News

The US market reopened lower after president’s day to digest information regarding a slowdown in new cases of coronavirus, coupled with weak revenue forecast from Apple due to production and demand disruption in China due to the coronavirus.

WiseTech Global (WTC) shares were the biggest losers yesterday, when its shares slumped -27.3% after materially downgrading their full year guidance for the 2020 full year.

Closer to home, it was another busy day yesterday in terms of earnings announcements from Aussie and Kiwi companies. We will provide full updates on all stocks under our research coverage in our weekly report.

​For the week ahead, ​the focus locally will be​ announcements from Aussie and Kiwi companies.

Equity markets across Asia were mixed overnight  with investors sitting on the sidelines as they continue to digest the impact of the coronavirus outbreak, with the Chinese government pledging to support its economy with potential corporate tax cuts.

US stocks climbed to fresh highs as investors digested the latest views from Federal Reserve Chair Jerome Powell that the economic outlook continues to remain stable.

The Reserve Bank of New Zealand kept the official cash rate unchanged at 1.00%, which was expected. However, removed the chances of any near-term rate cuts playing down the impacts of the Coronavirus.

News released this week showed New Zealand wine exports increased by +8% in 2019, reaching $1.86 billion in export value with the US remaining NZ’s largest export market followed by the UK followed by Australia.

The week ahead is dominated by corporate earnings announcements across Australia and NZ.