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Chart of the week: AI Credit Stress Credit stress is increasingly concentrated among the weakest borrowers rather than spreading across the broader market. Yields on U.S. CCC-rated and lower bonds have risen to around 18%, signalling sharply higher refinancing and default risk for highly leveraged companies. By contrast, investment-grade corporate spreads remain near historical lows at roughly 0.9%, suggesting investors are still comfortable with higher-quality credit. Within AI, the four major cloud providers continue to generate ROIC above their WACC, supporting further capital investment. The current adjustment therefore looks more like a repricing of company-specific credit risk than a systemic retreat from the AI investment cycle. Read more - zurl.co/yj0Xj #CreditMarkets #HighYieldBonds #CCCratedDebt #CreditSpreads #InvestmentGrade #CorporateBonds #CreditRisk #DefaultRisk #RefinancingRisk #ArtificialIntelligence #AICapex #CloudComputing #ROIC #WACC #FixedIncome

Weekly Overview of Government Bonds Australian fixed interest markets extended their consolidation in the week ending 30 October, with longer-dated yields drifting lower while the front end remained anchored. The result was a modest flattening of the yield curve as investors continued to absorb the sharp offshore-driven repricing seen earlier in October. The 3-year government bond yield was unchanged at 4.84%, trading in a narrow range. With the cash rate still at 4.60%, front-end pricing continues to suggest uncertainty over whether the RBA will need to tighten further. Read more details here -lnkd.in/eG-Z7YcS #AustralianBonds #AustralianFixedInterest #FixedIncome #BondMarkets #RBA #InterestRates #GovernmentBonds #YieldCurve #BondYields #BBSW #MoneyMarkets #USMarkets #USTreasuries #AUD #Macroeconomics

Overview of the Australian Government Bond Market Australian fixed interest markets extended their consolidation in the week ending 30 October 2026, with yields drifting lower at the long end while the front remained anchored, continuing the steadying pattern that has characterized the market since the sharp offshore-driven pullback earlier in the month. The result was a modest flattening of the curve, with longer maturities doing most of the work. The 3-year bond yield was unchanged on the week at 4.84%, trading in a tight 4.81% to 4.88% range. With the cash rate still at 4.60%, the front end’s relationship to policy remains little altered, reflecting a market that continues to sit on the fence over further tightening. The 10-year yield fell 7 basis points to 5.13%, within a narrow 5.12% to 5.18% range, while the 30-year eased further, down 11 basis points to close at 5.56%, spanning 5.29% to 5.56%. As the Australian yield chart shows, the 3-to-10-year spread has narrowed again this week as the long end outpaced the steady front end, though the curve’s overall upward slope remains intact. Short-term funding conditions tightened further, with 3-month BBSW rising 6 basis points to 4.90%, within a 4.82% to 4.90% range, extending its steady climb even as bond yields continue to ease. Read more: lnkd.in/gSKMupjM #AustralianFixedIncome #AustralianBonds #BondMarkets #GovernmentBonds #BondYields #InterestRates #RBA #BBSW #USTreasuries #YieldCurve #FixedIncomeMarkets #AustralianDollar #AUD #GlobalMarkets #FinancialMarkets

Weekly Overview of the ETF Markets Cybersecurity and Financials Lead as Miners and Precious Metals Slump The week ending 23 October 2026 saw cybersecurity, financials and energy lead, while miners, precious metals and lithium came under heavy pressure. Global X Cybersecurity ETF (BUGG) led all ETFs at +11.4%, with Betashares Cloud Computing ETF (CLDD) up 7.0% and Betashares Global Cybersecurity ETF (HACK) advancing 6.4%. Betashares Crude Oil Index ETF (OOO) rose 4.4%, while financials featured prominently, with SPDR S&P/ASX 200 Financials ex A-REITS Fund (OZF) and Betashares S&P/ASX 200 Financials Sector ETF (QFN) each up 4.0% and VanEck Australian Banks ETF (MVB) adding 3.6%. Betashares Strong Australian Dollar Hedge Fund (AUDS), First Sentier Global Listed Infrastructure Fund (PWER) and Investors Mutual Concentrated Australian Share Fund (IMLC) rounded out the leaders at +3.4%, +3.3% and +3.3% respectively. Read more details here - zurl.co/g4gkj #ETFMarket #ETFFlows #AustralianETFs #USETFs #GlobalMarkets #Cybersecurity #Financials #Semiconductors #ArtificialIntelligence #MiningStocks #PreciousMetals #FixedIncome #InvestmentTrends #AssetAllocation #PortfolioStrategy

