Macau has shut down all non-essential services for a week, in its first lockdown since 2020. Photo / Getty
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
All major US indices were in the red at the time of writing. The S&P 500 was down 1.0 per cent, the Nasdaq dropped 1.9 per cent and the Dow Jones Industrial Average fell 0.4 per cent.
All but two of the 11 sectors were lower.
Utilities and real estate gained 0.4 per cent and 0.2 per cent, respectively.
Conversely, the underperforming sectors were led by communication services, down 2.5 per cent. This was followed by consumer discretionary (-2.2 per cent) and energy (-1.2 per cent).
Capital market company Cboe Global Markets was the top performing stock at the time of writing, improving 2.4 per cent. This movement does not appear to be related to any news.
Paint and coating manufacturing company Sherwin-Williams also performed well, advancing 1.7 per cent.
Rounding out the top movers was diagnostics manufacturer Bio Rad Laboratories, increasing 1.6 per cent. Neither of these movements appear to be related to any news.
Twitter was the largest underperformer at the time of writing, declining 9.9 per cent. This follows news that Elon Musk is trying to terminate his US$44 billion deal to acquire the company.
Musk has claimed that the company under-reported the number of spam bots on the social media platform. Many commentators are expecting that the two parties will enter a prolonged case in court.
Gambling companies Wynn Resorts and Las Vegas Sands closed out the bottom movers, decreasing 6.5 per cent and 6.4 per cent respectively.
This follows authorities in Macau implementing a week-long shutdown of non-essential businesses to combat the current Covid-19 breakout in the region.
This is the first time in two years that Macau has shut down all its casinos.
Rest of the World
Asian markets were mixed overnight. The Shanghai Composite regressed 1.3 per cent, Nikkei rose 1.1 per cent, and the Hang Seng fell 2.8 per cent.
European markets were mostly lower. The FTSE was unchanged, the DAX downgraded 1.4 per cent and the CAC decreased 0.6 per cent.
Commodities
Gold traded 0.5 per cent lower to US$1734.2 per ounce, while silver fell 0.6 per cent to US$19.13 per ounce.
WTI Crude Oil also declined 0.9 per cent to US$104.0 per barrel at the time of writing.
The cryptocurrency market was in the red, with Bitcoin falling 1.2 per cent and Ethereum down 1.4 per cent.
The US 10-Year Treasury rate dropped 11 basis points to 2.995 per cent alongside a 10 basis point decrease in the 30-Year rate to 3.179 per cent, as investors prepare for the release of the US Consumer Price Index release tomorrow.
New Zealand
Last week, the NZX 50 gained 3.9 per cent, its highest weekly performance since October 2020. Following Monday's trading, however, the index closed 0.6 per cent lower, ending at 11,106 points.
Outperforming the market was retirement village operator Oceania Healthcare, up 3.2 per cent. This does not appear to be related to any news.
Meridian Energy gained 2.7 per cent. The firm had recently announced the appointment of Graham Cockroft as a Non-Executive Director to its board. Cockroft has experience in the finance and energy industries.
Manawa Energy, formerly Trustpower, increased 1.3 per cent. On the other side of the market, Tourism Holdings fell 2.8 per cent.
The a2 Milk Company and medical device maker Fisher & Paykel Healthcare both lost 2.7 per cent of their stock price. The losses appear to have followed no news for either company.
Yesterday, Stats NZ released the electronic card transaction data for June, providing insight into consumer spending and economic activity.
In total, electronic card spending was up 0.1 per cent from the month prior, to $8.2 billion.
Compared with May, the non-retail, services, and hospitality categories saw spending reduced by 2.5, 1.1, and 0.6 per cent, respectively.
Retail industry spending rose 0.1 per cent, being driven solely by a 2.9 per cent increase in fuel spending.
The Reserve Bank is set to announce a potential change in the Official Cash Rate (OCR) on Wednesday. Consensus expectations suggest another double rate hike of 50 basis points, which would leave the OCR at 2.5 per cent.
Australia
The ASX 200 started the week off lower, trading 1.1 per cent lower.
Australian shares slipped after weakness in commodity prices weighed on gold and mining companies, and as investors prepare for Wednesday's US Consumer Price Index and the domestic jobs report (expected on Thursday).
All but one sector closed in the red. The materials (-2.8 per cent), information technology (-2.5 per cent) and consumer discretionary (-1.9 per cent) sectors led the downward movement of the ASX.
Healthcare was the only sector that traded higher, up a slim 0.1 per cent.
IT service management company EML Payments led the underperformers and slumped 24.6 per cent. This comes as the company announced the departure of its managing director and CEO Tom Cregan.
Novonix Limited followed with a 11.4 per cent fall. Shares in the battery materials and technology company are down almost 80.0 per cent since the start of the year.
Rounding out the bottom performers was Australian-based corporate bookmaker PointsBet Holdings Limited, which fell 9.5 per cent.
On the flip side, bio-tech company Imugene Limited led the single stock performers, up 2.2 per cent. Insurance company Suncorp Group traded 1.8 per cent.
Real estate investment trust Vicinity Centres rounded out the top movers, increasing 1.6 per cent.
• For more information on the latest market moves, get in touch with Jarden.
Jarden is advising Tourism Holdings Limited on an agreement to merge with Apollo Tourism and Leisure Limited.
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The Kiwi is under pressure as the US dollar rises on expectation of higher interest rates.