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By Michael McCarthy (chief market strategist, CMC Markets and Stockbroking)
Vaccine related investor optimism faded in overnight trading. A warning from Federal Reserve chairman Powell and disappointing US retail sales figures brought support for bonds and the Japanese yen as risk exposures fell.
Investors looked through rising Covid-19 infection rates as more good news on vaccines spurred a rush for value. Risk assets rose as markets anticipated a re-opening recovery in 2021, and havens came under pressure.
In an article on Interest.co.nz last week https://www.interest.co.nz/news/107887/terry-baucher, Terry Baucher and Andrea Black suggested Inland Revenue’s transformation hasn’t been successful because cost savings haven’t been re-invested into audit and investigation work.
By Michael McCarthy (chief market strategist, CMC Markets and Stockbroking)
By Michael McCarthy, chief market strategist, CMC Markets and Stockbroking
By Michael McCarthy (chief market strategist, CMC Markets and Stockbroking)
Market sentiment rebounded overnight. The US dollar weakened, shares surged and bonds fell as pro-growth moves drove the action. The turnaround indicates a higher degree of confidence that there will be a decisive and uncontested result in the US election.
By Michael McCarthy (chief market strategist, CMC Markets and Stockbroking)
European and US share markets indices fell 3% to 4% overnight as Germany and France headed towards renewed virus containment measures. The resurgence of Covid-19 is undermining the investor confidence that lifter share markets from their March lows.
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