Markets Today

BNZ Markets Today

Nick Smyth -

Tech stocks were hit on Friday after Trump announced forthcoming bans on Chinese-owned apps Tik Tok and WeChat, ratcheting up tensions with China ahead of the election. Negotiations over a US fiscal stimulus extension failed to provide a breakthrough, but Trump announced executive orders over the weekend to provide some stimulus measures. US rates and the USD were both higher on the day, assisted by a stronger-than-expected nonfarm payrolls release. The NZD pulled back to below 0.66.

BNZ Markets Today

Doug Steel -

Equities have pushed higher in the US, brushing aside equity declines in Europe on disappointing earnings. US bond yields and the US dollar are marginally lower, with commodity currencies outperforming. The NZD has hit fresh highs for the week.

BNZ Markets Today

Jason Wong -

Risk sentiment is higher, with gains in US and European equity markets and higher US Treasury yields. The USD is the biggest loser for the day, although there has been little sustained progress in the NZD and AUD overnight.

BNZ Markets Today

Nick Smyth -

There hasn’t been much movement overnight across equities and currencies. Global bond yields, on the other hand, have continued to push lower, with the US 10-year rate hovering just above 0.5%. There is still no breakthrough in negotiations over a new US fiscal stimulus package. The NZ labour market report is released today.

BNZ Markets Today

Jason Wong -

Stocks have begun August on a positive note while the USD and US Treasuries have reversed course from the pressures seen last month, with the USD higher and the US 10-year rate also nudging higher. The NZD and AUD have slightly underperformed.

BNZ Markets Today

Nick Smyth -

US equities ended last week on a strong note, bolstered by impressive earnings reports from some of the big tech firms. The USD recovered on Friday, but still recorded its biggest monthly fall since January 2018. The NZD fell about 1% to 0.6630 while NZ long-term wholesale fixed rates closed in on record lows. There is still no sign of a breakthrough in negotiations over an extension to the enhanced US unemployment benefits, which expired on Friday, which may see risk assets open lower this morning.

BNZ Markets Today

Nick Smyth -

Equity markets had a dive overnight, after Trump suggested delaying the US election, but they have mostly recovered. Global rates and the USD continue to grind lower. The EUR has reached a fresh two-year high while the NZD has shown little movement. There is still no sign of an agreement over a US fiscal package yet, with enhanced US unemployment benefits set to expire tonight.

BNZ Markets Today

Jason Wong -

Market sentiment has been positive overnight, ahead of the US FOMC. The Fed made little change to its statement, as expected, maintaining a dovish stance, and price action following the meeting was fairly muted. The USD remained under pressure ahead of the meeting, and as we go to press, it has just popped higher after falling immediately after the statement.

BNZ Markets Today

Jason Wong -

Markets are in a cautious mood, with US equities flat overnight, US Treasuries lower and the NZD sustaining the loss it saw yesterday afternoon. CHF and JPY have outperformed overnight but GBP has been the best performer.

BNZ Markets Today

Jason Wong -

The USD weakness theme has continued, sending assets priced in USD higher, including US equities and many commodities. The NZD touched a fresh multi-month high overnight and the AUD is stronger, but EUR is leading the way.

BNZ Markets Today

Nick Smyth -

The USD continued to weaken on Friday, despite generally softer risk appetite. The EUR reached its highest level since September 2018, helped by stronger-than-expected PMIs and positive sentiment related to the EU Recovery Fund. The NZD and AUD underperformed on Friday but were up strongly on the week. The US 10-year bond yield hit its lowest level since April before recovering.

BNZ Markets Today

Jason Wong -

Risk appetite has fallen overnight, with focus on the increase in US jobless claims. US equities are on track to break a 4-day streak higher, while the NZD and AUD have retreated.

BNZ Markets Today

Jason Wong -

The NZD and AUD made fresh highs overnight, despite downward pressure on the yuan on rising US-China geopolitical tensions. US equities have spent much of the session in positive territory while global rates markets remain well-contained.

BNZ Markets Today

Nick Smyth -

EU leaders finally found a compromise solution to the €750bn Recovery Fund yesterday, which triggered an increase in the EUR and broad-based USD weakness. The Risk sensitive currencies have outperformed, with the AUD rising almost 2% and the NZD decisively breaking above resistance at 0.66. Equities have pushed higher while bond yields have again done nothing.

BNZ Markets Today

Nick Smyth -

Markets have traded with a risk-on tone overnight. Sentiment has been lifted by positive trial results for a number of COVID-19 vaccine candidates and reports that EU countries are closer to a compromise solution over the proposed EU Recovery Fund. Equities are higher and the USD is slightly weaker while global rates have again shown little movement. The NZD has increased slightly.