The RBA has raised the cash rate by 25 bp to 4.85%, its fifth hike this year. The decision wasn’t unanimous: six members supported the move and three opposed it. Key takeaways: 🔹 Domestic focus: The RBA says its hikes target domestic inflation pressures, not oil prices. Rising inflation expectations among households and businesses could make inflation harder to control. 🔹 Inflation outlook: Inflation is forecast to stay elevated through most of 2027 and reach the target range later than expected. 🔹 Economy: Consumer spending and housing prices have weakened, and unemployment is expected to rise. The RBA doesn’t anticipate a recession, but growth may stay sluggish as household incomes come under pressure. 🔹 Wages and fiscal policy: The Governor dismissed wage-price spiral concerns, blaming inflation on excess demand and limited supply. She also reaffirmed the RBA’s independence from government fiscal policy. 🔹 What’s next: Removing the “further tightening” language doesn’t rule out more hikes, the Governor warned, as inflation risks remain tilted to the upside. Watch our full breakdown in the latest Central Bank Watch from Yield Report: yieldreport.com.au/rba-monet… #RBA #ReserveBankOfAustralia #AustralianEconomy #InterestRates #CashRate #MonetaryPolicy #Inflation #AustralianInflation #RateHike #FixedIncome #BondMarkets #EconomicOutlook #WageGrowth

Weekly Term Deposits Update Over the past week, ending October 30, 2026, the strongest opportunity across the deposit curve remains concentrated around 6 months to 1 year. The standout tenor is 1 year, with an average rate of 4.97%, median 5.23%, and top rates of 5.50% from Bank First, ME Bank and Bank Australia. Newcastle Permanent is no longer near the top, while Greater Bank and Macquarie Bank have moved up to 5.40%. The quartile spread has widened slightly to 0.41% from 0.37%, indicating modest increase in dispersion. For shorter terms, value remains uneven. 1–2-month deposits show stable clustering with quartile spreads at 0.85% and 0.50%, and medians unchanged at 1.40% and 1.65%. Great Southern Bank and in1bank lead at 3.50%–4.00%, but most institutions are materially lower. These terms suit liquidity parking only. The 3–5-month range is steady. The 3-month average is 4.36%, with the median edging up to 4.50% and top rates at 5.25% from RACQ Bank. MyState Bank has lifted its 3-month rate to 5.05% from 4.95%, and Macquarie Bank has moved to 5.10%. At 4 months, the average is 4.23% and the median 4.30%, with top rates at 5.25% from Police Bank. At 5 months, the median holds at 3.75%, and the quartile spread remains at 0.93%. Read more - lnkd.in/dzCPRKig #AustralianDeposits #TermDeposits #FixedIncome #InterestRates #DepositRates #AustralianBanks #SavingsRates #BankingSector #CashManagement #YieldCurve #InvestmentStrategy #PortfolioManagement #JudoBank #RACQBank #FinancialMarkets

Overview of U.S. Equities Market A renewed surge in oil prices weighed on global equities and bonds, adding another inflation risk ahead of the Federal Reserve’s next interest-rate decision. Brent crude settled near US$117 a barrel as escalating Middle East tensions revived concerns over supply disruption, while WTI jumped 4.2% to US$103.63. U.S. equities weakened, with the S&P 500 down 0.5%, the Dow Jones Industrial Average falling 1.2%, and the Nasdaq 100 little changed. Although selling pressure in technology eased, semiconductor stocks still recorded their longest weekly decline since November, highlighting continued fragility in the AI trade. Investor sentiment remains cautious. Bank of America expects a tactically risk-off environment into mid-November, citing a combination of AI-related concerns, elevated financing costs and uncertainty around the U.S. midterm elections. Crowded positioning in AI-linked stocks remains a key vulnerability: even modest disappointments in earnings, capital expenditure or guidance could trigger sharper reversals. Read more - zurl.co/y3qvD #GlobalMarkets #OilPrices #CrudeOil #Inflation #FederalReserve #InterestRates #USTreasuries #BondYields #USStockMarket #SP500 #Nasdaq #AIMarket #GeopoliticalRisk #MarketVolatility #InvestmentStrategy

