News

The big news was from the US Federal Reserve, which cut interest rates for the third time this year in a move to ensure the US economy weathers a global trade war without slipping into a recession, but signalled its rate-cut cycle might be at a pause.

On the economic growth front, there will be important US economic data published at the end of the week.

​All eyes are on the US Federal Reserve, which began its two-day meeting and is set to make an interest rate announcement tomorrow morning.​

Microsoft jumped after earnings beat expectation, and Tesla soared 16% after posting a surprise profit.

The electricity generator-retailers all fell ​sharply yesterday ​after Rio Tinto, which controls New Zealand Aluminium Smelters, said it was reviewing the Tiwai Point smelter’s future after rejecting Meridian’s proposed pricing

While it is still early​, so far company earnings announcements overseas ​have generally beaten a low bar.​

R​ecent trends​ have indicated that consumer spen​d remains weak across Australasia, with consumers opting to save rather than spend​.

Global markets were higher overnight, as shares on Wall Street rose on the back of strong earnings from Netflix and Morgan Stanley, with the prospect of Britain making a last-minute deal with the European Union adding to the upbeat mood.

​Global markets ​rallied overnight as strong earnings​ on Wall Street ​ from JPMorgan, UnitedHealth and Johnson & Johnson allayed concerns about the fallout from a prolonged ​U​​S​​-​China trade war on Corporate America.