BNZ Markets Today
The lift in risk appetite noted in yesterday’s report has been sustained, with some further modest follow through. US and European equities are higher again, while global rates have pushed down a little further. Oil prices have been range bound over the past 24 hours, with Brent crude hovering near USD102 per barrel. The USD is broadly weaker overnight, and the NZD is up modestly to 0.5865. Another RBA rate hike has supported the AUD and sent NZD/AUD down to a fresh multi-year low.
BNZ Markets Today
Risk appetite is higher on optimism that the worst is over regarding the Iran conflict, while the reality is that nothing much has really changed on the battleground. Brent crude is lower at just over USD100 per barrel. US and European equity markets have gained, and global rates are modestly lower. Against a backdrop of a broadly weaker USD the NZD and AUD have outperformed.
BNZ Markets Today
Elevated oil pieces remain in focus as geopolitical tensions escalated, with Iran stepping up attacks in the Strait of Hormuz and the US moving to bolster its military presence in the region. Risk sentiment remained fragile, with global equities closing lower and credit spreads continuing to widen. The S&P erased an earlier near 1% gain as the US intensified strikes on Iran, raising the risk of further escalation. After initially rallying on soft economic data, treasuries lost momentum, with long dated yields underperforming. The US dollar made broad based gains with the soft risk tone contributing to weakness in the NZD and AUD.
BNZ Markets Today
Oil prices have surged again, weighing on risk sentiment. Brent traded above US$100 per barrel after President Trump said preventing Iran from acquiring nuclear weapons was a higher priority than oil prices. A record release of strategic oil reserves has failed to cap the rally, while concerns around private credit and fresh US tariff probes added to the risk off tone. Global equities sold off, with the S&P 500 down more than 1%, bond yields are higher, and the US dollar firmer against G10 currencies.
BNZ Markets Today
Risk sentiment is weaker as the Iran conflict continues at pace. While US CPI data were in line, US Treasury yields show a steady increase overnight on inflation fears as a result of the conflict. Oil prices are near the top end of their daily range despite the IEA agreeing to release 400m of barrels form strategic reserves. The USD is broadly stronger. The NZD has weakened towards 0.59 while the downturn in NZD/AUD continues deepen.
BNZ Markets Today
Risk sentiment has improved further following the tumble in oil prices, taking Brent crude to USD86 per barrel. Equity markets have rebounded. US Treasury yields show only small movement while European rates have played catch-up and are much lower. The USD is broadly weaker, while the AUD has been the top performer, sending NZD/AUD down to a fresh multi-year low.
BNZ Markets Today
Risk sentiment has improved considerably overnight, with market attention on the potential release of strategic oil reserves to relieve pressure on prices. Brent crude has plunged to just below $100 from yesterday’s surge. US equities show a modest fall, following the earlier plunge in futures and US treasury yields have fallen. The NZD and AUD have recovered yesterday’s losses and now show modest gains from last week’s close.
BNZ Markets Today
US equities fell following a weaker than expected US labour market report, while ongoing Middle East tensions drove another leg higher in oil prices. Brent crude pushed above US$92 per barrel despite efforts from US policymakers to boost supply. The S&P 500 closed 1.3% lower, with similar declines across European equities. Treasury markets saw whipsaw price action, while an early lift in the US dollar index faded into the weekly close.
BNZ Markets Today
The conflict with Iran has entered a sixth day and risk sentiment has soured a little further as the attacks around the gulf region continue and extend further afield. Brent crude continues to hover near recent highs, US and European equity markets are weaker, global rates have pushed higher and the USD is broadly stronger. The NZD has slipped back below 0.59 and the AUD is sub-0.70.
BNZ Markets Today
Global equities were mixed. US and European markets rebounded alongside a pullback in oil prices from recent highs, after the US said it is considering offering shipping assistance to help ease oil flows through the Middle East. US equities were supported by data pointing to strength in the services sector. Asian markets declined, led by South Korea, where the Kospi fell 12%, extending its two day decline to more than 18% amid an unwinding of leveraged positions. Treasuries were little changed and the US dollar was marginally weaker against G10 currencies.
BNZ Markets Today
Risk sentiment has soured overnight as investors focus on the widening conflict in the Middle East. Global equity markets have tumbled, and oil and gas prices have surged further. US Treasury yields are a little higher while European rates are much higher on inflation concerns. The USD is broadly stronger, and the NZD has fallen more than 1% to below 0.59.
