Episode Details

US stocks closed edged higher overnight, just finishing above the flatline in a fairly uneventful day of trade. The Dow rose 32 points (+0.08%), rising for its fifth consecutive session its longest winning streak since December 2023. Dow up 125 points at best, and down 12 points at worst. S&P 500 briefly hit 5,200, finishing 0.13% higher, marking a four-day winning streak, while the NASDAQ slipped 0.10% in late afternoon trade. Treasury yields eased a touch, while the $58bn 3Y note auction garnered solid demand, ahead of this weeks $42bn 10Y note auction tomorrow. In Fed speak, Fed’s Kashkari said he questions the restrictiveness of current policy given inflation data and was the latest central banker to talk about a higher neutral rate, raising his projection by 50bps to 2.50%.

ASX to rise. SPI Futures up 14 points (+0.18%).

• Base metals are higher across the board. Nickel +0.31%, Aluminium +0.43%, Zinc +1.32%, Lead +1.44% and Tin +2.55%.
• Copper advanced +1.22%, pushing towards two-year highs as focus returned to tight supplies and hopes of stronger demand from China.  
• Gold is off 0.39%, letting go of gains made in the previous session as the market focuses on the Fed's rate cut prospects.   
• Oil prices edged lower on signs of easing supply concerns. WTI -0.16% and Brent Crude -0.63%.
• Currencies – AUD +0.02%, USD Index +0.29%, Euro +0.01%, and Bitcoin -0.68%.
• 10Y Bond Yields – US 4.461%, Australia 4.283%, and Germany 2.424%.

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