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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news