17 September 21 - NZ GDP Strength | Myer Jumps +16% Global markets were mixed overnight, as the US market (S&P 500 index -0.2%) traded lower as retail sales for the month of August were stronger than expected. August’s retail sales increased +0.7% for the month against the Dow Jones estimate of a decline of -0.8%. However, the “good news” soothed concerns around slowing economic growth but caused 10-year treasury rate to rise slightly to 1.33% and had an adverse effect on most stocks – given the implications of the data supporting the Federal Reserve’s plans to taper stimulus.  Closer to home, the strong economic data trends continued. The New Zealand economy grew +2.8% in the second quarter which is better than expected and driven by retail trade, at an annual GDP rate of +17.4%. This caused NZ Treasury yields to jump, in anticipation of the RBNZ’s rate decision in October which is setting up f...