BNZ Markets Today

Nick Smyth -

There was little change in markets on Friday, with equities and global rates nudging higher and the USD falling modestly. The NZ yield curve flattened again, with the 10-year swap rate falling to the bottom of its recent (very tight) trading range. EU leaders have been negotiating over the weekend over the proposed EU recovery fund but have, so far, failed to reach an agreement. The EUR and risk assets may fall this morning when markets open.

BNZ Markets Today

Nick Smyth -

It has been a mild risk-off session overnight, with equities falling, the USD appreciating and bond yields declining slightly. The NZD has fallen overnight but remains rangebound. The market’s main focus in the coming session is likely to be the EU leaders’ summit tonight and tomorrow, where countries are trying to broker agreement on the proposed EU recovery fund

BNZ Markets Today

Nick Smyth -

Risk sentiment has been boosted overnight by encouraging news around potential COVID-19 vaccines. Equity markets are higher, the USD is lower while global bond yields again haven’t moved very much. The NZD has performed better overnight and is trading towards the top of its recent range.

BNZ Markets Today

Nick Smyth -

Markets have been choppy overnight but with reasonably modest net moves across equities, currencies and rates. The NZD has underperformed, despite a broadly weaker USD, and trades this morning around 0.6520. New Zealand Debt Management issued $4.5b of a new 20-year government bond yesterday.

BNZ Markets Today

Nick Smyth -

Equity markets have had a rollercoaster night. The S&P500 briefly moved back into positive territory for 2020 and the NASDAQ made a fresh all-time high, before both reversing lower over the past hour. Interest rate markets have remained unmoved despite the volatility in equities. The NZD continues to hold under resistance at 0.66.

BNZ Markets Today

Nick Smyth -

Equity markets finished last week on a strong note after Gilead reported its COVID-19 treatment drug, Remdesivir, could significantly reduce the death rate of those with the virus. Global rates and commodity prices increased. FX moves were muted, despite a sharp turnaround in the S&P500, with the NZD finishing the week around 0.6575.

BNZ Markets Today

Doug Steel -

The risk rally took a step back overnight European and US equities fell, along with US treasury yields. The US dollar is marginally higher, amid contained currency movements.

BNZ Markets Today

Doug Steel -

Markets largely remain in a holding pattern. US equity indexes are marginally higher, so to US 10-year Treasury yields. Commodity prices and currencies are up, while the US dollar is weaker.

BNZ Markets Today

Doug Steel -

The was a consolidation of risk appetite overnight. Equity markets are generally lower, led by Europe, while the USD is marginally higher. US interest rates have edged lower.

BNZ Markets Today

Jason Wong -

Risk assets are higher, driven by a surge in Chinese equities as the government encouraged a bull market, with the move spilling over into other markets. The USD is broadly weaker, while the NZD and AUD have pushed higher, although without much follow-through overnight.

BNZ Markets Today

Jason Wong -

With US markets closed for Independence Day on Friday, financial markets saw a quiet end to last week. European equities and S&P futures were on the soft side, while the NZD and AUD ended the week on a positive note.

BNZ Markets Today

Nick Smyth -

A strong US nonfarm payrolls report has given equities another push higher overnight, although there has been less movement in other asset classes. Global bond yields are flat-to-lower overnight and currency changes have been minimal. The NZD has been the big outperformer over the past 24 hours, rising above 0.65.

BNZ Markets Today

Jason Wong -

The third quarter has kicked off on a positive note for risk appetite, with modest gains in European and US equity markets, higher global rates and the NZD pushing higher against a backdrop of a soft USD and other safe-haven currencies.

BNZ Markets Today

Jason Wong -

Markets are ending Q2 with a risk-on feel, taking equity markets higher, while US Treasury yields have been pushed up a few basis points. The NZD and AUD have traded a wide range, more than recovering lost ground made yesterday evening.

BNZ Markets Today

Jason Wong -

Global equities have rebounded after the very weak Friday session, helped by a lack of negative news. Currency movements have been small to start the new week and Treasury yields have traded a tight range overnight.

BNZ Markets Today

Nick Smyth -

Equities fell sharply and global rates declined on Friday as the continued rapid spread of COVID-19 in several US states heightened concerns that the US economic recovery could be put at risk. The NZD held in well despite the risk-off backdrop on Friday.

BNZ Markets Today

Niick Smyth -

It’s been a choppy trading session overnight, but with little net change in equities, rates and currencies.

The market remains focused on the rapidly rising number of new COVID-19 cases in several Southern and Western US states. The Texas Governor announced last night that he would “temporarily pause” plans to further reopen the state’s economy amidst what he termed a “massive outbreak” in the region. The state cancelled all elective surgery as Houston, the biggest city in the state, reached capacity with ICU beds. This follows similar moves in North Carolina, another affected state, which said the previous night it would pause its re-opening for three weeks and ordered masks be worn in public. At a national level, the US reported its highest single day rate of new COVID-19 cases on Wednesday, at over 45,000.

