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


While you were sleeping: Wall St slides on oil, jobs

While you were sleeping: Wall St slides on oil, jobs

Sept. 10 (BusinessDesk) - Wall Street fell, erasing earlier gains, as oil slid and a record number of US job openings made investors wonder if the US Federal Reserve might raise interest rates next week after all.

Oil slid, pushing both West Texas Intermediate and Brent crude more than 3 percent lower, amid concern about excess supply.

In New York trading at about 3.15pm, the Dow Jones industrial average fell 0.6 percent, the Standard & Poor’s 500 Index declined 0.7 percent, while the Nasdaq Composite Index slid 0.4 percent.

Slides in shares of Chevron and those of Procter & Gamble, last down 2 percent and 1.4 percent respectively, led the Dow lower.

”Investors are still looking for policy developments out of China, and also wary of what might come out of the Fed next week," Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama, told Reuters.

A Labor Department report showed job openings rose more than expected to a record in July, climbing by 430,000 to 5.75 million.

“The number of job openings now signals that the labour market is unable to supply the people companies need,” Ian Shepherdson, chief economist at Pantheon Macroeconomics in Newcastle, UK, said in a research note, according to Bloomberg. “Usually, that means wages will accelerate, though the evidence for that now is mixed.”

The report followed last week’s disappointing non-farm payrolls report, complicating bets as to whether US Federal Reserve policy makers will decide to raise rates when they meet next week.

“I think the Fed will go this year,” Craig Collins, managing director of rates trading at Bank of Montreal in London, told Bloomberg. “September is becoming less and less likely, but I think they will move 25 basis points between now and the end of the year.”

As expected, Apple unveiled its latest iPhone model, a bigger iPad, and a new TV device. The stock last traded 0.9 percent lower.

US Treasuries gained. The Treasury’s US$21 billion sale of 10-year notes drew healthy demand, which also bodes well for Thursday’s auction of US$13 billion of 30-year bonds.

"The long end of the yield curve has been beaten pretty badly lately and real money investors found some value here,” Thomas Simons, a money market economist at Jeffries & Co, told Reuters.

In Europe, the Stoxx 600 Index ended the day with a 1.3 percent advance from the previous close. Germany’s DAX Index increased 0.3 percent, while France’s CAC 40 Index rose 1.4 percent, as did the UK’s FTSE 100 Index.


© Scoop Media

Business Headlines | Sci-Tech Headlines


NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>


Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>


Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>