News

Global markets rallied overnight as shares on Wall Street are back near all-time highs as a clutch of better-than-expected earnings reports eased concerns of slowing corporate profits and sparked a broad-based rally.

The US market was open overnight and stocks on Wall Street were little changed ​as investors awaited a barrage of major earnings reports this week, the busiest this earnings season.

The NZX 50 market index is close to major milestone, with the index trading just below the 10,000​ level. Local investor senti​ment was buoyed by the ​NZ ​government’s decision to ditch a proposed capital gains tax​ as well as weak inflation data

Crude Oil prices are up around +40% year to date, primarily on the back of supply risks.

​In contrast to Friday’s strong profit announcement by JP Morgan, Goldman Sachs and Citigroup both reported revenue below market consensus estimates overnight.

Global markets were higher on Friday as US stocks closed near record highs after the largest U​S​ bank, JPMorgan Chase, soothed worries that the first-quarter earnings season would dampen Wall Street’s recent rally.

Global markets ​were mixed overnight as​ investors ​a​wait​ US​ earnings season to kick into gear. 

Global markets generally continued to trend higher overnight as US Fed minutes showed the next move in rates could be up or down.

Two of our tourism stock exposures were in the news yesterday – Crown Resorts and Tourism holdings, which we discuss below.