Global markets continued to trend higher overnight, with the US market (S&P 500) hovering near record levels. Wall Street was lifted by gains in bank and technology shares, with a strong second-quarter earnings season fuelling optimism about the strength in the U.S. economy.
In major stock news, Elon Musk stated he is considering taking Tesla private at $420 per share, in what would be the largest deal of its type at approximately $71bn.
Closer to home, the Reserve Bank of Australia (RBA) once again kept interest rates on hold at the record low 1.50% level, marking two years since it last moved interest rates. The RBA said it continued to believe the next move in the cash rate was more likely to be an increase rather than a decrease, adding that the return of inflation to the mid-point of its 2-3 per cent target range to be "gradual".
Stock on Focus: Summerset (SUM:NZ / SNZ:AX)
Summerset was the best NZX performer yesterday as it announced it...
