US Stock markets trod water in trading yesterday as investors kept a close eye on developments in the US presidential election. Both treasury yields and the greenback dropped off with the race neck and neck as some aspects of the ‘Trump Trade’ unwound with Kamala Harris edging ahead on some polls.
Oil prices jumped strongly as OPEC+ confirmed that it will delay output hikes for another month due to market uncertainty and Gold edged higher.
It is election day in the US today but results will really start to hit the market in tomorrow’s Asian session, however today we have RBA’s latest rate call in Australia before the focus switches back to the US later in the day.
| Market | Change | Close |
| Dow | -0.52% | 41,835 |
| S&P | -0.07% | 5,724 |
| Nasdaq | +0.05% | 18,248 |
| USD | -0.24% | 103.69 |
| US Treasury – 2 Year | -6.8 bps | 4.135% |
| US Treasury – 10 Year | -9.0 bps | 4.280% |
| Oil – Brent | +2.8% | $75.15 |
| Oil – WTI | +3.0% | $71.56 |
| Gold | +0.1% | $2,737.35 |
Today’s Events (AEST):
Asian Session
- 2.30 pm – Australia – Reserve Bank of Australia Rate Decision
- 3.30 pm – Australia – Reserve Bank of Australia Press Conference
European Session
- Tentative – UK – Monetary Policy Report Hearings
US Session
- All Day – US – Presidential Elections
- All Day – US – Congressional Elections
- 2.00 am – US – ISM Service PMI Data
