News

The Nasdaq rose ahead of results from mega-cap technology companies and after Advanced Micro Devices announced a $35bn takeover of another chipmaker.

While large, we would put the overnight moves in context – markets are generally still in positive territory for the month and it is very early to panic. There is likely to be continued volatility as we head into the US election in a weeks time.  

Earnings season continues, with social media firms are trading higher after Snap reported strong earnings. Netflix slipped -6.5% after subscribers fell short of predictions.

The big news on the NZX was the listing of RUA, the first IPO since Napier Port last year. 

US fiscal stimulus headlines dominate the news board, with no agreement for a relief package as clear differences between both sides still remain.

There was little in terms of fresh news, as US stocks turned lower as investors assessed the latest progress toward a government spending bill.

Global markets were mixed to close the week (S&P 500 Index +0.01%) as reporting season started to ramp up in some of the major markets, while US stimulus talks and Brexit discussions between the UK and EU continued to show little sign of coming to an agre

Global markets took a breather overnight (S&P 500 Index -0.6%) with hopes of stimulus before the election fading & as US banks were weaker on the back of initial 3rd quarter results.

Risk appetite has weakened following fresh restrictions across London and France to bring the spread of COVID19 under control.