Overnight summary
· S&P -0.3%: fizzled mid-session, net positive corporate news not enough to outweigh spiking yields and month end rebalancing.
· USTs extended slide after another weak auction and housing data starting to show effect of hikes, 10yr>3.20% and DXY<104 slid further.
· Tech faltered, Nasdaq -0.7% & Russell 2K +0.3% ticked higher following MS announcing buyback, & Nike beating analyst expectations.
· Asia’s drifting; treasury yields remain elevated, crude back above $110 refocusing attention on inflation & supply constraints.
· HSTECH -1%, Tencent (-5%) prospect of prolonged selling by PRX weighing on the name.
· Australia +0.8%; mostly Materials (+3.4%) and Energy (+3.8%) Iron Ore & copper continuing recent recovery off lows.
· RIO +3.1%, FMG +3.3% and BHP +23.7% indic +2%.
Expect JSE AllShare -0.25%