BNZ Markets Today
Market attention has been fixated on the war in the Middle East following the joint US-Israeli missile attack against Iran and Iran’s retaliation. The biggest reaction has been for commodity markets and bonds, with higher oil and gas prices adding to inflation concerns, and the stronger than expected US ISM manufacturing survey adding to the mix. The USD is broadly strongly, with the AUD and CAD falling the least since last week’s close. The NZD has weakened to 0.5935.
BNZ Markets Today
Financial markets begin the week facing heightened uncertainty following US and Israeli strikes on Iran after the global close on Friday. The scale of the attacks, and Iran’s response, has exceeded expectations, pointing to further demand for safe haven assets and upward pressure on oil prices. With President Trump calling for regime change and signalling the risk of a protracted conflict, the range of potential outcomes has widened, and will likely weigh on risk sensitive assets.
BNZ Markets Today
There has been a mild risk-off vibe in overnight trading, with US equities falling and Treasuries well-bid. Rotation out of tech stocks has continued, while oil prices are higher as US-Iran nuclear talks reach a pivotal moment. The USD is broadly stronger overnight and the NZD has fallen to 0.5960.
BNZ Markets Today
Risk sentiment remains buoyant, driving further gains across global equities ahead of Nvidia’s results due after the US close. The S&P 500 is up more than 0.5% in afternoon trade, while European and Asian markets are also well supported. The Euro Stoxx has pushed to a fresh record high and the Nikkei closed over 2% higher. Sovereign bond and FX markets were little changed.
BNZ Markets Today
US equities have recovered some of yesterday’s losses, supported by a renewed rotation into IT stocks. Global rates have shown only minor movements. In currency markets, activity has been modest, except for a notable decline in the yen. The NZD is trading at 0.5970.
BNZ Markets Today
Risk sentiment is weaker as markets further digest the implications of the latest saga on Trump’s tariff policy. US equities have fallen around 1% and US Treasury yields are lower. Safe haven CHF and JPY currencies have outperformed, while commodity currencies are weaker.
BNZ Markets Today
The US Supreme Court has found President Trump exceeded his powers by imposing tariffs without clear Congressional authorization. The news contributed to a 0.7% gain for the S&P on the prospect of relief from tariffs. Treasury yields edged higher and the US dollar lost ground. The recent advance in oil prices stalled near a six-month high after The Wall Street Journal reported Trump is weighing a targeted strike on military or government sites in Iran to pressure Tehran into a deal, rather than a full-scale attack. The Euro Stoxx closed at a record high. European stocks are headed for the largest ever monthly inflow in February.
BNZ Markets Today
Rising geopolitical risk linked to US–Iran tensions weighed on global equities. The S&P slipped into negative territory in afternoon trade and is currently down close to 0.5%. Major European indices also retraced, with the Euro Stoxx closing around 1% lower. In contrast, sovereign bond and currency markets were little changed.
BNZ Markets Today
US equities, rates and the USD are all higher overnight, supported by stronger than expected second-tier US economic data, with markets, other than oil, showing little concern that war between US and Iran might be closer than realised, despite some progress earlier this week on nuclear talks. The NZD has sustained the fall seen in the wake of yesterday’s RBNZ’s policy update and is trading just below 0.60.
BNZ Markets Today
Market conditions have been somewhat choppy overnight. US equities are flat in early afternoon trading, recovering from earlier falls. The US 10-year rate is slightly higher after taking a peek below 4.02 overnight. Oil prices are lower after earlier gains, following tentative agreement on principles towards a US-Iran nuclear deal. The NZD is net flat, while GBP is the weakest of the majors following softer labour market data.
BNZ Markets Today
It has been a very quiet start to the week with many markets closed, including the US for Presidents’ Day and some key Asian markets due to the Lunar New Year holidays. Newsflow has been light.
BNZ Markets Today
US equities were little changed into the weekly close, stabilizing after the previous session's AI-driven selloff. Stocks gained initially after softer-than-expected CPI data which saw the market price in additional easing by the Federal Reserve for this year. However earlier gains for US stocks had faded by the close. Major indices in Europe were mixed while Asian equities closed lower. Treasury yields declined and the US dollar was marginally softer against G10 currencies although absolute moves were not large.
BNZ Markets Today
Newsflow has been light but risk appetite is weaker, and US equities are much lower, dragged down by lingering concerns in the IT sector. Currency movements have been modest but CHF has been the best performer overnight, while NZD/USD has pushed lower.
