News

Wall Street gained on Friday (S&P 500 Index +1.4%) as US stocks posted further gains to reach new all-time highs as investors started to reposition for a stronger economy in 2021.

Positive news on the Moderna Covid-19 vaccine sent shares tied to an economic reopening higher while stay-at-home tech companies lagged behind.

Global markets were mixed overnight (S&P 500 index -0.5%) as stocks pulled back from record highs as investor focus turned to the surge in virus cases and new lockdown measures. We think some profit taking after such a strong rally is normal.

Shares in Telstra jumped yesterday after the company announced a major restructure that would split its business into three separate legal entities.

Global markets were mixed overnight (S&P 500 Index -0.1%) as the “rotation” by investors into value stocks continued and small-cap US stocks outperformed.

Closer to home, the New Zealand dollar leapt to a 20-month high (the NZD touched 69 cents versus the USD) as the market reversed its bet the Reserve Bank will cut the official cash rate into negative territory. 

Global markets surged overnight (S&P 500 Index +2.3%) after Pfizer revealed its COVID-19 vaccine has been 90% effective against the dominant virus strains circulating currently.

The market surge since the US election is the best US election week since Roosevelt beat Hoover in 1932. The US dollar also continues to weaken and is at 2-year lows against a broad basket of currencies.

Global markets continued to rally overnight (S&P 500 Index +2%) as investors rushed back into technology firms on bets that the US election results will mean no major tax hikes or regulatory changes that would derail those sectors.