Traders on the floor at the New York Stock Exchange. Photo / AP
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 this morning. The S&P 500 was down 0.7 per cent, the Nasdaq dropped 2.1 per cent and the Dow Jones Industrial Average declined 0.3 per cent following the release of Consumer Price Index (CPI) data.
April's CPI showed an 8.3 per cent annual increase in prices, exceeding expectations and remaining near the 40-year high pace of 8.5 per cent seen in March. The report signalled that inflation may be peaking but price pressures will likely persist.
Sectors were mixed with four of 11 being in the green. The biggest gains came from energy (+2.0 per cent), utilities (+1.5 per cent) and materials (+0.4 per cent). On the other hand, consumer discretionary (-2.9 per cent) and technology (-2.6 per cent) were down and communication services (-1.1 per cent) reached a new 52-week low.
Electronic Arts was the top performer (+9.5 per cent) after the video game publisher announced it will end its partnership with FIFA. Real estate investment trust company Duke Realty rose 7.6 per cent and energy technology company Baker Hughes increased 5.5 per cent to round out the top movers.
Conversely, satellite television company Dish Network was the biggest underperformer with a plummet of 16.9 per cent to hit a new 52-week low after an update on their 5G network seemingly disappointed some investors. Manufacturing company Generac (-8.4 per cent) and commercial banking company Signature Bank (-8.3 per cent) rounded out the under performers and both reached new 52-week lows.
Cryptocurrency company Coinbase tumbled 25 per cent after reporting revenue of US$1.17 billion which was below consensus estimates. The company said lower crypto asset prices and market volatility affected the result.
Wendy's dropped 10.5 per cent after missing first-quarter estimates on the top and bottom lines. The fast-food chain reported US$489 million in revenue alongside decreasing margins at company-operated restaurants.
Doughnut company Krispy Kreme rose 4.7 per cent after a better-than-expected first quarter with revenue of US$373 million and an expansion in the year-over-year operating income margin.
Rest of the World
Asian markets were in the green overnight. The Shanghai Composite increased 0.8 per cent, the Nikkei was up 0.2 per cent and the Hang Seng rose 1.0 per cent.
European markets were also in the green. The FTSE was up 1.4 per cent, the DAX rose 2.2 per cent and the CAC gained 2.5 per cent.
Commodities
Gold traded 0.6 per cent higher to US$1,851.80 per ounce, while silver gained 0.3 per cent to US$21.50 per ounce.
Oil also performed well, rising 5.3 per cent to US$105.09 per barrel.
The cryptocurrency market lost some of yesterday's gains, with Bitcoin decreasing 4.7 per cent and Ethereum dropping 7.4 per cent.
The US 10-Year Treasury rate declined eight basis points to 2.915 per cent alongside an eight basis point decrease in the 30-year rate, to 3.046 per cent.
New Zealand
After a grim couple of days, the NZX 50 finished Wednesday's trading session flat.
The a2 Milk Company led the single stock movers, with an increase of 4.8 per cent. Air New Zealand and healthcare company Pacific Edge recovered from falls yesterday, rising 4.3 per cent and 3.6 per cent, respectively.
On the flip side, Freightways was the biggest laggard of the day. The logistics company continued its poor start to the week, dropping a further 3.6 per cent. In a recent trading update, the company stated it expects the impact of Omicron to lower revenue and carry an increased cost base of approximately $5 to $7 million for the second half of the year.
The Warehouse Group and Restaurant Brands followed with 2.8 per cent and 2.5 per cent decreases, respectively.
KMD Brands (formerly Kathmandu Holdings) dropped 2.4 per cent.The company yesterday afternoon announced the retirement of non-executive director John Harvey from its board.
More announcements included Pushpay Holdings' annual results. The payment service provider reported annual net profit of $53.1 million for the year ended March, compared to $42.9 million a year ago. Pushpay customer numbers increased 31.0 per cent to 14,508 for the full year, driven primarily by the acquisition of Resi Media. The company's share price fell by 2.3 per cent yesterday.
On Wednesday afternoon, Prime Minister Jacinda Ardern confirmed New Zealand's international border will fully reopen to all tourists and visa holders from 31 July – two months earlier than planned.
Australia
The ASX 200 finished slightly above the previous session, rising 0.2 per cent to 7,064.70 points.
Wednesday was a rather volatile session, falling to 6991.8 points at its lowest level.
In contrast to the recent downward trend, seven of the 11 sectors closed in the green. Leading the gainers was healthcare, improving 1.7 per cent. It was followed closely by real estate investment trusts and materials, increasing 1.1 per cent and 0.9 per cent respectively.
The laggards of the sectors were financial (-1.1 per cent) information technology (-0.6 per cent) and energy (-0.1 per cent).
Property development and management company Lifestyle Communities was the top performer yesterday, improving 15.1 per cent.
Location-based services company Life 360 continued its ascent, increasing 6.4 per cent. This movement does not appear to be linked to any news.
Disinfection technology company Nanosonics rounded out yesterday's top movers, inclining 5.4 per cent. However, the company is down 41.1 per cent year to date.
Superannuation industry administration provider Link Administration was the biggest underperformer of the index, declining 15.1 per cent. In an ASX announcement, the company said it was not aware of any reason for the decline in the share price and the elevated trading volumes that were seen yesterday. Chalice Mining has continued its downward trend, dropping a further 5.2 per cent.
Closing out yesterday's bottom movers was healthcare company Healius, falling 4.5 per cent, now -24.1 per cent year to date.
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Disclaimer: 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
Meanwhile, the post-election rally cooled in the United States.