The yield on the US 10-year note slipped 3 basis points to 4.20 per cent at 4.59pm in New York.
On Wall Street, shares began a data-heavy week higher.
“Market breadth continues to show slim year-to-date leadership in the S&P 500 and the broad-based index is susceptible to a sharp correction if profit taking picks up in some of 2023’s best performing stocks,” wrote Tom Essaye in The Sevens Report.
Essaye also said: “Investor sentiment stabilised with a ‘neutral reading’ last week, but lasting market tops and bottoms typically coincide with Extreme Greed or Extreme Fear readings, so future violation of last week’s lows is likely.”
Today’s agenda
Local: Speech by Michele Bullock, RBA deputy governor – Climate Change and Central Banks – Sir Leslie Melville Lecture at the ANU, Canberra at 5.40pm
Overseas data: US June FHFA house prices, S&P CoreLogic CS house prices June, consumer confidence index August
Other top stories
Labor aims to ‘protect’ Qantas profit, Joyce clashes with senators Qantas chief executive Alan Joyce has refused to say whether more competition from Qatar Airways would lower international airfares.
Chanticleer: Joyce grilling is a warning for CEOs The pummelling Alan Joyce received at the hands of a Senate committee shows how political heat over costs of living pressures is rising.
Why the sense of Chinese economic malaise is deepening Beijing’s failure to bolster consumer confidence risks triggering a major crisis in its huge, opaque shadow banking sector.
‘Major parties too scared’: Pocock joins GST debate push Senate dealmaker David Pocock has joined mounting calls for Jim Chalmers to launch a sweeping review of the tax system that would consider lifting the GST.
Market highlights
ASX futures up 26 points or 0.37% to 7138 near 7am AEST
- AUD +0.4% to 64.28 US cents
- Bitcoin -0.4% to $US25,971 at 7.08am AEST
- On Wall St: Dow +0.6% S&P +0.6% Nasdaq +0.8%
- In New York: BHP +1.6% Rio +1.7% Atlassian +0.2%
- Tesla +0.1% Apple +0.9% Amazon -0.1% Meta +1.7%
- Stoxx 50 +1.4% FTSE +0.1% CAC +1.3% DAX +1%
- Spot gold +0.3% to $US1920.43/oz at 2pm in New York
- Brent crude -0.1% to $US84.38 a barrel
- Iron ore -1.1% to $US112.50 a tonne
- 10-year yield: US 4.20% Australia 4.14% Germany 2.56%
- US prices as of 4.59pm in New York
United States
Lone Pine Capital clients withdrew an estimated $US3 billion from its funds in the 12 months through June, even as investment performance at Steve Mandel’s firm rebounded from a bruising 2022.
Clients pulled about $US1.2 billion from Lone Pine’s Cypress hedge fund, or roughly 20 per cent of the pool’s assets, according to investors and Bloomberg calculations. Redemptions from Lone Pine’s long-only Cascade fund totalled approximately $US1.7 billion, or 16 per cent of assets.
Roughly two-thirds of the redemptions occurred in the second half of 2022, a year in which both funds incurred significant losses. The hedge and long-only funds tumbled 37.6 per cent and 42 per cent, respectively, for the share classes that include private investments.
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OpenAI launched a corporate version of ChatGPT with added features and privacy safeguards, the startup’s most significant effort yet to attract a broad mix of business customers and boost revenue from its best-known product.
As with consumer versions of the company’s artificial intelligence-powered chatbot, users can type in a prompt and receive a written response from ChatGPT Enterprise.
The new tool includes unlimited use of OpenAI’s most powerful generative AI model, GPT-4, as well as data encryption and a guarantee that the startup won’t use data from customers to develop its technology. The offering also offers the ability to type in much longer prompts.
Commodities
Exxon Mobil sees the world failing to reduce emissions fast enough to limit global warming to 2C (3.6F) above pre-industrial norms by 2050 due to soaring economic growth, particularly in developing countries.
Energy-related carbon dioxide emissions will be 25 billion tonnes by 2050, more than twice the 11 billion tonnes needed to meet the Intergovernmental Panel on Climate Change’s 2-degree scenario, Exxon said in its annual Energy Outlook.
While that represents a drop of more than 25 per cent from the 34 billion tonne peak expected this decade, it’s a long way from what’s required to meet the goals of the 2016 Paris Agreement.
