Markets were jolted late in the NY session after Fed Chair Powell sounded more cautious about future rate hikes. Equities responded positively (S&P500 +1.9%), while US bond yields and the US dollar fell. The AUD and NZD benefitted the most among G10 currencies.

Finance AM 28 Nov by Westpac Bank

Finance AM 28 Nov by Westpac Bank

Finance AM 28 Nov by Westpac Bank

Sentiment rebounded on little news. The S&P500 is up 1.0%, oil is up 3%, and US bond yields and the US dollar are slightly higher.

Sentiment rebounded on little news. The S&P500 is up 1.0%, oil is up 3%, and US bond yields and the US dollar are slightly higher.

Sentiment rebounded on little news. The S&P500 is up 1.0%, oil is up 3%, and US bond yields and the US dollar are slightly higher.

US markets returned from Thanksgiving holiday in a risk-averse mood, pushing the S&P500 down 0.7%, albeit on low volume. WTI oil fell 8% to $50 - the lowest since October 2017 - on continuing supply concerns. US bond yields fell slightly, and the USD rose slightly.

US markets returned from Thanksgiving holiday in a risk-averse mood, pushing the S&P500 down 0.7%, albeit on low volume. WTI oil fell 8% to $50 - the lowest since October 2017 - on continuing supply concerns. US bond yields fell slightly, and the USD rose slightly.

US markets returned from Thanksgiving holiday in a risk-averse mood, pushing the S&P500 down 0.7%, albeit on low volume. WTI oil fell 8% to $50 - the lowest since October 2017 - on continuing supply concerns. US bond yields fell slightly, and the USD rose slightly.