New Zealanders' confidence in the country's financial markets dipped a touch but stayed relatively upbeat in an increasingly uncertain and volatile environment, with people largely comfortable about the stability of markets and the economy, a Financial Markets Authority survey shows.
Shares of Precinct Properties New Zealand earned an upgrade from Morningstar following the commercial property investor’s deal, announced last week, to sell 50 percent of the ANZ Centre in Auckland’s central business district for $181 million.
The number of trades on the NZX continued to rise in June but the values fell as investors were jittery about the prospect of a global trade war.
Traders have bet US$1.2 billion that the kiwi dollar will fall against the greenback, adding to the risk of a corrective rebound even though US interest rates are unusually higher than those in New Zealand.
New Zealand share trading continued to push higher in May despite ongoing global volatility as low interest rates continue to fuel enthusiasm for the stock market.
Wall Street rallied as a rebound in oil prices lifted energy stocks, while easing concern about Italy’s political turmoil also added to sentiment.
US Treasuries rallied, while equities on both sides of the Atlantic dropped amid concern that political turmoil in Italy might pose a threat to the eurozone and prompt the US Federal Reserve to slow its interest rate hike trajectory.
European stocks and the euro moved lower amid concern new elections in Italy might spark fresh debate about a break-up of the region’s single currency, while oil extended its slide amid signs OPEC and its partners are planning to lift production.
The latest US jobs data and trade talks between the US and China will form a key focus this week as investors are gearing up for a widely expected Federal Reserve interest rate hike next month.
US Treasuries and gold rose, while Wall Street fell, as President Donald Trump cancelled a summit with North Korea’s Kim Jong Un, underpinning concern about geopolitical uncertainty as well as trade talks between the world’s largest economies.