News

Closer to home, the ASX rallied yesterday after minutes from the last Reserve Bank of Australia (RBA) meeting showed the RBA considered cutting the cash rate at its November meeting,

Heading into the ​end of the year, a Xmas period rally in shares​ could be possible. While we would not want to attempt to read Trump’s mind, we note it is worth keeping in mind President Trump is looking to win an election next year.

NZ shares fell after the Reserve Bank surprised investors by keeping the official cash rate at 1.0%, with dividend paying “bond proxy” stocks taking a hit.

Closer to home, a surprise increase in the unemployment rate supported gains on the Australian market yesterday – with the market tipping another interest rate cut by the Reserve Bank of Australia was likely in the next six months.

Global markets continued to trend higher overnight with the technology sector leading gains.

Global markets were little changed overnight, although emerging market shares fell the most in more than two months as stocks tumbled in Hong Kong amid violent clashes after a protester was shot by police. 

To date, 89% of the companies in the S&P 500 have reported 3rd quarter results and in terms of earnings, the percentage of companies reporting above estimates (75%) is above the five-year average.

It was a busy day yesterday for stocks under our coverage​ yesterday​, with announcements from Xero, Spark, and James Hardie.

Investor sentiment was buoyed by renewed hope for a trade truce between the US and China.