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The New Zealand market (NZX 50 Index, -1.7%) finally had a chance to react to the strong US jobs data released on Friday. Healthcare (-2.2%), Utilities (-2.1%), and Real Estate (2.1%) were the largest drags on the market on Monday. Materials (+1.0%) was the only sector in the green.

The New Zealand market (NZX 50 Index, -0.2%) feel marginally on Friday. However, its rally on Tuesday and Wednesday meant that the market closed higher for the week (+0.3%), ending 3 straight weeks of losses. The Australian market (ASX 200 Index, -0.8%) fell on Friday but still manged to seal their best week (+4.5%) in 2 years thanks to the Energy sector (+1.0%) and the seemingly dovish pivot from the Reserve Bank of Australia. 

US markets (S&P 500 Index -1.0%) fell for a second consecutive day on Thursday, raising bets that the bearish case for US stocks remain intact. However, they are still on track to end the week higher after experiencing its biggest two-day rally since 2020 earlier in the week. Utilities (-3.3%) and Real Estate (-3.2%) led all sectors into the red on Thursday, except Energy (+1.8%). 

US markets (S&P 500 Index -0.3%) swung from a small positive position in the last hour of trading to close in the red on Wednesday.  On the economic data front, the ADP Employment Change showed 208K jobs added to the US economy in September, slightly above market forecasts of 200K. Investors are now looking ahead to Friday’s release (UTC -4) of the Non Farm Payrolls (NFP) report.

US markets (S&P 500 Index +3.1%) rallied for the second day in a row as Treasury yields ease from levels not seen in a decade. The US 10-year Treasury note yield has fallen to 3.625% on Tuesday, easing from the high of 4.0% hit on September 27th. Among the leaders of the S&P 500 were shares of airline and cruise line stocks, including Norwegian Cruise Line (+16.8%), Royal Caribbean (+16.6%) and Carnival (+13.3%), Delta Air Lines (+8.8%) and American Airlines (+8.6%). 

US markets (S&P 500 Index +2.6%) have produced a significant rally to begin October. A weaker than expected US ISM Manufacturing survey has driven a big fall in global interest rates overnight.  The US 10-year rate is almost 20bps lower, at around 3.65%, with similar-sized moves seen in Europe. 

US markets (S&P 500 Index -1.5%) closed lower on Friday to register their worst month since March 2020, down -9.3%. It appears that the markets are coming around to the fact that the Fed will be holding interest rates higher for longer. There are also signs of financial stress building, highlighted by the actions of the Bank of England last week.  Utilities (-2.0%) and Technology (-1.9%) stocks, led the market down on the day, with Consumer Discretionary (-1.8%) and Consumer Staples (-1.85) following closely. 

US markets (S&P 500 Index -2.9%) gave back yesterday’s rally to close lower on Thursday at a new 2022 low. All sectors ended in the red, led by Consumer Discretionary (-3.4%). Apple’s (-4.9%) woes continued for another day after being excluded from yesterday’s rally. Weighing on Apple today was news that the company let go its Procurement Chief, Tony Blevin, after he made an off-colour joke in a TikTok video. 

US markets (S&P 500 Index +2.0%) mounted a broad-based comeback on Wednesday, recovering from their 2022 low. Biogen (39.9%) shares soared following upbeat trial results of its new Alzheimer’s drug which is now projected to be a ‘blockbuster’. Home Depot (+5.0%), Boeing (+4.7%), and Walt Disney (+3.7%) were also stand out performers on the day.