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

 


Materials sparkle in morning session

Materials sparkle in morning session


By Niall King (Premium Client Manager, CMC Markets)

The local sharemarket has followed up yesterday’s gains with a sparkling early session performance, picking up on the latest wave of positivity from the northern hemisphere. The Materials sector is leading the surge with RIO, BHP and FMG all notching up impressive gains so far, while the major banks are not far behind. With US markets enjoying the Independence Day holiday, the baton for sentiment direction was picked up by the Europeans. Re-affirmed commitment to monetary easing by the ECB and Bank of England sent European equities into raptures overnight, with investors looking to lean on cheap money.

In early trade this morning, the Aussie dollar is back in mid-US 91 cent range, despite key figures appearing eager to talk the unit into submission earlier in the week. With local policy makers content to hover the axe over interest rates, and anxiety intensifying around Chinese growth prospects, short-term downward pressure on the Aussie looks set to continue should we receive a strong employment reading from the US tonight. A weaker payroll on the other hand could jolt the ‘oversold’ camp into action and with it, a bounce in the Aussie.

With US Non-Farm payrolls topping the bill on the imminent economic data front, investors have plenty to ponder. Recent volatility looks set to continue into next week as market participants look to crucial economic releases both domestically and from China, to answer increasing questions about the health of the Australian economy and its largest trading partner.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news