Global markets traded in a tight range overnight as US investors eased off the pedal with earnings season dying down and the Thanksgiving holiday coming up.
While stock markets continue to remain in a range, both the NZ dollar and Australian dollar have continued to weaken, especially versus the US dollar. The Australian dollar is at a 5-month low versus the USD, while the NZ dollar is at lows not seen since June 2016 against the USD. We have been positive on the outlook for the US dollar for some time now (in particular given our forecast for higher interest rates in the US) and we expect current trends to continue.
Stock in Focus: Metro Performance Glass (MPG:NZ / MPP:AX)
Shares in Metro Performance Glass rebounded +4.5% yesterday after the troubled glass construction company reported its first half financial results.
MPG posted a 2.6% gain in first-half profit to $11.8 million, in line with its guidance last month, and gave a forecast for a little changed full-year resul...
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