Markets Overview

  • ASX SPI 200 futures up 0.3% to 8,929.00
  • S&P 500 up 1.6% to 6,654.84
  • Dow Average up 1.3% to 46,085.10
  • Aussie up 0.6% to 0.6516 per US$
  • Australia 3-year bond yield fell 7.3 bps to 3.51%
  • Australia 10-year bond yield fell 7.2 bps to 4.29%
  • Gold spot up 2.3% to $4,108.84
  • Brent futures up 1.2% to $63.51/bbl

Economic Events

  • 11:00: (AU) Australia to Sell A$400 Million 3.25% 2039 Bonds
  • 11:30: (AU) RBA Minutes of Sept. Policy Meeting
  • 11:30: (AU) Sept. NAB Business Confidence, prior 4
  • 11:30: (AU) Sept. NAB Business Conditions, prior 7
  • 11:30: (AU) RBA Minutes of Sept. Policy Meeting

RBA releases minutes of its September interest rate meeting. Australia’s pension funds aren’t providing members with enough guidance and information to help them retire confidently as millions prepare to leave the workforce, ASIC says in report.

Wall Street traders lifted stocks as the US and China signaled willingness to keep trade negotiations alive, Middle East tensions cooled while the artificial-intelligence rally powered ahead.

Following its worst rout in six months, the S&P 500 jumped 1.6% to extend a bull market that’s already added $28 trillion to its value. The benchmark saw its best session since May. A key gauge of chipmakers surged nearly 5%. Broadcom Inc. soared about 10% as OpenAI agreed to buy its custom chips and networking equipment in a multiyear agreement.

With trade jitters easing and investors brushing aside fears of a tech-fueled bubble, the market rebound showed that the buy-the-dip mentality remains firmly in place. That was ahead of the unofficial start of the earnings season, with a barrage of reports from big banks due Tuesday.

“Investors remain eager for exposure, and if this recovery holds, it will reinforce the idea that retail investors can’t be easily shaken and another reminder that buying the dip continues to work,” said Mark Hackett at Nationwide.

Risk appetite increased after President Donald Trump’s administration signaled openness to a deal with Beijing to quell fresh trade tensions while China’s Ministry of Commerce urged further negotiations to resolve outstanding issues.

Sentiment was also buoyed as Trump visited the Middle East to celebrate a deal halting the war in Gaza and securing the release of prisoners held by Hamas. Trump said food and aid has begun to flow into Gaza, which has been devastated by the conflict.

Treasury futures barely budged, with the US bond market closed for Columbus Day. The dollar rose 0.2%.