By Chris Becker
Markets were on edge waiting for the outcome of the latest Federal Reserve meeting overnight and the neutral stance offered sent the USD soaring against the undollars, but took away a lot of the shaky confidence in stocks. Wall Street fell across the board post the meeting and the latest ISM Manufacturing print, which fell to a 2.5 year low, while Treasury yields were all the place on the one-two punch.
Looking first at the Asian session yesterday where only Australian and New Zealand markets were effectively open due to holidays in China and Singapore, plus the ongoing Golden Week holiday in Japan. Australian stocks rebounded strongly with no negative news or risk correlation to upset the apple cart, with a near 3% surge in ANZ shares pushing financials up across the board – except BOQ – with the broader (well, just another 40% or so) ASX200 finishing 0.8% higher to 6375 points. SPI futures have indicated most of that will be taken back on the open with the reverse in sentiment on Wall Street overnight, so watch key support at the 6300 point level to hold:
