US equity markets fell sharply overnight after stronger-than-expected retail sales data showed continued consumer resilience which stoked concerns that interest rates could stay higher for longer. Dow Jones fell 361 points (-1.02%). Dow at worst down 399 points. S&P 500 down 1.16%, falling below its 50-DMA for the first time in more than three months, halting a streak momentum that was by this measure the longest since Sep-20. NASDAQ shed 1.14%. US 10Y treasury yields briefly hit 10-month highs, reaching as much as 4.274% before dipping lower again. Shorter-dated US Treasuries went higher amid a global bond sell-off, then dipped after moving above 5%. Wall Street’s fear gauge, the VIX, jumped 11.1%. Among shares, big banks including JPMorgan -2.5%, BofA -3.2%, Citigroup -2% and Wells Fargo -2.3% fell following a Fitch rating analyst comment on CNBC. On the earnings front, Home Depot rose 0.7% after the retailer reported a smaller-than-expected drop in quarterly sales.

• ASX to fall. SPI Futures down 75 points (-1.04%).
• Gold dropped 0.33% steadying at the USD pulls back.
• Copper fell 1.35% hitting a 6-week low on weak China data.
• Nickel -1.67%, Aluminium flat, Zinc -1.91%, Lead +1.38%, Tin -1.03%
• WTI and Brent dropped 1.75% and 1.36% on further worries regarding the Chinese economy.
• 10Y Bond Yields mixed: US 4.22%, Australia 4.23%, and Germany 2.69%.

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