Pre-Market Report – Thursday 9 May: CBA Quarterly | Trading Updates From Retailers

Market Updates

US equities finished mixed overnight in another low-volume trading session. The Dow extended its winning streak to six days, the longest since December, advancing 172 points. Dow up 210 points at best. Dow down 69 points at worst. The S&P 500 ended muted, remaining below the 5,200 snapping its four sessions of gains, while the NASDAQ fell 0.18%, pressured by losses in Tesla -1.7% on an autopilot probe, and Intel -2.2% after announcing its sales would take a hit after the US revoked some of the chipmaker's licences a move Beijing complained was going too far in the name of national security. Treasury yields moved up a touch after the $42bn auction of 10Y bonds saw tepid demand. In Fed speak, Fed’s Collins said getting to the 2% may take longer than expected, reinforcing the higher for longer mantra. No meaningful economic data overnight, markets now waiting for inflation data next week for insights into the economy.
ASX to fall. SPI Futures down 19 points (-0.24%). CBA in focus on trading update.

• Base metals lower. Nickel -2.91%, Aluminium -0.74%, Zinc -1.80%, Lead -0.89% and Tin -2.05%.
• Copper eased 1.42% after Indonesia announced that it would extend copper export permits for Freeport, which will help ease shortages.
• Oil prices edged higher after US crude stockpiles fell last week. WTI +0.75%, and Brent Crude +0.95%.
• 10Y Bond Yields – US 4.500%, Australia 4.326%, and Germany 4.131%.
• Currencies – AUD -0.03%, USD Index +0.10%, Euro +0.01%, and Bitcoin -2.34%.
• Gold fell 0.22%, pressured by firming bond yields and USD.

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