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Wall Street’s remarkable Monday streak
Business as usual on Wall Street overnight as the benchmark S&P 500 closed higher for the twelfth Monday in a row. The rally came despite yields on the US 10-year Treasury rising to their highest level in sixteen years, following a comment from Moody’s that a government shutdown would be credit negative for the US sovereign rating.
ASX 200’s resilience amidst Wall Street uncertainty
What is driving the Monday rally phenomenon on Wall Street isn’t abundantly clear. However, from the opening bell this morning, it was clear that the ASX 200 was in no mood to slavishly follow Wall Street higher as it has done most Tuesdays in recent months. This sentiment was reinforced as US yields rose to fresh highs during the Asian morning, causing equity futures to give back all their overnight gains and more.
With just three full trading days left in September, the ASX 200 is down 1.09% MTD, on track for its second consecutive monthly fall. However, the soft performance at an index level is dwarfed by falls in the interest rate-sensitive ASX Real Estate and IT sectors, down over 5% in September.
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