25 Jun 20 - RBNZ, Stocks Retrace  | Metro Performance Glass Global markets sold off overnight (US market S&P 500 -2.6%) experiencing one of its heaviest falls in two-weeks as a continued surge in US covid-19 cases intensified the fears of another round of government lockdowns and economic damage. Investor sentiment is very fragile at the moment, and had previously overlooked recent surge in covid-19 cases on the belief further lockdowns were unlikely, focusing largely on better than anticipated economic data. However the recent rise in infections has begun to flare up in States where restrictions have been lifted early, and there is a risk that more drastic containment measures will come at the cost of economic activity. Closer to home, the RBNZ has kept the official cash rate on hold at 0.25%, and will continue with a large scale asset purchase programme aimed to keep interest rates low for the foreseeable f...