BNZ Markets Today
A much stronger than expected US employment report drove the US Treasuries curve flatter while US equities show a small gain. NZD/USD is little changed at 0.6060 while NZD/AUD falls below 0.85 as AUD rises to a three-year high above 0.71.
BNZ Markets Today
US equities are little changed. The S&P is consolidating just below record highs having fully recovered from the technology sector led weakness from last week. Softer than expected US retail sales supported the case for Fed rate cuts which contributed to a decline in treasury yields and a stronger yen. Global equities were mixed. Major European closed marginally lower while the Nikkei continued its post-election advance and gained a further 2%. The index closed at a fresh record high and is up 15% so far this year.
BNZ Markets Today
Newsflow overnight has been light. US equities have recovered further, driven by IT stocks. The US 10-year rate is little changed after a couple of unsuccessful attempts to sustain a push higher. The USD is broadly weaker, resulting in NZD pushing up to 0.6050.
BNZ Markets Today
US equity markets recovered late last week after several soft sessions. The Nasdaq Composite advanced close to 2%, partially reversing a 4.5% three day decline. Earlier weakness reflected investor concern about AI related disruption and the scale of tech sector capex, with four major technology firms projecting around US$650 billion of spending in 2026, mostly on data centre infrastructure. The US dollar declined against G10 currencies and treasury yields firmed.
BNZ Markets Today
US equity markets were mixed, with a continued rotation out of technology stocks. The S&P500 was little changed, while the Nasdaq extended its decline amid ongoing concerns about AI related disruption across software and data centric sectors. Sovereign bond markets were broadly stable, with US Treasury yields steady and yields declining modestly in Europe. The US dollar index edged higher. In commodities, metals prices remained volatile; gold briefly traded near USD 5,100 per ounce before retracing sharply.
BNZ Markets Today
There has been little news to digest overnight. A slump in tech stocks has dragged down the S&P500 while US Treasury yields have traded a tight range. Gold and silver prices have bounced strongly, while the USD is modestly weaker. The AUD has held onto its gain post the RBA rate hike yesterday while the NZD has pushed higher and trades this morning around 0.6040.
BNZ Markets Today
The Asian trading session kicked off in a volatile fashion, with gold and silver prices collapsing further, S&P500 futures opened on a weak note and the NZD dived below 0.60. This followed the choppy trading session on Friday following Trump’s pick of Kevin Warsh as the next Fed Chair.
BNZ Markets Today
The focus for markets late last week was President Trump’s decision to nominate Kevin Warsh as the next Chair of the Federal Reserve. Warsh, a former Fed Governor, will succeed Jay Powell when Powell’s term ends in May, subject to Senate approval. Warsh is seen as less supportive of deep rate cuts and more concerned about inflation than other candidates. The US dollar advanced, equities closed lower, and longer term Treasury yields were mixed. Volatility in precious metals continued, with gold prices falling below US$4,800/oz—a decline of nearly 15% relative to the previous session’s high.
BNZ Markets Today
There was a risk-off tone across global equity markets led by US technology stocks. Microsoft reported higher-than-expected spending on AI infrastructure, reigniting investor concerns about the vast capital expenditure by large US technology companies. The S&P is down 1% in afternoon trading having rebounded from a larger decline. News of a potential de-escalation in the Ukraine conflict contributed to the recovery off the session lows. There were limited moves for government bond markets while the US dollar is broadly firmer against G10 currencies. The AUD and NZD had large swings and traded in a wide range.
BNZ Markets Today
Ahead of the Fed’s policy update this morning, net market movements have been contained. An early rally in US equities faded and the US 10-year rate remain tightly range-bound. JPY and EUR are weaker overnight while the NZD has been steady in the low 0.60s.
BNZ Markets Today
US equities managed to look past a decline in consumer confidence and gained alongside global indices. The S&P is close to 0.5% higher in afternoon trading, with the index only marginally below the record high, set earlier in the month. The US dollar remained under pressure, and made broad based losses against G10 currencies, with the dollar index falling to a four-year low. US treasuries were little changed overall. Brent crude prices traded above US$67 on geopolitical concerns with a growing US military presence near Iran.
BNZ Markets Today
The new week kicked off with a stronger yen as the chance of official intervention overhung the market. The USD remained under pressure and the DXY index fell to a four-month low. The NZD recovered further towards 0.60. Global equity markets are stronger, while the US 10-year rate remain tightly range-bound.
