Global markets were mixed overnight as the major Wall Street indices ended down slightly with gains in Apple and Amazon offset by losses in energy shares.
Closer to home, the Reserve Bank of New Zealand (RBNZ) kept the official cash rate at 1.75%. While that was widely expected, Governor Orr also said he now expects to keep rates on hold into 2020, at least a year longer than previously thought, and reiterated the next move could be up or down.
The NZ dollar has plummeted post the news and is currently trading at 66 cents versus the US dollar, and at 89 cents versus the Aussie dollar (all else equal a lower cash rate implies the return on holding a currency is lower and makes holding currency/cash less attractive). The news is positive for many of our stock names given a weaker currency is positive for sectors such as exporters, tourism, and offshore earners.
Stock on Focus: Crown Resorts (CWN:AX)
It looks like the VIP’s have returned to Crown after th...
