Pre-Market Report – Thursday 11 April: US CPI Dents Rate Cut Hopes

Marcus Today Market Updates

The Dow Jones Industrial Average led Wednesday’s losses, tumbling 1.09%, while the S&P 500 dropped 0.95%. The Nasdaq Composite sank 0.84%. Ten of the 11 S&P 500 sectors finished the session in negative territory, with real estate bearing the brunt of the selling pressure and posting decline of more than 4%. The rate on the 10-year Treasury note topped 4.5%, while the 2-year Treasury yields surged close to 5%.
ASX to fall. SPI Futures down 65 points (-0.82%).

• Base metals found buyers despite a stronger USD with Copper down 0.42%, Nickel +1.07%, Aluminium +0.16%, Zinc +1.18%, Lead +0.58%, and Tin +2.36%.
• Gold prices fell 0.84% coming off record highs as the USD and treasury yields firmed.
• Oil prices advanced after three sons of a Hamas leader were killed in an Israeli airstrike feeding worries that ceasefire talks might stall. WTI up 1.09% and Brent Crude up 1.35%.
• Currencies - Aussie dollar flat, USD Index +1.0%, Euro +0.01%, and Bitcoin +0.79%.
• 10Y Bond Yields – US 4.546%, Australia 4.220%, and Germany 2.446%.

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