Overview of the Australian Equities Market Australian shares finished the week higher, with the S&P/ASX 200 gaining 1.28% to 8,908.1, as investors rotated back into financials and away from weaker mining and consumer names. The All Ordinaries also advanced, closing at 9,025.4. Banks were the standout performers. Financial stocks have now risen more than 8% over three consecutive weeks, clawing back much of the weakness that followed the August reporting season. The rotation has partly reflected selling pressure in miners, with investors shifting toward banks whenever resources have weakened. Attention now turns to upcoming updates from Westpac, NAB and Macquarie, which should provide a clearer read on how lenders are coping with a softer housing market. Mining stocks improved over the week despite losses in the final two sessions, ending an eight-week losing streak. The sector has been pressured by high bond yields, elevated oil prices and uncertainty around the AI and data-centre investment cycle. Read more - lnkd.in/gvdxNDEB #ASX200 #AustralianShares #ASX #AustralianEquities #ShareMarket #StockMarket #FinancialStocks #BankingSector #MiningStocks #RBARates #InterestRates #AustralianEconomy #MarketOutlook #EquityMarkets

Overview of the US Treasuries Market The U.S. 10-year Treasury yield fell below 5% for the first time in a month as renewed political and fiscal turmoil in France triggered a global flight to safety. French government bonds sold off sharply amid concerns over the country’s large budget deficit and the risk that higher oil prices could weaken consumption and economic growth. France’s 10-year yield rose as high as 5.142%, its highest level since 2002, while investors shifted toward perceived safe havens including German Bunds and U.S. Treasurys. The move in U.S. bonds was particularly notable because it occurred despite elevated inflation and higher oil prices. The 10-year Treasury yield fell 19.3 basis points to 4.952%, its largest one-day decline since March 2023. The two-year yield dropped 18.8 basis points to 4.635%, while the 30-year yield fell 15.1 basis points to 5.286%. Read more: lnkd.in/gHjE2GZ3 #USTreasuries #USBondMarket #BondYields #FlightToSafety #FixedIncome #FrenchBonds #EuropeanMarkets #FiscalPolicy #GlobalEconomy #CreditMarkets #HighYieldBonds #FederalReserve #InterestRates #MarketVolatility #InvestmentStrategy

Chart of the week: Anthropic IPO Nears as Q3 Revenue Growth Slows Anthropic is reportedly moving closer to an IPO after a strong but slowing third quarter. Q3 revenue reached a record $16.8 billion, while the company posted a second consecutive profitable quarter and positive operating cash flow. Enterprise net revenue retention reportedly reached 900%, alongside an adjusted gross margin of 85%. Despite these strong metrics, investors were unsettled by the sharp slowdown in quarterly growth, prompting a lower valuation assessment. Anthropic is now targeting a potential IPO around Thanksgiving, possibly as early as the week of November 9, making growth durability the key issue for prospective investors. Read more - zurl.co/yj0Xj #Anthropic #IPO #ArtificialIntelligence #AI #TechIPO #AIInvesting #VentureCapital #TechStocks #StartupValuation #RevenueGrowth #EnterpriseAI #Profitability #FinancialMarkets #InvestmentOutlook #GenerativeAI

Overview of the Australian Government Bond Market Australian fixed interest markets settled into a quiet pattern in the week ending 23 October 2026, with yields broadly steady to marginally lower across the curve following the sharp pullback seen the previous week. Rather than extending that decline, most tenors held close to their recent lows, suggesting the market is pausing to consolidate after offshore bonds drove a significant re-pricing the week before. The 3-year bond yield was little changed, slipping 1 basis point to close at 4.84%, trading in a tight 4.84% to 4.90% range. With the cash rate steady at 4.60%, the front end’s gap to policy remains modest, consistent with a market still undecided on the need for further tightening. The 10-year yield eased 4 basis points to 5.20%, within a 5.20% to 5.27% range, while the 30-year was nearly unchanged, down 1 basis point to close at 5.67%, spanning 5.67% to 5.71%. As the Australian yield chart shows, the 3-to-10-year spread has held roughly steady this week, with the curve’s overall upward slope remaining intact after last week’s narrowing. Short-term funding markets firmed further, with 3-month BBSW rising 6 basis points to 4.84%, within a wider 4.76% to 4.84% range, continuing to drift higher even as bond yields have stabilized. Read more: lnkd.in/gSKMupjM #AustralianBonds #FixedIncome #BondYields #AustralianEconomy #RBA #InterestRates #BBSW #USTreasuries #USBondMarket #YieldCurve #BondMarket #AUD #CurrencyMarkets #FixedInterest #FinancialMarkets

