Meta Platforms chief executive Mark Zuckerberg. The Facebook parent company's price rose after reports of possible jub cuts at the tech giant. Photo / Drew Angerer, Getty
Meta Platforms chief executive Mark Zuckerberg. The Facebook parent company's price rose after reports of possible jub cuts at the tech giant. Photo / Drew Angerer, Getty
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
US markets were mixed at the time of writing ahead of congressional midterm elections and key inflation data being released in the coming days.
The S&P 500 was flat, theNasdaq Composite was 0.4 per cent lower and the Dow Jones Industrial Average was up 0.7 per cent.
Energy and communication services led the S&P 500 upwards, rising 1.7 and 0.6 per cent respectively, while utilities and consumer discretionary sectors provided opposing force, down 3.2 and 1.3 per cent respectively.
Facebook's parent company Meta Platforms rose 4.2 per cent after a Wall Street Journal report detailed that Meta could start layoffs as soon as Wednesday.
Apple declined 0.6 per cent. This was after an announcement from the company that stated iPhone production had been temporarily reduced in the wake of Covid-19 restrictions in China.
Occidental Petroleum rose 3.3 per cent, possibly driven upwards by rising oil prices.
Rest of the World
The European Stoxx 600 index closed 0.3 per cent higher while the FTSE 100 declined 0.5 per cent.
The Asian markets were flushed green, as the Hang Seng rose 2.7 per cent, the Shanghai Composite increased 0.2 per cent and the Nikkei gained 1.2 per cent.
Hong Kong led gains as China's trade data showed the first annual decline in exports since May 2020.
Commodities
Brent Oil was trading 0.4 per cent higher at US$98.90 a barrel at the time of writing and gold was trading down 0.2 per cent to US$1,676.30 per ounce near a three-week peak as the USD slides.
The US 10-year rose 1.3 per cent to a yield of 4.22 per cent.
Bitcoin remained above the US$20,000 mark although was down 2.0 per cent to US$20,706.30.
New Zealand
The New Zealand market was in the green yesterday following strong performance from the US markets on Friday.
The benchmark NZX 50 index closed up 0.5 per cent led upwards by consumer non-cyclicals and industrials which rose 1.3 per cent each.
Eroad narrowed its financial year 2023 guidance range and announced a new North American customer. It is now guiding FY23 revenue of NZ$154m to NZ$164m, from an initial range of NZ$150m to NZ$170m.
Eroad was the largest gainer of the NZX 50 yesterday, up 12.2 per cent.
Summerset Group Holdings and Auckland International Airport joined Eroad on the performers podium, up 2.7 per cent each.
Adding to food price inflation pressure, the Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index (GSCI) showed a +10 per cent annualised rate in October 2022.
Australia
The ASX 200 was also in the green yesterday, up 0.6 per cent. Excitement could have been about rumours that China was possibly taking steps to prepare for life without Covid-19 lockdowns.
This was despite Covid-19 cases in China hitting a six-month high on Sunday and it being reiterated by officials that there was no change to the current protocols.
The materials sector gained 3.8 per cent, driven by Gold Road Resources up 7.4 per cent, Lake Resources gaining 7.0 per cent and Evolution Mining rising 7.0 per cent, among others.
Domino's Pizza made a partial recovery yesterday after last week's decline following a trading update at the AGM, up 6.3 per cent.
Westpac lost 3.9 per cent following the release of full year 2022 financial results which included a 1.0 per cent cash profit reduction, and a warning of "challenges ahead as customers navigate the tougher environment" - referring to macroeconomic headwinds.
Coronado Global Resources fell 7.1 per cent to after merger talks with Peabody Energy were called off without an apparent reason.
Coming up today
Locally the ANZ Truckometer is being released and Heartland Group is holding its AGM.
It will be a busy day in Australia with Westpac Consumer Confidence, NAB Business Conditions/Confidence, CBA Household Spending, James Hardie Q2 Earnings, Santos Investor Day, Bendigo & Adelaide Bank AGM, The Lottery Corporation AGM.
In the US, NFIB Small Business Optimism is out.
• 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.
The Jarden Brief is provided for general information purposes only. It reflects views and research available at the time of publication, using external sources, systems and other data and information we believe to be accurate, complete and reliable at the time of preparation. We make no representation or warranty as to the accuracy, correctness and completeness of that information, and will not be liable or responsible for any error or omission. The Jarden Brief is not to be relied upon as a basis for making any investment decision. Please seek specific investment advice before making any investment decision. Jarden Securities Limited is an NZX Firm. A financial advice disclosure statement is available free of charge at https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/. Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer
