ASX to drop, US services data points to potential higher rate peak

News Snapshot:

The yield on the US 10-year note rose 3 basis points to 4.29 per cent at 2.38pm in New York. The Institute for Supply Management said its non-manufacturing PMI rose to 54.5 last month against expectations of 52.5, while a gauge of prices paid by service-sector businesses for inputs increased. Traders’ bets for a pause in interest rate hikes at the US central bank’s September meeting stood at 91 per cent, with bets on a pause in November slipping to 46.8 per cent from nearly 57 per cent before the data, according to the CME FedWatch Tool. The tumble in...