News

US economic output (GDP) rebounded at a stronger than expected +33.1% annualised rate in the July to September period following the -31.4% decline in the 2nd quarter. The faster rate of expansion was better than economist expectations (+32%) but still lea

The Stoxx 600 European market index fell to a 5-month low, losing -3% as German Chancellor Angela Merkel reached a deal for a one-month partial lockdown to curb the spread of the virus.

The Nasdaq rose ahead of results from mega-cap technology companies and after Advanced Micro Devices announced a $35bn takeover of another chipmaker.

While large, we would put the overnight moves in context – markets are generally still in positive territory for the month and it is very early to panic. There is likely to be continued volatility as we head into the US election in a weeks time.  

Earnings season continues, with social media firms are trading higher after Snap reported strong earnings. Netflix slipped -6.5% after subscribers fell short of predictions.

The big news on the NZX was the listing of RUA, the first IPO since Napier Port last year. 

US fiscal stimulus headlines dominate the news board, with no agreement for a relief package as clear differences between both sides still remain.

There was little in terms of fresh news, as US stocks turned lower as investors assessed the latest progress toward a government spending bill.

Global markets were mixed to close the week (S&P 500 Index +0.01%) as reporting season started to ramp up in some of the major markets, while US stimulus talks and Brexit discussions between the UK and EU continued to show little sign of coming to an agre