Pre-Market Report – Tuesday 13th August: SPI Unchanged - US Mixed Ahead of CPI - CSL - CGF - JHX Results

Market Updates

US equities ended mixed overnight after a choppy day of trade. The Dow slipped 141 points (-0.36%). Up 90 points at best. Down 246 points at worst. The S&P 500 finished unchanged after two straight days of gains last week, rebounding from last Monday's sharp sell-off that shook markets around the globe. Tech-heavy NASDAQ rose 0.21%, and the Russell 2000 Index focused on small companies lost 0.91%. Markets are now waiting for Wednesday's CPI data. Inflation result needs to be in the sweet spot, volatility may return if inflation is too low, reigniting fears that the US is heading for recession. But if inflation is too high it may encourage fears that the Fed may not be able to cut rates quickly enough to protect the economy. Treasury yields fell a touch ahead of inflation. 10Y yield down 3.2bps and the 2Y yield fell 3.6bps. VIX up 1.67%, Bitcoin down 2.31%, USD Index and Aussie Dollar flat.

SPI Futures flat. Another big day of reporting ahead. Some big names include CSL, SEK, TPW and CGF.
COMMODITES

• Oil prices jump on prospect of widening Middle East war shrinking supply.
• Gold rises over 1% on safe-haven demand.
• Copper rallies ahead of Chinese and US data.
• OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike.
• Chevron delivers industry first in ultra-high pressure oil field.
• Canada's Barrick Gold beats second-quarter profit estimates.

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