Stocks jumped overnight in GM, which makes cars including the Chevrolet Corvette. Photo / Supplied
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
Major US indices showed flat performance at the time of writing, with only the Dow Jones Industrial Average in the green, up a slight 0.1 per cent.
The Nasdaq and S&P 500 were down 0.3 and 0.2 per cent, respectively.
Sector performance was mixed with energy, materials, and real estate having increased by 0.7, 0.6, and 0.6 per cent. Conversely, losses included technology (-1.3 per cent), utilities (-0.2 per cent), and financials (-0.1 per cent).
Betting company Penn Entertainment led the market, up 7.2 per cent, following no recent news.
Auto manufacturer General Motors rose 5.6 per cent. The increase may be related to the US Senate recently having passed the Inflation Reduction Act.
The bill extends the US$7,500 consumer tax credit for new electric vehicle purchases and introduced a US$4,000 credit for used electric vehicles.
Similarly, automobile software solutions firm Aptiv increased 5 per cent. The gain may also be related to the passing of the Inflation Reduction Act.
Computer graphics card manufacturer Nvidia fell 8.4 per cent. The company recently released second-quarter results with a revenue of US$6.7 billion, lower than analysts' expectations of US$8.1 billion.
Meat preparation company Tyson Foods was down 7.9 per cent.
Tyson Foods missed earnings estimates in its latest quarterly report with the firm pointing towards supply chain issues impacting their ability to fulfil customer orders.
Solar technology firm Enphase Energy decreased 3.6 per cent.
The New York Federal Reserve's monthly Survey of Consumer Expectations has revealed anticipation that inflation may slow, with a fall to 6.2 per cent expected next year and to 3.2 per cent for the next three years.
This could be good news for the US Federal Reserve, which has been trying to reduce inflation (and inflation expectations) through interest rate increases.
Later this week, the US Bureau of Labour Statistics is due to release its monthly update of the Consumer Price Index figures, which will provide insight into whether inflation, now at 9.1 per cent per annum, will start moving towards consumer expectations or continue to rise.
Rest of the World
European markets were in the green with the DAX, CAC, and the FTSE up 0.8, 0.8, and 0.6 per cent respectively.
Markets in Asia were mixed, with the Shanghai Composite and Nikkei both rising 0.3 per cent, while the Hang Seng fell 0.8 per cent.
Commodities
Ethereum and Bitcoin increased 3.5 and 3.4 per cent, respectively.
The US 10-Year Treasury Rate lost eight basis points, falling to 2.765 per cent at the time of writing.
WTI Crude Oil rose 1.1 per cent to US$90.0 per barrel while natural gas fell 5.5 per cent.
Silver and gold were up 3.8 and 0.7 per cent, respectively.
New Zealand
The NZX 50 declined 0.2 per cent yesterday to close at 11,702.8 points.
The top performer, cinema technology company Vista Group International, gained 4.8 per cent. Tourism and campervan rental company Tourism Holdings increased 3.6 per cent, while Payment Software as a Service (SaaS) firm Pushpay Holdings lifted 3.1 per cent.
On the flip side, transport technology business Eroad dropped 6.1 per cent. Manufacturer Skellerup Holdings fell 5.1 per cent. Rounding out the bottom movers was Synlait Milk, down 3.6 per cent.
Following its merger with Orcon Group, 2degrees announced a new board of directors, to be chaired by current Oceania Healthcare, Skellerup Holdings and EBOS Group chair Liz Coutts.
Australia
The ASX 200 started the week in the green, up a slim 5 points on Monday to 7020.6.
Sectors were mostly in the red with only energy (+1.9 per cent), materials (+1.8 per cent) and utilities (+1.4 per cent) closing with gains.
Australian real estate investment trusts had the biggest decline, losing 2.0 per cent, followed by consumer discretionary, down 1.9 per cent.
OZ Minerals led the top movers, inclining 35.3 per cent to A$39.12. This followed news of the company rejecting a non-binding indicative proposal from BHP.
Appen rose 13.2 per cent and Imugene gained 9.6 per cent. Imugene rose after announcing positive progress in their new Lung Cancer trial to be presented at the 2022 World Conference on Lung Cancer.
Suncorp was the biggest laggard, down 4.6 per cent.
The Company released results on Monday that appear to have disappointed the market, after facing rising home insurance pay-outs over the last year due to significant flooding in Australia.
Full year cash profits for the insurance and banking company fell 36.7 per cent to A$673 million. Net profit after tax fell 34.1 per cent to A$681 million and the final dividend went down to 17 cents, less than half of the previous period. The sale of Suncorp's banking division to ANZ is also still on the table.
Asset manager Magellan Financial Group fell 3.6 per cent and consumer lending company Credit Corp Group lost 3.6 per cent.
Aurizon Holdings slumped 3.5 per cent after releasing full-year results. The company's final dividend fell by 24 per cent, to 10.9 cents.
Revenue rose 2 per cent to A$3,075 million while earnings before interest, tax, depreciation, and amortization was down 1 per cent to A$1,468 million.
CEO Andrew Harding commented the recent acquisition of One Rail will create a platform for future growth. The results pushed the company down 6 per cent early in the trading session, but recovered slightly for the company to close at A$3.90.
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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/.
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