Wall Street closed lower overnight, ending near worst levels a day before the release of key US inflation data that could influence Fed interest rate decisions. Dow Jones lost 191 points (-0.54%). Up 56 points at best. Down 256 points at worst. S&P 500 down 0.70%, and the NASDAQ shed 1.17%. The US dollar eased, and the US 10Y treasury yields fell 2bps. Meantime, demand for the new 10Y notes was high enough that investors were willing to settle for a yield of less than 4%. The US$38bn auction was awarded at 3.999%. Earnings season continues, Lyft fell 10.03% after the company reported its slowest revenue growth in two years, and Upstart shares plummeted 34.24% on disappointing guidance. Conversely, Casino owner Penn Entertainment's shares jumped 9.1% on a $2bn deal with Walt Disney's ESPN.

• ASX to rise. SPI Futures up 4 points (+0.05%)
• Gold dropped 0.53% ahead of US inflation report tonight.
• Copper rose 1.52% on stimulus bets as China sinks into disinflation.
• Nickel -1.75%, Aluminium -0.14%, Zinc +0.49%, Lead +0.52%, Tin +0.26%
• WTI and Brent rose 1.70% and 1.52% on US fuel demand and tighter supplies.
• 10Y Bond Yields mixed: US 4.02%, Australia 4.01%, and Germany 2.48%.

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