Weekly Overview of Government Bonds Australian fixed interest markets were relatively subdued in the week ending 23 October, with yields broadly steady to slightly lower following the sharp rally of the previous week. The market appears to be consolidating rather than extending the recent decline in yields. The 3-year government bond yield slipped 1 basis point to 4.84%, while the 10-year eased 4 basis points to 5.20%. The 30-year yield was broadly unchanged at 5.67%. With the cash rate steady at 4.60%, the front end continues to imply uncertainty over whether further RBA tightening will be required. The yield curve remains positively sloped, with the 3-to-10-year spread broadly stable after narrowing the previous week. Read more details here -yieldreport.com.au/category/… #AustralianBonds #FixedIncome #BondYields #AustralianEconomy #RBA #InterestRates #BBSW #GovernmentBonds #YieldCurve #USTreasuries #AUDUSD #AustralianDollar #MoneyMarkets #FinancialMarkets #Macroeconomics

Overview of the Australian Government Bond Market Australian fixed interest markets settled into a quiet pattern in the week ending 23 October 2026, with yields broadly steady to marginally lower across the curve following the sharp pullback seen the previous week. Rather than extending that decline, most tenors held close to their recent lows, suggesting the market is pausing to consolidate after offshore bonds drove a significant re-pricing the week before. The 3-year bond yield was little changed, slipping 1 basis point to close at 4.84%, trading in a tight 4.84% to 4.90% range. With the cash rate steady at 4.60%, the front end’s gap to policy remains modest, consistent with a market still undecided on the need for further tightening. The 10-year yield eased 4 basis points to 5.20%, within a 5.20% to 5.27% range, while the 30-year was nearly unchanged, down 1 basis point to close at 5.67%, spanning 5.67% to 5.71%. As the Australian yield chart shows, the 3-to-10-year spread has held roughly steady this week, with the curve’s overall upward slope remaining intact after last week’s narrowing. Short-term funding markets firmed further, with 3-month BBSW rising 6 basis points to 4.84%, within a wider 4.76% to 4.84% range, continuing to drift higher even as bond yields have stabilized. Read more: lnkd.in/gSKMupjM #AustralianBonds #FixedIncome #BondYields #AustralianEconomy #RBA #InterestRates #BBSW #USTreasuries #USBondMarket #YieldCurve #BondMarket #AUD #CurrencyMarkets #FixedInterest #FinancialMarkets

Weekly Overview of the ETF Markets Inverse Strategies and Energy Lead as Tech and Crypto Tumble The week ending 16 October 2026 saw inverse strategies, energy and defensive themes lead, while technology, semiconductors and crypto came under heavy pressure. Global X Ultra Short Nasdaq 100 Complex ETF (SNAS) led all ETFs at +14.0%, with Betashares Crude Oil Index ETF (OOO) up 8.9% and iShares Global Consumer Staples ETF (IXI) advancing 5.3%. Betashares India Quality ETF (IIND) rose 5.2% and Montaka Global Extension (MKAX) gained 4.8%, while Betashares US Equities Strong Bear HF (BBUS) added 4.7%. Global X India Nifty 50 ETF (NDIA) and Betashares FTSE 100 ETF (F100) each climbed 4.3%, with Magellan Infrastructure Fund (MICH) and Betashares Global Energy Companies ETF (FUEL) rounding out the leaders at +4.1% and +4.0% respectively. Read more details here - zurl.co/g4gkj #ETFs #ETFFlows #AustralianETFs #USETFs #StockMarket #SemiconductorStocks #TechnologyStocks #EnergyInvesting #Crypto #InverseETFs #FixedIncome #GlobalMarkets #InvestmentStrategy

Weekly Overview of the ETF Markets Inverse Strategies and Energy Lead as Tech and Crypto Tumble The week ending 16 October 2026 saw inverse strategies, energy and defensive themes lead, while technology, semiconductors and crypto came under heavy pressure. Global X Ultra Short Nasdaq 100 Complex ETF (SNAS) led all ETFs at +14.0%, with Betashares Crude Oil Index ETF (OOO) up 8.9% and iShares Global Consumer Staples ETF (IXI) advancing 5.3%. Betashares India Quality ETF (IIND) rose 5.2% and Montaka Global Extension (MKAX) gained 4.8%, while Betashares US Equities Strong Bear HF (BBUS) added 4.7%. Global X India Nifty 50 ETF (NDIA) and Betashares FTSE 100 ETF (F100) each climbed 4.3%, with Magellan Infrastructure Fund (MICH) and Betashares Global Energy Companies ETF (FUEL) rounding out the leaders at +4.1% and +4.0% respectively. Read more details here - zurl.co/g4gkj #ETFs #ETFFlows #AustralianETFs #USETFs #StockMarket #SemiconductorStocks #TechnologyStocks #EnergyInvesting #Crypto #InverseETFs #FixedIncome #GlobalMarkets #InvestmentStrategy

