Blockbuster NZ Budget | Xero Global markets were mixed overnight, with European markets selling off sharply while the US market ended the day up +1% (S&P 500 Index).  Markets are dealing with renewed worries about China-US trade relations and fears of an extended economic downturn due to the virus outbreak.  Closer to home, the big news was the New Zealand government revealing a budget with a $50 billion covid-19 recovery fund to soften, but not prevent, the coming recession.   Construction ($5bn on housing) and infrastructure (another $3bn for projects) are the sectors most impacted with large spend on housing and infrastructure, which could potentially benefit the likes of Fletcher Building. The crippled tourism sector was allocated $400m, largely for promoting domestic tourism and criticised for not being enough. In saying that, there could be further support (with $20bn still unallocated) and the wage subsidy has been extended. The likes of Air N...