Overnight Market Wrap: 4 October 2022

Overnight Market Wrap: 4 October 2022

Key Points:

  • Stocks, US Futures Extend Gains on Fed Bets
  • Australian central bank raises rate less than expected
  • Traders pare bets on Fed hikes, Treasuries consolidate

Stocks in Asia and US equity futures extended their gains as weak US manufacturing data eased bets on the Federal Reserve’s hawkishness. The Australian dollar dropped after the nation’s central bank delivered a smaller-than-expected rate hike.

An Asia Pacific equity benchmark rose by more than 1.6% and is on course for the highest in a week, sparked by a broad rebound in the region, with investors appearing to shrug off news that North Korea fired a missile over Japan for the first time since 2017.

Treasuries consolidated following a rally on Monday after a US manufacturing gauge declined more than expected, tamping down fears of more aggressive Fed’s moves. The Bloomberg Dollar Spot Index turned flat after a 0.5% decline on Monday.

The Reserve Bank of Australia raised its benchmark interest rate by 25 basis points, less than expected. Australian three-year yields dropped as much as 58 basis points after the decision, while the currency tumbled as much as 1%.

China’s onshore markets will remain shut this week for holidays, while the Hong Kong exchange will be closed Tuesday for the Chung Yeung Festival.

Elsewhere, oil steadied after posting the biggest one-day gain since May as the market looked to OPEC+ to deliver a substantial cut in supply.

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