BNZ Markets Today
Friday’s price action was a case of not much to see in equities and bond markets, but notable moves in commodities and currencies. Precious metals rose to fresh record highs and oil prices jumped over 3%. The USD was broadly weaker again, supporting further NZD appreciation to 0.5950, while JPY was the strongest major after some official price checks in response to yen weakness post the BoJ meeting.
BNZ Markets Today
Risk appetite improved after Trump announced a framework for a future deal on Greenland, resulting in stronger global equity markets, and the NZD and AUD outperforming. Gains have been extended overnight in the face of a broadly weaker USD, seeing the NZD pierce up through 0.59.
BNZ Markets Today
President Trump is again at the centre of market attention and his ruling out of force to acquire Greenland drove a bounce-back in global equity markets. There has been less impact on bonds and currency markets, with modest reactions. The US 10-year rate is little changed. The NZD weakened a little after making fresh highs overnight.
BNZ Markets Today
The fallout from rising US-EU political relations over the future of Greenland continues to reverberate through markets, with a meltdown in Japan’s bond market thrown into the mix. Global equity markets are weaker, global rates are higher, and the USD is broadly weaker. The NZD has become a safe-haven (lol), appreciating further to 0.5850 and up on most key crosses.
BNZ Markets Today
As markets opened for the new week there was keen interest in the response to President Trump’s weekend threat of new tariffs on eight European countries to persuade them to give up Greenland, alongside chatter that French President Macron was urging the EU to activate the powerful anti-coercion instrument, seen as a bazooka to hit US trade and investment into the region.
BNZ Markets Today
Risk sensitive assets were little changed into the weekly close. US equities ended the session with flat returns and global indices also registered small moves. Investor sentiment has remained upbeat with global equities consolidating near record highs and strong demand for credit amid record issuance in the first half of January. Treasury yields increased and the US dollar recovered off the session lows, after comments from President Trump appeared to decrease the chances of Kevin Hassett becoming the next Federal Reserve Chair, when Powell’s term expires in May.
BNZ Markets Today
US equities have rebounded from the weakness in the previous session. The S&P is up around 0.7% currently and there were decent gains for key European indices. Treasury yields increased after resilient labour market data and the US dollar gained against European currencies. Oil prices declined sharply, and precious metals also slipped from their record highs. Silver prices were volatile and declined close to 7% intraday before recovering.
BNZ Markets Today
US equities have fallen amid rising geopolitical tensions while metals prices have continued to advance. The S&P is down close to 1% in afternoon trading with limited impact from US retail sales and PPI data. The Nikkei extended its recent gains. It was reported that plans for a snap general election in February have been outlined to senior colleagues by Japan’s Prime Minister Takaichi. Metals including gold, silver, copper, and tin have hit record highs as investors seek alternatives to traditional assets. Global government bond market yields are broadly lower, and the US dollar index declined at the margin.
BNZ Markets Today
Global asset markets are broadly stable overnight. US core CPI undershot expectations but had limited lasting impact on US rates. Investor concerns about the investigation into Federal Reserve Chair Powell appeared to abate. Central bank governors from 11 institutions, issued a statement of support for Powell and the Fed's independence, which contributed to a reversal of the US dollar’s decline from the previous session. The S&P lurched to a fresh intraday record high after the CPI data but has since retraced. The potential for a snap election in Japan saw the Nikkei gain 3% and reach a record high while the yen and government bonds were under pressure.
BNZ Markets Today
This is the first Markets Today for 2026. We wish all our readers a Happy New Year.
US equity futures came under pressure in Asian trade yesterday after US Federal Reserve Chair Powell revealed that the Justice Department was threatening a criminal indictment over renovations of its headquarters. Powell said this was a consequence of its interest-rate policies, which raised further concerns about the central bank’s independence and the strength of US institutions more broadly, amid ongoing political pressure. The US dollar declined in response and precious metals gained on safe haven flows. Gold prices reached to a fresh record high above US$4600 per troy ounce.
BNZ Markets Today
Softer than expected US CPI data reinforced expectations for further rate cuts by the Federal Reserve and contributed to solid rally for equity markets. The S&P is more than 1% higher in afternoon trading with larger gains for the Nasdaq. Global government bond yields are broadly lower while the US dollar is little changed against the major FX pairings.