Why IMU is a multi multi bagger, page-21778

Markets in Europe fairly flat overnight.

The FTSE rose 5 points (.076%), the DAX fell 17 points (.1%) and CAC fell 23 points (.3%).

All the action happened in the US - and it was not pretty.

The DOW fell 404 points (1.04%) - it was in a worse state but came back in the last 30 minutes of trade - down over 500 points at one stage.

The NBI fell 34 points (.78%), the NASDAQ Composite fell 267 points (1.65%) and the Russell small cap index fell 20 points (.99%).

Markets in the US are getting spooked on the inflation front. Economic and labour market data is to be released at the the end of this week and Jerome Powell is to address congress over the next two days.

Comments by US Fed Atlanta president Raphael Bostic really scared the markets. He said that he believes that there will only be one interest rate cut in 2024 (3rd quarter). Market had a cow after that.

There are also jitters around the weaker Chinese economy and that there could be a tech bubble that has formed.

Bitcoin hit a new record of US69k - then collapsed and fell 10% to close at just over US$60k. Cryptos are a bit of a ponzi scheme IMHO.

The US 10 year bond yield fell sharply and is at 4.14%.

Oil price also fell - Brent crude at US$82.10 per barrel.

The recent trend up in the gold price continued - US$2,129 per oz.

Suspect that we will have a very ordinary day on the ASX.