot of ‘bad news’ could already be priced.• Event radar. US retail sales, China data, AU jobs, & NZ CPI due. RBA Gov. Bullock speaks, & there is a conga line of Fed speakers including Chair Powell. Events in the Middle East have been front of mind for markets. Risks that the conflict is...

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12 Oct 2023

US CPI market conniption

• US CPI. The data caused a bit of a market conniption with US bond yields & the USD jumping up. This & negative risk sentiment weighed on the AUD.• Over-reaction? We think markets may have over-reacted. Rents boosted services prices, but more broadly there are signs progress is (slowly) being made.• Event radar. Since 2015 the AUD has only traded below current levels ~1% of the time. China trade & CPI, & the MAS meeting are in focus today. US CPI inflation was in focus overnight, and the result, even though it was very close to expectations, caused a...

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11 Oct 2023

US inflation in focus

• Mixed signals. Markets brushed off the hotter than expected headline US PPI, with the minutes of the last policy meeting reinforcing the Fed’s cautious stance.• USD volatility. Long-end US bond yields continue to fall as markets pare back further US Fed rate hike bets. The USD is near the bottom of its October range.• AUD holding. AUD whipped around a little overnight, but on net it is still tracking above ~$0.64 (~2% above recent lows). US inflation data released tonight. Markets were generally subdued overnight. The modest knee-jerk strength in the USD, lift in bond yields, and softness in...

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