A sticker advertising Dogecoin on a cryptocurrency ATM in Hong Kong. Photo / Getty
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
At the time of writing, the S&P 500 was unchanged and the Nasdaq had risen 0.3 per cent. The Dow Jones Industrial Average was down 0.3 per cent.
The US Consumer Price Index is up 9.1 per cent when compared to a year ago. This marks the fastest rate of inflation since November 1981.
With results up across the board and higher than expectations, some commentators are noting the Federal Reserve could be motivated to take an even more aggressive position.
Four of the 11 sectors in US markets were higher at the time of writing, led by consumer discretionary, up 1.4 per cent.
This was followed by energy and consumer staples, rising 0.6 and 0.4 per cent respectively.
Conversely, communication services was the bottom performing sector, down 0.9 per cent. Financials and industrials also performed poorly, falling 0.8 per cent each.
Social media company Twitter was the top performing stock at the time of writing, advancing 8.3 per cent. The company has filed suit against Elon Musk after he said he would terminate the US$44 billion deal to acquire the company.
Twitter stated that Musk's conduct amounted to "bad faith" during his pursuit of the company.
Phosphates business Mosaic and independent oil and gas company Coterra Energy rounded out the top movers, improving 4.8 per cent and 4.4 per cent, respectively.
Industrial and construction supplies company Fastenal was the largest underperformer at the time of writing, sliding 5.6 per cent to a new 52-week low.
The chief executive officer Daniel L. Florness said the company's demand had softened in the most recent quarter.
Airline company Delta Air Lines was also lower at the time of writing, decreasing 5.2 per cent. This followed a mixed earnings announcement before market open that posted quarterly profits despite a rise in costs.
Transport company Old Dominion Freight Line closed out the bottom movers, falling 4.1 per cent.
Rest of the World
Asian markets were mixed overnight. The Shanghai Composite lifted 0.1 per cent, the Nikkei was up 0.6 per cent and the Hang Seng declined 0.2 per cent.
European markets were in the red. The FTSE regressed 0.7 per cent, the DAX was down 1.2 per cent and the CAC decreased 0.8 per cent.
Commodities
Gold traded 0.8 per cent higher to US$1,738.4 per ounce, while silver gained 1.6 per cent to US$19.26 per ounce.
WTI Crude Oil also performed well, rallying 0.5 per cent to US$96.27 per barrel at the time of writing.
The cryptocurrency market was in the green, with Bitcoin increasing 1.6 per cent and Ethereum up 4.0 per cent.
The US 10-Year Treasury rate fell four basis points to 2.915 per cent alongside a five basis point drop in the 30-Year rate, to 3.091 per cent.
New Zealand
The NZX 50 remained relatively flat, increasing a mere 0.1 per cent to 11,110 points.
The Reserve Bank of New Zealand raised the Official Cash Rate by 50 basis points to 2.5 per cent, as it continues to combat high inflation rates (most recently reported at 6.9 per cent for the year to March 2022). The Reserve Bank decision marks the third increase of 0.5 per cent in a row.
Leading the market was medical diagnostics company Pacific Edge, which rose 2.9 per cent. The movement didn't appear to be linked to any news.
Retirement village operator Summerset increased 2.8 per cent following the company recently releasing their sales figure for the second quarter, highlighting that it was their second highest first half of sales. Sales of 511 units were made in the first two quarters of 2022, compared to 545 in the first half of 2021.
Telecommunications provider Chorus rose 2.8 per cent. The company recently reported an increase in total fibre connections made throughout the country as consumers continue to replace copper connections with fibre.
On the other side of the market, Tourism Holdings dropped 3.5 per cent.
Broadcasting company Sky Network Television and commercial real-estate investor Stride Property both fell 2.9 per cent. Sky recently announced delayed delivery of its new Sky Box to customers due to Covid-19 related disruptions to their supply chain, namely computer chip shortages.
Yesterday, Stats NZ released food price data showing the cost for groceries during the last month had increased 7.6 per cent compared to June 2021.
Australia
The ASX 200 closed in the green yesterday, up 0.2 per cent despite mining and energy stocks being hit by subdued commodity and metal prices following recent Covid-19 hold backs in China.
Wednesday's trading session seemed to be in a holding pattern, as investors appear to be processing the recent economic news.
Seven out of 11 sectors ended higher. The consumer discretionary, information technology and telecommunications sectors were the best performing sectors, all up 1.2 per cent.
This compared to the energy sector, which fell 1.8 per cent as oil prices lowered on weak demand from top crude importer China and a strong dollar.
Software-based elastic connectivity provider Megaport Limited rose 7.3 per cent.
PointsBet Holdings increased 5.4 per cent and recovered from some of its losses at the start of the week.
Mining company Pilbara Minerals traded 5.4 per cent higher yesterday.
On the flipside, energy companies dragged down the index as oil prices slipped.
Australia's largest independent dedicated oil and gas company Woodside Energy Group dropped 2.9 per cent, while Viva Energy Group Limited fell 2.8 per cent.
Viva Energy Group owns the Geelong Oil Refinery and retails Shell-branded fuels across Australia, fell 2.8 per cent.
Rounding out the bottom movers was mining company Alumina Limited, which declined 2.4 per cent.
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Jarden is advising Tourism Holdings Limited on an agreement to merge with Apollo Tourism and Leisure Limited.
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
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