Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Market Comforted By Stevens’ Comments


11.25 AEDT, Friday 22 February 2013

Market Comforted By Stevens’ Comments
By Niall King (Sales Trader, CMC Markets)

The Australian market has shrugged off Thursday's dramatic pull-back and opened strongly after receiving what has been viewed as reassuring comments about global economic conditions from RBA Governor Glenn Stevens in Canberra this morning.

Further falls in the US markets overnight amid concern that the US Fed would slow stimulus had been expected to drag on the local market in early trade. But this was defied as gains by all the major banks eased the local index back over the 5000 point mark.

Having been under attack overnight to the tune of a four-month low, Governor Stevens comments have also seen the Aussie dollar fight back strongly, up half a cent in early trade on the view that while keeping their options open the Reserve Bank may not be looking to ease policy further anytime soon.

Looking further afield, this evenings IFO Business Climate reading from Germany is likely to command the attention of international markets. A reading at or above the expected 104.9 may see some of yesterdays losses reversed across both the single currency and European markets.

Web: http://www.cmcmarkets.com/

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news