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

 


Stronger employment fails to impress

Stronger employment fails to impress


By Michael McCarthy (Chief Market Strategist, CMC Markets)

Better than expected jobs numbers in the US overnight failed to inspire markets. Instead, the release of the minutes of the last US Fed’s FOMC meeting appeared to focus attention on the risks associated with stimulus withdrawal and the declining potential impact of further stimulus. Shares fell, interest rates rose and gold came under renewed pressure.

A greater concern to Australian investors is the weakness in industrial metals and oil. Copper fell again, resuming a six-day downtrend after yesterday’s brief respite. Zinc, lead and aluminium also dropped, suggesting further pressure on mining stocks today. Given yesterday’s market leading performance from the energy sector, and the potential for a reversal after oil fell overnight, resources may be a significant drag at the open of the Australian market today.

Data due today has the potential to paint a new picture. Inflation data from China could impact regional trading. Locally, the release of retail sales and building approvals numbers for November will likely colour views of the Australian economy. Retail stocks have run on anecdotal reports of stronger December trading, so today’s release may not have a direct impact. Investors and traders are more likely to focus on the building approvals, given its status as a leading indicator and the potential to impact RBA action. Forecast to show an increase of 0.4% for the month (October 0.5%), any significant deviation is likely to move markets.

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