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

 

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news