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Markets traded cautiously overnight as authorities in China sought to contain the coronavirus outbreak by restricting travel to and from Wuhan. European shares fell, crude oil slumped and bonds rallied as investors considered the potential for an epidemic to weigh on global growth.
A US holiday overnight leaves investors with muted international leads. A lift in oil prices and drift lower in European stocks are the major takeaways. This could see today’s meeting of the Bank of Japan at the centre of Asia Pacific trading action.
By Michael McCarthy, chief market strategist, CMC Markets and Stockbroking
The US Senate passed legislation enabling a new North American trade deal overnight. This further clearing of the trade clouds fogging the global economy saw investors push US indices to new heights, and lifted the US dollar.
China and the USA signed a phase-one trade deal overnight. The details reveal this is more of a cease-fire agreement than a resolution, and attention turns immediately to the next phase of the negotiations.
Traders and investors moved to the sidelines in overnight trading ahead of the expected signing of a China / US trade deal tonight. The clearing of trade clouds is a key factor in the recent stronger performances in risk assets.
Investor sentiment lifted again overnight ahead of the signing of the first phase of a new trade agreement between China and the US on Wednesday. Details of intended US concessions gave confidence. Shares and other growth assets rose, and US indices hit new record levels.
By Michael McCarthy, chief market strategist, CMC Markets and Stockbroking
The impeachment of the US President had no impact on trading overnight. Despite weaker trading in the Asia Pacific region yesterday, European and US stocks rose alongside oil and industrial metals, continuing the recent pro-growth moves. Bonds remain under pressure.
The primary goal of tourism is to benefit Aotearoa, so the Parliamentary Commissioner for the Environment’s new report is a valuable contribution to achieving the future New Zealanders want, Tourism Industry Aotearoa says.
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