anthony taguest·sydney --:--
ASX 200 9,070▼0.0S&P 500 7,692▼0.7Nasdaq 100 29,505▼1.6Nikkei 67,461▼2.5AUD/USD 0.707BTC 64.5kBrent $91▲0.3Gold $4,394▼1.8Hang Seng 25,453▲1.3USD/JPY 159Iron ore $95▲0.3US 10Y 4.71%VIX 15.78▲3.9
ahead27-29 Aug Jackson Hole symposium — Fed Chair Warsh's first address15-16 Sep FOMC meetingSep next RBA decision
driving today
Wall Street fell for a third straight session as the 30-year Treasury yield hit a 19-year high and chip stocks were hammered, after the US-Iran ceasefire deadline expired Sunday with no deal. SPI futures point to a soft ASX open on top of Tuesday's flat close, while gold slipped on the yield surge even as iron ore firmed on Chinese steel demand.
bottom line
- 1US-Iran deadline lapsed Aug 17 with no deal — Iran has shifted to a 'fully offensive posture' and Washington has reimposed its Strait of Hormuz naval blockade; Brent is back above $91.
- 2The 30-year Treasury yield hit 5.28%, a fresh 19-year high, dragging equities down for a third straight US session — Nasdaq 100 -1.63% as chip stocks were hit hardest.
- 3VIX +3.88% to 15.78 — still low in absolute terms, but the up-move shows nerves building alongside the yield spike.
- 4ASX 200 set for a sixth straight losing day: SPI futures -0.2% pre-open after Tuesday's flat -0.04% close; WiseTech -9% overnight on an ACCC raid is the local overhang.
- 5Fed on hold at 3.50-3.75% since Jul 29 (fifth straight hold, 9-3 vote) — markets await Chair Warsh's first Jackson Hole address for a policy signal ahead of the September FOMC.
- 6RBA held at 4.35% on Aug 11 (unanimous) — Governor Bullock kept the door open to further hikes, not cuts, if inflation tracks above forecast.
- •Wall Street: S&P 500 -0.69% to 7,691.76, a third straight down day; Nasdaq 100 -1.63% to 29,505 as the main semiconductor index was hit as hard as -5%; Dow held up better, -0.22%.
- •Asia: Nikkei -2.54% to 67,461 on inflation and bond-yield worries; Hang Seng bucked the trend, +1.34% to 25,453 as chip names SMIC and Hua Hong rallied on China stimulus hopes.
- •ASX: Tuesday's close was flat (-0.04% to 9,070) despite bumper earnings from BHP, CSL and Pro Medicus; WiseTech plunged ~9% after an ACCC raid, and SPI futures point to a soft Wednesday open.
- •Brent ~$91, +0.3% — the US-Iran ceasefire deadline expired Aug 17 with no deal, Iran moving to an offensive posture and the US reimposing its Hormuz naval blockade.
- •Gold ~$4,394, -1.8% — pressured by the surge in Treasury yields even as the 30-year's move to a 19-year high stokes some safe-haven demand elsewhere.
- •Iron ore firmed to ~$95/t (+0.35%) on stronger Chinese steel-demand data, a support for ASX miners despite the broader risk-off tone.
- •Fed held at 3.50-3.75% on Jul 29 (9-3 vote, fifth straight hold); markets watch Chair Warsh's first Jackson Hole address (27-29 Aug) for guidance ahead of the 15-16 Sep FOMC.
- •RBA held at 4.35% on Aug 11 (unanimous); Governor Bullock signalled hikes, not cuts, remain the live risk if inflation tracks above forecast.
- •BoJ stays the dovish outlier — yen near 159 against the dollar even as the Nikkei sells off on inflation concerns; PBoC stimulus signals are underpinning iron ore.
refreshed every morning before the open