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.
BNZ Markets Today
US equities are notably weaker, dragged down by the tech sector, but there has been limited movement in US Treasuries and currencies. The NZD has traded in a narrow range. Oil prices have recovered moderately from yesterday’s low after Trump’s blockade of sanctioned Venezuelan oil tankers.
BNZ Markets Today
Following the mass of data releases overnight the net result has been not a lot of market price action, although the direction of travel has been slightly lower US rates, a slightly weaker USD and modestly weaker US equities. Oil prices continue to head south, with WTI crude down to its lowest level in over four years. The NZD continues to linger just under the 0.58 mark.
BNZ Markets Today
Ahead of a busy week before Christmas, including the key US employment report tonight, market movements have been modest. US equities are slightly softer in early afternoon trading, global rates are flat to down slightly, and currency moves have been modest. The NZD has recovered much of the loss seen after an unexpected statement from RBNZ Governor Breman that sent interest rates lower.
BNZ Markets Today
Concerns about the outlook for artificial intelligence and technology stocks weighed on investor risk sentiment into the weekly close. A disappointing sales outlook from Broadcom fuelled investor concerns about high valuations for companies linked to the sector. The S&P fell 1% and the Nasdaq declined 1.7% while European indices also closed lower. Global government bond market yields increased and the US dollar was broadly stable against G10 currencies.
BNZ Markets Today
The rally in US equities after the Federal Reserve’s interest-rate cut has lost momentum following disappointing results from Oracle which weighed on technology shares. The Nasdaq has fallen close to 1% in afternoon trading and the S&P is also in negative territory. However, The Dow industrials index has bucked the trend, rising nearly 1% and hitting an intraday record above 48500. US treasury yields are modestly lower, and the US dollar has extended its post-FOMC decline. Copper prices reached a fresh record high and other industrial metals gained. Copper has rallied almost 35% this year with supply constrained by a series of mine disruptions.
BNZ Markets Today
Market movements have been modest in the lead-up to the US Fed’s policy announcement due at 8am NZ time. Heading into the meeting, US equities are flat, US Treasury yields are trading at the bottom of their range for the day, and the USD is broadly weaker, although moves haven’t been significant.
BNZ Markets Today
Market movements have been modest, with US equities slightly higher and little change in the US 10-year rate since the NZ close. Australian rates and the AUD increased after the RBA opened the door to tightening policy from early next year. NZD/AUD has nudged lower but NZD/USD traded at a fresh six-week high just under 0.58, while the yen continues to underperform.
BNZ Markets Today
Global rates are higher overnight, led by Europe after some hawkish commentary from the ECB’s Schnabel. Higher rates have dampened spirits for equity investors, with the S&P500 down 0.4% in early afternoon trading after meeting some resistance near October’s record high. The NZD is currently at 0.5775, after trading at a fresh six-week high overnight.
BNZ Markets Today
Net moves across risk sensitive assets were modest into the weekly close. The S&P traded up towards the late October record high above 6900 before paring its gains to end the session only marginally in positive territory. There was limited market reaction to the delayed release of the September PCE report. Global sovereign bond yields closed higher in yield, and the US dollar was stable against G10 currencies, except for the Canadian dollar, which gained after strong labour market data.
BNZ Markets Today
Market movements continue to show only modest changes in the absence of a fresh narrative to drive big moves. US equities show little net change and global rates are mostly higher. Net currency moves have been modest and the NZD is flat, hovering around 0.5775.
BNZ Markets Today
A soft ADP employment print solidified market expectations for a Fed rate cut next week, but the net move in US Treasuries overnight has been small. US equities show a small gain. The USD continues its weaker run and the NZD has pushed up to monthly highs just over 0.5770.
BNZ Markets Today
Markets movements have been modest across equities, rates and currencies.
As US markets opened overnight, risk appetite was higher, with a strong recovery in bitcoin, which has sustained a lift of 6% to be back over USD91k. US equities opened stronger, with the more speculative areas outperforming, including IT stocks. In early afternoon trading the S&P500 is up 0.4%.
BNZ Markets Today
US equities have started the new month with a soft tone. S&P futures declined during Asian trade yesterday, amid a sharp selloff in cryptocurrencies, and the cash market is marginally lower in afternoon US trading. The US dollar slipped against major FX pairings while global bond markets are higher in yield. Oil prices gained after OPEC+ confirmed over the weekend that it will continue with plans to pause production hikes during the first quarter of next year. Silver prices extended higher and reached a fresh record above US$58 per ounce.
BNZ Markets Today
US equities made modest gains into month-end with investors having to contend with a technical issue at CME Group that disrupted futures trading including for stock indices, treasuries, gold and oil contracts. The S&P closed 0.5% higher on the day and ended a volatile month near unchanged. Little over a week ago, the index had been down close to 5%. Other global stock indices were also near flat. The US dollar was broadly stable against G10 currencies and treasury yields edged higher.
BNZ Markets Today
The overnight trading session has been quiet given the US Thanksgiving holiday, with little news or price action.
S&P500 futures are flat and the Euro Stoxx 60 index closed up just 0.1%. US 10-year Treasury futures have traded a tight range and are little changed from the NZ close. European rates show little movement. As the market fully digests the UK Budget, the 10-year UK gilt yield is up 3bps to 4.46%, reversing about half of the fall of the previous day.
BNZ Markets Today
There was limited economic data to provide the market with direction. Initial jobless claims fell slightly despite expectations for a modest increase. Core US durable orders for September beat the consensus estimate but the data is largely stale by this point. Treasury yields increased following the claims data, led by the front end of the curve, though moves were not large. 10-year yields have since retraced and are little changed at 4.01%.