US equities closed mixed overnight. Dow down 37 points (-0.11%). Up 70 points at best. Down 252 points at worst. NASDAQ up 1.56%, while the S&P 500 rose 0.69% the upward movement was mostly driven by Nvidia +8.5% as HSBC raised its price target for the stocks and Tesla +7.3% recovering some of last week’s losses following news of more price cuts in China. Financial markets remain relatively subdued, lacking any shifts in the prevailing narrative as sentiment has turned somewhat pessimistic due to the ongoing upward pressure on interest rates. The bond market reflected this sentiment, as yields on 10Y and 30Y bonds reached their highest levels since 2007 and 2011, respectively. Despite speculation, Powell's upcoming speech at the Jackson Hole symposium is unlikely to include a decisive signal on the Fed's future course.

• ASX to open higher. SPI Futures up 17 points (+0.24%).

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