Finance AM

Westpac Bank

About

This is your daily morning briefing. With commentary and analysis from Westpac's Institutional Research team, Finance AM brings you insights on today's business news, the markets, FX and more. In one short bulletin, you'll get the heads up on what will drive markets in the day ahead.

Any information provided in this podcast series is general in nature and has been prepared without taking into account any personal circumstances.

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893 episodes

18Mar23

Sentiment deteriorated amid continuing reports on financial stability risks. The S&P500 is down 1.0%, bond yields are lower, and the USD is lower.

3m
Mar 17
17Mar23

Sentiment improved as officials signalled support for troubled banks and the ECB followed through on its signalled rate hike. The S&P500 is up 1.4%, bond yields are higher, and the USD is lightly lower.

5m
Mar 16
16Mar23

Recent concerns about some US banks extended to Europe, causing a global flight to safe haven instruments. The S&P500 is down 1.6% and the Eurostoxx50 is down 3.5%. Bond yields plunged and the usually defensive USD rose sharply.

6m
Mar 15
15Mar23

Alarm over the recent US bank failures subsided, and markets partly retraced. The S&P500 is up 1.0%, and bond yields are higher, while the USD is unchanged. US CPI data matched expectations.

4m
Mar 14
14Mar23

US bank failures continued to weigh on bond yields, as markets priced less Fed tightening. The USD also fell, while equities were supported by lower interest rates, the S&P500 up 0.7%.

4m
Mar 13
13Mar23

A mixed US jobs report and news of a US bank failure helped push bond yields, the USD dollar, and equities lower, the S&P500 closing down 1.5%.

4m
Mar 12
10Mar23

Market tension ahead of tonight’s US payroll data was illustrated by a minor US labour report which was weaker than expected, causing bond yields and the US dollar to fall. The S&P500 is down 1.1%.

4m
Mar 09
9Mar23

Bond yields fell and rose for little net change, amid Fed Chair Powell’s repeated testimony and some solid US data. Currencies were contained, while equities fell slightly, the S&P500 down 0.3%. The Bank of Canada’s policy rate was unchanged.

5m
Mar 08
7Mar23

Equity sentiment improved slightly further, markets waiting for Friday’s important US jobs data to provide direction. Bond yields rose slightly, after some hawkish ECB comments, while currencies were mixed, the AUD and NZD underperforming.

4m
Mar 06
6Mar23

Bond yields and the USD fell and risk sentiment rose (S&P500 +1.6%) as market expectations of Fed tightening stalled, encouraged by US services ISM data.

3m
Mar 05
2Mar23

Bond yields and the USD fell and risk sentiment rose (S&P500 +1.6%) as market expectations of Fed tightening stalled, encouraged by US services ISM data.

4m
Mar 05
2Mar23

Bond yields rose in the wake of stronger economic data in the US and Europe, and hawkish Fedspeak. The USD underperformed, and the S&P500 is down 0.6%.

4m
Mar 01
1Mar23

The AUD and NZD were supported by slightly positive risk sentiment (S&P500 +0.3%), while bond yields saw little net change.

3m
Feb 28
28Feb23

US bond yields fell amid month-end rebalancing, and risk sentiment rebounded (S&P500 +0.7%). These two factors weighed on the USD.

3m
Feb 27
27Feb23

US inflation data was stronger than expected, boosting bond yields and the USD and hurting risk sentiment. The S&P500 closed down 1.1%.

2m
Feb 26
24Feb23

US economic data was mixed, weighing on risk sentiment and supporting the defensive USD. The S&P500 is down 0.3%.

4m
Feb 23
23Feb23

Markets were contained ahead of the FOMC minutes, with the USD and equities slightly higher, bond yields slightly lower. Following the minutes (just released), bond yields and the USD have risen.

5m
Feb 22
22Feb23

Bond yields rose on concerns the Fed may need to tighten further than previously thought, fuelled overnight by stronger activity data. That supported the US dollar, but hurt equities, the S&P500 down 1.7%.

4m
Feb 21
21Feb23

Markets were subdued during the liquidity-thinned US holiday. Bond yields rose slightly, as did the AUD and NZD.

2m
Feb 20
20Feb23

Amid little major news flow, the US dollar and bond yields fell, and the S&P500 closed down 0.3%.

2m
Feb 19
17Feb23

Strong US PPI data and hawkish Fedspeak pushed bond yields slightly higher and equities slightly lower, the S&P500 down 0.4%. Currencies pared losses for little net change.

4m
Feb 16
16Feb23

Strong US retail sales data pushed bond yields and the US dollar higher. Equities were only briefly ruffled, the S&P500 currently unchanged.

3m
Feb 15
15Feb23

Markets reacted to the US CPI inflation data by pushing bond yields higher. Currencies were less sensitive, and equities weren’t too ruffled, the S&P500 down 0.1%.

6m
Feb 14
14Feb23

Ahead of key US data, equities rose (S&P500 up 1.1%) and the US dollar fell slightly. Bond yields were little changed.

4m
Feb 13
13Feb23

Fed tightening expectations helped push bond yields and the USD higher. US inflation expectations remained elevated.

4m
Feb 12
10Feb23

Previous strong US jobs data and hawkish Fedspeak continued to resonate, pushing bond yields higher. The S&P500 is down 0.5%, while currencies were mixed. Sweden’s central bank delivered a hawkish hike.

5m
Feb 09
9Feb23

Hawkish Fedspeak weighed on risk sentiment, the S&P500 down 0.8%, and the AUD slightly lower.

3m
Feb 08
8Feb23

Fed chair Powell’s comments were no more hawkish than last week’s, causing a short-lived reaction in bond yields and the US dollar (lower) and equities (higher). Currently, the S&P500 is up 0.6%.

4m
Feb 07
7Feb23

The reaction to Friday’s strong US jobs data extended further, rekindling Fed rate hike expectations. Bond yields and the US dollar are higher, while the S&P500 is down 0.5%.

3m
Feb 06
3Feb23

The ECB and BoE both hiked by 50bp, but markets interpreted their cycles are near an end. Bond yields fell and the US dollar rose. The S&P500 is up 0.9%.

5m
Feb 02