The Reserve Bank of Australia kept the cash rate at 0.75% yesterday, with governor Philip Lowe saying the economy had passed a gentle turning point and that the board wanted more time to see how the current low rates played out.
Heading into the end of the year, a Xmas period rally in shares could be possible. While we would not want to attempt to read Trump’s mind, we note it is worth keeping in mind President Trump is looking to win an election next year.
ANZ shares took a hit yesterday on the back of weaker than expected full year earnings.
While it is still early, so far company earnings announcements overseas have generally beaten a low bar.
Sky TV shares sunk as the pay TV operator lost the rights to broadcast cricket played domestically after being outbid by rival Spark New Zealand.
Tthis afternoon sees a decision by the Reserve Bank of Australia - with the market expecting an interest rate cut (75% chance), following a strong hint by Governor Lowe in his last speech.
Over the weekend saw the first major All Blacks world cup game stream on Spark Sport, and the stream did not go smoothly.
The European Central Bank has gone for stimulus as predicted, cutting its key rate to a record low (the main refinancing rate is now negative at -0.5%) and will restart bond purchases of €20 billion a month up to shortly before the next rate decision.
Property markets across Australia & NZ are showing signs of stabilisation, with factors such as lower interest rates, more relaxed regulations by APRA, and a surprise Australian election outcome contributing to positivity.
It was a massive day in terms of stocks reporting under our research coverage. Announcements were made by companies including Spark, Fletcher Building, A2 Milk, Wisetech, and Select Harvests.
