Meta Search, Oil Drops, Rising Yields and Kamala’s Last Stand
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Why did oil prices plunge sharply on Tuesday morning?
Oil moves sharply down today. Shares are up, except for oil shares. Of course, it's a week before the US election, and Kamala Harris is making her final case, her last stand in Washington tonight in an election that's still too close to call. And uh ahead of Meta Earnings later in the week reports that they are working on their own AI search engine to reduce their reliance on Bing and Google. Not a massive market reaction to that so far. And today, US job openings amongst the data that we can peruse. It's Tuesday, the 29th of October 2024. It's the morning call from NAB. Good morning. Well, a lot of optimism in the US share market. The Dow is up half a percent at the close, the S P and the Nasdaq both up naught point three percent, but the Russell two thousand up over one point six percent, and in Europe the Eurostocks fifty and the FTSE one hundred both closed uh up half a percent as well.
In the US, energy stocks are the only sectors showing to be in the red, and that's because oil prices are down so much because of easing tensions in the Middle East, WTI and Brent both down. Five and a half percent, Brent down to seventy one eighty a barrel now. Ten year treasury yields are up three basis points to four point two seven percent. German bunds are flat, two basis points added to ten year guilt yields in the UK, but yi yields down uh across much of the rest of Europe. Two basis points, one or two basis points, nothing to ride home about. Aussie ten years uh we're up seven basis points to four point eight percent on Monday, just one basis point higher than that now on futures. And y the US dollar was rising again, but then it fell back down, so no real advance today on the DXY.
The Aussie, meanwhile, down naught point four percent to sixty-five point eight US cents. The euro up almost naught point two percent. We've seen a bit of a move in the Yen, which we'll talk about as well. Nabs Tappa Strickland joins me today from Sydney.
What impact did the oil price decline have on equity markets and airline stocks?
So first of all, I mean oil is the big mover today, isn't it? It is that response to the easing tensions uh in the Middle East, so no surprise really.
Good morning Phil. Yes, no surprise there. And Brent Oil opened, I think, o down almost six percent and uh it's currently trading down five point three percent to seventy one ninety four. And again, just the weekend headlines that you did see uh Iran being very targeted hitting the missile defence systems uh and making uh Iranian military targets more vulnerable, uh uh if they ever needed to retaliate again. So that seemed to de escalate tensions in the Middle East a little bit. And furthermore, uh oil processing terminals and those kind of things weren't really impacted there either. So some of that geopolitical risk premium came out of the o oil market as well as the reversal of of positioning as well.
And that probably hasn't uh you know, has been helpful for equities, particularly airlines and and the like, obviously doing particularly well today. But also, of course, it's the earnings season. Almost forty two percent of all earnings reports in the S P five hundred report this week, and we get uh big names this week as well. Uh and w just one interesting and aside, there's a story coming through today that Meta I mean they don't report to later on in this week, is working on its own AI driven search engine. The reports say to uh reduce its dependence on Google and Bing Uh so that it's gonna crawl the web and provide conversational answers to questions on current events for WhatsApp, Instagram and Facebook.
I mean that sounds pretty pa powerful, doesn't it? Although not a big reaction on markets just yet, perhaps because it's it's not been sort of like uh you know, it's unqualified at this stage. No report coming out of Meta, it's just here. Uh but the big names actually start in about twenty four hours. We get Alphabet, one of the big tech stocks this week. That's the first
How did Japan's hung parliament affect the yen's sharp rise?
Uh so we'll look out for that. But what about let's look at the other big move, the yen, uh one of the highest movers in currencies.
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Chapters
8 chapters
1
Why did oil prices plunge sharply on Tuesday morning?
0:01–1:43
2
What impact did the oil price decline have on equity markets and airline stocks?
1:43–3:24
3
How did Japan's hung parliament affect the yen's sharp rise?
3:24–4:54
4
Why are governments hesitant to let central banks tighten monetary policy?
4:54–6:35
5
How is ongoing geopolitical conflict influencing market sentiment?
6:35–8:08
6
What do current national polls suggest about Trump's lead in the election?
8:08–9:56
7
When will Alphabet's earnings be released and what should investors watch for?
9:56–11:14
8
Why is the market quiet before a potential storm of events next week?
11:14–12:35