News

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.

Global markets ​rallied overnight as investors speculated the global economy can withstand the impact from the still-spreading coronavirus after China’s market sell-off eased. Tesla extended its amazing run, while Alphabet (Google) slumped after deliverin

Investors are also speculating central banks stand ready to mitigate any hit to the global economy from the coronavirus. 

​Global markets recovered overnight with US stocks climbing as gains in Amazon and Nike as well as a surprise rebound in US factory activity helped markets attempt a recovery from steep weekly losses due to concerns about the coronavirus epidemic.  

Global markets were lower on Friday as Wall Street tumbled more than 1% on Friday as mixed corporate earnings added to worries over the impact of the Coronavirus outbreak on global growth.

Investors digested mixed company earnings announcements, with Facebook disappointing, while stocks such as Tesla beat expectations.