Australian interest rate market pricing firmed over the week to 23 October 2026, breaking the two-week retracement that had followed the RBA’s late-September hike to 4.60%. Rather than extending the softening seen through early-to-mid October, the 23-Oct curve now sits above both the 16-Oct and 9-Oct readings across almost the entire forecast horizon, suggesting markets are tempering their earlier conviction that the current cash rate marks the definitive peak of this cycle. At the front end, implied rates for October and November 2026 remain closely anchored to the 4.60% cash rate, with the three curves staying tightly bunched at these nearer-dated tenors, confirming that near-term pricing remains settled even as the picture shifts further out. Read more: zurl.co/NAAwU #RBA #AustralianInterestRates #InterestRateMarkets #CashRate #MonetaryPolicy #Inflation #CPI #RateHikes #InterestRateExpectations #BondMarkets #AustralianEconomy #FixedIncome #YieldCurve

Weekly Term Deposits Update Over the past week, ending October 23, 2026, the strongest opportunity across the deposit curve remains concentrated around 6 months to 1 year. The standout tenor is 1 year, with an average rate of 4.96%, median 5.20%, and top rates of 5.50% from Bank First and Bank Australia. The quartile spread holds at 0.37%, indicating sustained tight clustering at this tenor. For shorter terms, value remains uneven. 1–2-month deposits show stable clustering with quartile spreads at 0.85% and 0.50%, and medians unchanged at 1.40% and 1.65%. Great Southern Bank and in1bank lead at 3.50%–4.00%, but most institutions are materially lower. These terms suit liquidity parking only. The 3–5-month range is steady. The 3-month average is 4.36%, with the median holding at 4.50% and top rates at 5.25% from RACQ Bank. At 4 months, the average is 4.23% and the median 4.30%, with top rates at 5.25% from Police Bank. At 5 months, the median holds at 3.75%, and the quartile spread remains at 0.93%. Read more - lnkd.in/dzCPRKig #TermDeposits #FixedIncome #DepositRates #AustralianBanks #InterestRates #SavingsRates #Banking #CashInvestments #InvestmentStrategy #YieldCurve #RateComparison #RACQBank #BankFirst #BankAustralia #PersonalFinance

Overview of U.S. Equities Market U.S. equities ended the week under renewed pressure as surging oil prices added another layer of risk to an already fragile market backdrop. Brent crude settled near US$117 a barrel, reviving inflation concerns just days before the Federal Reserve’s next policy decision and weighing on both stocks and bonds. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average dropped 1.2%. The Nasdaq 100 was broadly flat as selling pressure in technology eased, although semiconductor stocks still recorded their longest weekly decline since November. The weakness in chipmakers is particularly important because AI-related stocks have been a major source of U.S. market leadership and index concentration. The key issue for equities is now the interaction between strong earnings and a less forgiving macro environment. Corporate results remain supportive, and AI demand is still robust, but higher oil prices, elevated financing costs and renewed geopolitical risk are increasing the hurdle for further multiple expansion. At the same time, the U.S. 10-year Treasury yield moved back to 5.0%, making bonds a more credible alternative to equities. Read more - zurl.co/y3qvD #USEquities #StockMarket #SP500 #DowJones #Nasdaq100 #WallStreet #ArtificialIntelligence #AIStocks #SemiconductorStocks #OilPrices #Inflation #FederalReserve #TreasuryYields #MarketOutlook #InvestmentStrategy

Overview of the Australian Equities Market Australian shares ended a three-week winning streak as weakness in resources outweighed support from financials and consumer stocks. The S&P/ASX 200 edged 0.02% higher on Friday to 8,795.2 but finished the week down 0.13%. Materials were the main drag, falling almost 8% over the week and nearly 20% from late-August highs. BHP dropped more than 8% to around six-month lows, while Rio Tinto also weakened as copper prices fell. Gold miners declined as bullion slipped to around US$4,023 an ounce. Investor sentiment was also pressured by renewed doubts around the AI investment boom. A global sell-off in technology and semiconductor stocks followed less-than-perfect US earnings and concerns about whether AI infrastructure spending can sustain current valuations in a high-inflation, high-rate environment. Locally, NextDC’s value was almost halved after abandoning a Melbourne data-centre expansion, while Firmus recently withdrew its proposed ASX listing. Read more - lnkd.in/gvdxNDEB #ASX200 #AustralianShares #AustralianEquities #StockMarket #ShareMarket #ASX #MaterialsStocks #MiningStocks #BH #RioTinto #GoldPrices #ArtificialIntelligence #TechStocks #Inflation #InterestRates