BNZ Markets Today

Jason Wong -

Risk assets have been hit by a number of negative headlines, seeing chunky falls in global equities in the order of 2-3%. Commodities currencies have underperformed, with further weakness in the NZD following its losses seen after yesterday’s RBNZ monetary policy review.

BNZ Markets Today

Jason Wong -

Risk appetite has improved, supported by stronger PMI data across Europe, seeing global equities up over 1% and USD weakness, helping the NZD and AUD break higher, with the NZD up through 0.65.

BNZ Markets Today

Nick Smyth -

It’s been a positive start to the week for risk assets with US equities and commodities making gains. The NZD and AUD have risen sharply, with the NZD approaching 0.65 this morning. Global rates are little changed.

BNZ Markets Today

Nick Smyth -

US equity markets gave back some of their weekly gains on Friday as Apple announced it was closing some stores in those US states which have seen an increase in COVID-19 cases. Risk sensitive currencies, including the NZD and AUD, fell, in-line with moves in equities. The RBNZ said on Friday that it would taper its QE bond buying for the week ahead, which steepened the government bond curve.

BNZ Markets Today

Jason Wong -

There’s a mild risk-off tone to the market, with safe-haven currencies in the box seat and generally lower global bond rates. US equities have spent much of the session in modest negative territory. The NZD and AUD have shown modest falls overnight.

BNZ Markets Today

Nick Smyth -

Market moves have been muted overnight. Equity markets have eked out small gains, global rates are little changed and currency moves have been modest. The ECB’s TLTRO takes place tonight along with the BoE monetary policy meeting, at which it is expected to boost its QE bond buying programme.

BNZ Markets Today

Nick Smyth -

Market sentiment remains positive, with equity markets have extended their gains from yesterday while global rates have moved higher and curves steeper. The USD is broadly stronger after a much better-than-expected retail sales release although most currency moves have been modest. Yesterday, New Zealand Debt Management raised a huge $7b via its May-2024 bond syndication, a record amount for a New Zealand deal.

BNZ Markets Today

Jason Wong -

Yesterday, S&P futures were pointing to a very rough overnight session, but that hasn’t been the case, with a significant turnaround that sees risk assets well bid. The S&P500 is up about 1% and the NZD and AUD have recovered overnight, against a backdrop of a weak USD.

BNZ Markets Today

Jason Wong -

After the plunge on Thursday, risk appetite recovered on Friday, with US equities up over 1%, the US 10-year rate nudging higher and commodity currencies regaining some poise.

BNZ Markets Today

Jason Wong -

Turmoil has returned to markets, with a plunge in global equity markets and oil prices, a strong rally in government bond markets and safe haven currencies outperforming. The NZD is down over 1.7% for the day, while the AUD’s fall exceeds 2%.

BNZ Markets Today

Jason Wong -

US bond and equity markets have been supported by the FOMC statement this morning which reaffirmed the Fed’s commitment to keep the “pedal to the metal” to support the US economy. The S&P500 is back into positive territory, the US 10-year rate is down 8bps to 0.74% and the USD is weaker. The NZD and AUD have benefited from higher risk appetite, seeing fresh multi-month highs printed.

BNZ Markets Today

Jason Wong -

It has been another quiet day of newsflow and markets are mixed, with global equity markets generally lower, US Treasuries lower in yield with a flattening bias and the USD on track to record its ninth consecutive daily fall, although there’s a risk-off feel, with the NZD and AUD on the soft side.

BNZ Markets Today

Jason Wong -

There has been no fresh news to derail the bull run in equity markets or the selling pressure in the USD. The NZD and AUD have pushed on higher, while JPY has reversed a lot of last week’s losses. After last week’s big bond market sell-off, global rates have edged lower.

BNZ Markets Today

Jason Wong -

The US employment report Friday night was significantly better than expected, setting the tone for markets, culminating in a strong rise in US and European equity markets and a chunky rise in global rates. The currency market was mixed, but with a fairly modest reaction to the report overall. Earlier gains in the NZD and AUD were sustained, while EUR and JPY were on the weaker side of the ledger.

BNZ Markets Today

Jason Wong -

Global equity markets have taken a pause after their recent strong rally, but even so, the USD remains under pressure – even with US rates rising more than others. The NZD and AUD have printed fresh highs, while EUR has surged higher as the market embraces the news on increased policy support to drive an economic recovery.

BNZ Markets Today

Nick Smyth -

Risk asset markets have continued to rise overnight on growing hopes for a global growth rebound later this year. Equity markets are higher again, risk-sensitive currencies (including the NZD) have appreciated, and global rates have increased.

