You can take a hike if you want a job at Jeff Bezos' Amazon, with the huge company announcing a hiring freeze. Photo / Getty
You can take a hike if you want a job at Jeff Bezos' Amazon, with the huge company announcing a hiring freeze. Photo / Getty
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
US markets were flushed red at the time of writing as the US reacted to continuing hikes of the Federal Reserve cash rate. The S&P 500 declined 0.5 per cent,the Nasdaq Composite is 0.9 per cent lower and the Dow Jones Industrial Average fell 0.3 per cent.
The technology sector continues to take a hit, down 2.2 per cent, while communication services declined 2.0 per cent.
On the flipside, more defensive sectors of energy and industrials made the strongest gains, up 2.3 and 1.7 per cent respectively.
Amazon announced in a memo to staff that it is pausing hiring for roles in its corporate workforce, having already announced in October that it would freeze hiring for corporate roles in its retail business. Amazon had declined 2.2 per cent at the time of writing.
Athletic apparel company Under Armour rose 12.0 per cent after reporting earnings for the third- quarter.
Etsy reported earnings, with the e-commerce company's third quarter results leading to a 13.9 per cent jump. Royal Caribbean gained 6.2 per cent after it also released third-quarter earnings, beating both profit and sales forecasts.
Shares in airline manufacturer Boeing rose 5.9 per cent after announcing that it was planning to ramp up production and deliveries of new aircraft.
Rest of the World
Shares in the Asia-Pacific dropped on Thursday after the US Federal Reserve Chairman signaled further rate hikes were ahead after raising 75 basis points.
The Nikkei declined a slim 0.1 per cent, the Shanghai Composite fell 0.2 per cent and the Hang Seng closed 3.1 per cent lower.
In Europe, the European Stoxx 600 Index declined 0.9 per cent while the UK Ftse 100 was a rare riser, up 0.6 per cent.
Commodities
Gold is trading 0.4 per cent lower to US$1,628.00 per ounce.
Brent Oil is currently trading down 0.9 per cent at US$95.90 a barrel, falling as the Fed rate increase signals potential concern over demand.
US 10-year Treasury yields rose 2.0 per cent to a yield of 4.14 per cent. Bitcoin rose 0.3 per cent to US$20,237.00.
New Zealand
The New Zealand market was in the red, following the global trend post-Fed hike yesterday. The benchmark NZX 50 index closed 0.9 per cent lower.
The a2 Milk Company was the top performer yesterday, lifted upwards 4.2 per cent following a US FDA (Food and Drug Administration) update allowing a2 Milk Stages 1 and 2 infant formula to be sold at major US retail outlets.
A subsequent NZX update outlined that management believe the US represents a significant opportunity to develop its brand in the Infant Milk Formula category in the long term although it is difficult to predict the sales potential in the US which is a highly competitive market to enter.
Synlait Milk, a2 Milk's largest supplier, also benefitted from the FDA approval, up 2.7 per cent. Synlait announced it would manufacture the products for a2 Milk and is pleased to support a2 Milk to deliver on the opportunity.
Real Estate Investment Trusts made up a cluster of top performers, with Precinct Properties New Zealand up 3.3 per cent, Goodman Property Trust increasing 3.0 per cent and Kiwi Property Group rising 2.9 per cent.
Precinct Properties hosted its AGM yesterday.
Australia
The ASX 200 traded down 1.8 per cent yesterday. All 11 sectors were in the red, with basic materials and consumer cyclicals leading the downturn, falling 2.6 and 2.5 per cent respectively.
Domino's Pizza continued Wednesday's 5.3 per cent decline flagging inflation headwinds at the AGM with an 11.7 per cent slump yesterday, making it the worst performer of the ASX 200 for the second day running.
A consortium of BPEA Private Equity and fund manager Regal Partners is expected to return with a bigger offer for Perpetual (a financial services company), with the Perpetual board having rejected a AU$30 per share takeover bid.
The bid appears to be an attempt to upend Perpetual's proposed Pendal merger. Perpetual was the top performer yesterday, up 7.2 per cent while Pendal Group fell 10.7 per cent.
Australian Trade Balance for September was AU$12.44bn, up from $8.67bn in August, and driven by a 7 per cent month-on-month increase in exports.
While imports also rose, they did so at a slower rate of 0.4 per cent.
Coming up today
Locally, the Spark NZ AGM is on. In Australia, the RBA Statement on Monetary Policy will be released, CSL, Pendal, and News Corp report earnings, and James Hardie and Qantas have AGMs.
• For more information on the latest market moves, get in touch with Jarden.
All market pricing and announcements are sourced from Refinitiv, NZX and ASX.
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