Global markets were mixed overnight as the S&P 500 and Dow slipped with gains in Apple (after a strong result) offset by a drop in energy and industrial shares, while the US Federal Reserve remained on course for an expected hike in September.
The US central bank left rates unchanged this morning, reiterating its view that the US economy is growing and the job market is strengthening, and inflation continues to hover near the Fed’s 2% target since it last raised rates in June. As we have discussed previously, the pace of interest rate hikes in the US will likely be a key driver of markets and there were no real surprises in today’s announcement.
In other stock news, Tesla said it expects to increase Model 3 production to 6,000 per week by late August, buoying expectations that the Elon Musk-led electric vehicle maker will meet its goal of profitability and positive cash flow in the next two quarters.
Stock in Focus: Pushpay (PPH:NZ / PPH:AX)
Pushpay was the w...
