Pre-Market Report – Friday 11 October: US markets slip slightly on CPI | Tesla awaits

Market Updates

US equities came under pressure overnight following hotter-than-expected inflation data and a slowdown in the labour market raising bets that the Fed will opt for a smaller cut next month. The Dow Jones eased 58 points (-0.14%). Down 204 points at worst. S&P 500 took a breather coming down from yesterday's record high, off 0.21%, and the NASDAQ finished near flat, off 0.05%. Treasurys finished lower too. The 2Y yield, which is more sensitive to Fed policy expectations fell 6bps after it rose to 4.094% during trade, its highest since mid-August. 10Y slightly lower, down 0.06% after hitting a 10-week high of 4.12%. Aussie dollar up 0.34% to 67.40c, USD Index down 0.06%, and Bitcoin off 2.24%. WTI and Brent prices jumped over 4% before finishing up 3.53% and 3.21% following a spike in US fuel use before Hurricane Milton and signs demand for energy could grow in the US and China.
ASX to inch lower. SPI Futures down 3 points (-0.04%).
COMMODITIES

• Oil prices jump 4% on US storm and Israel-Iran fears.
• Gold extends gains as rate cut bets strengthen after US economic data.
• Copper rebounds ahead of news on further China stimulus.
• Stop Israel from bombing Iran's oil sites, Gulf states urge US.
• Chile's Codelco copper production up 10% in August.

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