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Nikko Asset Management New Zealand (Nikko AM NZ) is pleased to announce the appointment of Craig Donaldson to its Board of Directors.
The news overnight that China has changed its attitude to cryptocurrencies should raise alarm bells with the New Zealand banking and trade sectors.
Markets held in overnight trading as month-end effects kick in and investors await an interest rate cut from the US Federal Reserve Open Market Committee. The British pound traded a narrow range at higher levels after the UK parliament approved a December 12 election.
On Friday, GBP continued to lead the way in currency markets, supported by increased confidence that Johnson’s Brexit deal would win the support of the UK Parliament. The USD remained under pressure helping the NZD and AUD reach a one-month high. The US yield curve continued to steepen.
The International Association of Currency Affairs (IACA) has recognised the Reserve Bank of New Zealand by awarding its Armistice Day coin winner of the Best Commemorative Coin and Best Public Education categories.
After taking two steps forward in response to the partial trade deal between China and the US, markets took one-step back overnight. Beijing’s much more cautious description of the trade talks was reinforced by officials seeking further discussion ahead of any signing.
Comments from President Trump that trade negotiations were going "very, very well" dramatically changed market sentiment overnight. The US dollar reversed recent strength, stocks, copper and crude oil surged, and investors fled defensive assets.
Ongoing weaker data and a potential escalation of the US/China trade dispute roiled markets overnight. The US dollar gained further ground, gold climbed back over $1,500 and industrial commodities and shares slumped.
Markets diverged again in overnight trading. Simmering trade issues and political ructions cast a pall over proceedings, but not all markets responded negatively. European shares and US defensive sectors rose despite falling industrial commodities. Bonds fell, but gold held steady.
In confirmation that trade issues remain at the heart of market thinking, a single comment from president Trump reversed sentiment in overnight trading. Asia Pacific markets are set to regain ground lost yesterday after US indices finished firmly in the green.
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