Marcus Today Pre-Market Podcast – Tuesday 15th November

• The US rally came to a halt overnight as markets gave back some of the gains from the previous two sessions. The Dow Jones faded into the close, down 211 points (-xx%), closing just off lows. At best it was up 216 points, at worst it was down 214 points. The S&P 500 was down 0.20%, and the NASDAQ slipped 1.12%. The US Dollar index moved higher during the session, up 0.35%. The Aussie dollar was unchanged, fetching 67.00c. And US 10-Year and 2-Year yields moved higher, up 4.3bps and 8.0bps respectively. In Europe, Stoxx 50 up 0.5%, FTSE up 0.9%, CAC up 0.2%, and DAX up 0.6%. 
• SPI Futures are set to open 37 points (-0.52%) lower.
• Markets rallied before a late sell off as  Federal Reserve Vice Chair Lael Brainard indicated the central bank could soon slow the pace of interest rate rises.
• President Biden and Xi Jinping meet for three hours.
• Amazon.com plans to cut about 10,000 jobs, the largest ever headcount reduction at the e-commerce giant as it braces for slower growth and a possible recession.
• In commodities, oil tripped up, with brent crude down 3.47% and WTI down 3.69%, as OPEC cut oil demand growth forecasts for the fifth time since April. Base metals were mixed, copper, nickel, and aluminium were all lower, while zinc, lead and tin all moved higher. The iron ore price was up 3.3% overnight, with BHP up 0.6% and RIO down 0.73% in ADR terms. Gold was slightly higher, up 0.12%. Bitcoin slipped another 3.8%, with the FTX drama deepening.  
• CBA results may be a little light on.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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