Pre-Market Report – Friday 4 September: Bond yield paranoia deflates - Tech leads with hard assets close behind

ASX set to rise. SPI futures up 25 points or 0.28%.

Wall Street gained on the back of Fed Governor Waller's signal that he would hold on rates for September's meeting citing that it was also dependent on US inflation data improvements. September hike odds dropped to a 50/50 from a near 70% earlier in the week. US markets were up, the Dow rose 624 points, the S&P 500 gained 1.06% and the Nasdaq added 1.40%. August ISM services printed at 55.4, above consensus, though prices paid hit a four year high. The VIX fell 5.79%.

Waller's view may have been dovish but the overall theme is still hawkish, Waller's perspective pulled Treasury yields lower. The US 10 year yield dipped 1.1bp to 4.77% and the US 30 year eased 0.8bp to 5.25%. The US dollar fell to its lowest since May, pushing the Australian dollar to a four month high of 72.04c. Bitcoin rallied 5.48% overnight to $81,705. August payrolls are due tonight.

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