BNZ Markets Today

Jason Wong -

The NZD and AUD have extended their rallies, alongside emerging market currencies, as traders back the global economic recovery story. Global equity markets also remain well bid, while in the risk-on environment the global rates market remains well contained by central bank buying.

BNZ Markets Today

Nick Smyth -

Markets continue to trade with a risk-on tone as investors concentrate on the prospect of economies reopening and global growth rebounding later this year. Equities, commodities and growth-sensitive currencies have all made gains since the end of last week. The USD has continued to fall amidst declining risk aversion. The NZD is approaching 0.63, its highest level since mid-March.

BNZ Markets Today

Nick Smyth -

Equity markets have continued to push higher overnight on growing market optimism that the global economy has passed the turning point. The risk-on backdrop has led to a further fall in the USD. The NZD is back above 0.62 this morning.

BNZ Markets Today

Jason Wong -

Global equity markets are higher, with optimism on the economic recovery and policy stimulus more than offsetting rising US-China tensions, with the latter more an influence on weaker NZD and AUD currencies, alongside further sign of China-Australian trade tensions.

BNZ Markets Today

Jason Wong -

Risk sentiment is notably higher, driving up global equity markets, bond rates and commodity currencies, while the USD is the weakest of the majors. After the long weekend in some countries, investors are feeling optimistic about the outlook, driving up equity prices. The S&P500 has blasted up through the 3000 level for the first time since early March and is currently up near-2%, following a more than 1% gain for the Euro Stoxx 600 index. For the S&P500, for a change IT and Health Care stocks are dragging the chain, with the rally led by Financials and economically-sensitive sectors such as Industrials and Materials, positive sign. In Europe, travel and leisure stocks led the gains in response to moves by Germany and Spain to lift their travel restrictions.

BNZ Markets Today

Jason Wong -

Markets are very quiet with the UK and US on holiday. S&P futures are up over 1% and Treasury futures are little changed. Currencies have barely moved since the new week began, seeing the NZD trade near 0.61 and the AUD near 0.6545.

BNZ Markets Today

Nick Smyth -

Despite mounting US-China tensions, including over Hong Kong, equity markets made modest gains on Friday. There was again little change in global rates. The NZD fell, along with other commodity currencies, and ended the week below 0.61. The RBNZ said it would slightly taper its bond-buying for the week ahead although NZ rates were little moved by the news. It’s a public holiday in both the US and UK today so markets should be very quiet.

BNZ Markets Today

Nick Smyth -

US-China tensions have weighed on equity markets overnight, although the moves (S&P500 -0.7%) have been reasonably modest. The NZD has fallen amidst the more cautious risk sentiment.

BNZ Markets Today

Jason Wong -

Risk sentiment is positive again, with global equity markets higher and the NZD and AUD continuing to push higher. The rates market hasn’t really joined in, with government bond yields flat to slightly lower overnight.

BNZ Markets Today

Jason Wong -

There hasn’t been much follow-through from yesterday’s surge in equity prices, with the S&P500 only slightly higher, following a 0.6% fall in the Euro Stoxx 600 index, while global rates are slightly lower. However, the currency market is trading like risk appetite is notably higher, with the NZD and AUD near the top of the leaderboard and safe-haven currencies underperforming.

BNZ Markets Today

Jason Wong -

The new week has begun with much stronger risk sentiment, supported by the opening up of countries from lockdowns and hope for a new vaccine to fight COVID19. US and European equities are up in the order of 3-4%, global rates are higher and the NZD and AUD are near the top of the leaderboard.

BNZ Markets Today

Nick Smyth -

Equity markets made modest gains on Friday despite US-China tensions picking up further. There wasn’t much reaction to record falls in US industrial production and retail sales, with global rates edging higher. The NZD was the worst performing G10 currency on Friday’s session and the week itself. NZD/USD closed at a three-week low around 0.5935 and NZD/AUD at a six-month low around 0.9250.

BNZ Markets Today

Jason Wong -

It has been a mixed trading session overnight, with bond and currency markets adopting a cautious tone, but US equities rebounding (to flat) after a poor start. The NZD has drifted a bit lower – not much, but enough to take it down to its lowest level in a few weeks.

BNZ Markets Today

Jason Wong -

Negative risk sentiment has extended into another trading session, with weaker equity markets and lower global rates. Safe haven currencies have showed some modest outperformance, taking the NZD sub 0.60, but with no further damage to most of the crosses overnight, after yesterday’s post MPS lurch lower.

BNZ Markets Today

Jason Wong -

Markets have taken on a slightly more cautious tone overnight, seeing US equities down moderately and lower global rates. Currency moves have been modest, with a hint of GBP weakness alongside a broadly softer USD.