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Nick Smyth
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US, European equities make small gains despite worries about Hong Kong, US-China tensions. NZD falls modestly, ends the week below 0.61. RBNZ tapers bond buying slightly, but little reaction in NZ rates
25th May 20, 7:41am
US, European equities make small gains despite worries about Hong Kong, US-China tensions. NZD falls modestly, ends the week below 0.61. RBNZ tapers bond buying slightly, but little reaction in NZ rates
Equity markets fall modestly on more US-China tensions. Little change in global rates. NZD and AUD decline due to more cautious risk sentiment
22nd May 20, 7:52am
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Equity markets fall modestly on more US-China tensions. Little change in global rates. NZD and AUD decline due to more cautious risk sentiment
Equity markets shrug off more US-China tensions. NZD underperforms, NZD/AUD makes fresh 6-month low. GBP under pressure on renewed Brexit concerns
18th May 20, 7:54am
Equity markets shrug off more US-China tensions. NZD underperforms, NZD/AUD makes fresh 6-month low. GBP under pressure on renewed Brexit concerns
Global equities finish last week strongly as markets look through 20.5 million US job loss. US rates increase on speculation the Fed will push back against negative rates
11th May 20, 7:50am
Global equities finish last week strongly as markets look through 20.5 million US job loss. US rates increase on speculation the Fed will push back against negative rates
US rates fall as Fed fund futures trade with (slightly) negative rates. Equity markets push higher. USD weakens, NZD up 1.2% overnight
8th May 20, 7:58am
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US rates fall as Fed fund futures trade with (slightly) negative rates. Equity markets push higher. USD weakens, NZD up 1.2% overnight
Tech sector leads US equities higher. Yield curves higher after steeper after US Treasury unveils more long-end issuance. Finance Minister Robertson to deliver pre-Budget address today
7th May 20, 7:59am
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Tech sector leads US equities higher. Yield curves higher after steeper after US Treasury unveils more long-end issuance. Finance Minister Robertson to deliver pre-Budget address today
Equities fall sharply on Friday. NZD and AUD fall over 1%. RBNZ keeps the foot on the throttle with QE. Another big fall in NZ interest rates
4th May 20, 8:24am
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Equities fall sharply on Friday. NZD and AUD fall over 1%. RBNZ keeps the foot on the throttle with QE. Another big fall in NZ interest rates
Sharp rise in equity markets after Gilead’s remdesivir drug shows positive trial results. Commodities, EM currencies, NZD and AUD bounce higher. Not much new from the Fed – global rates little changed
30th Apr 20, 7:58am
Sharp rise in equity markets after Gilead’s remdesivir drug shows positive trial results. Commodities, EM currencies, NZD and AUD bounce higher. Not much new from the Fed – global rates little changed
Equity markets push higher. NZD and (particularly) AUD outperform on positive risk sentiment. More volatility in the oil market, but little impact to other markets
28th Apr 20, 7:54am
Equity markets push higher. NZD and (particularly) AUD outperform on positive risk sentiment. More volatility in the oil market, but little impact to other markets
Equity markets, oil prices bounce back overnight. ECB says it will accept high-yield bonds as collateral in its operations. NZD/AUD reaches lowest level since mid-November
23rd Apr 20, 7:57am
Equity markets, oil prices bounce back overnight. ECB says it will accept high-yield bonds as collateral in its operations. NZD/AUD reaches lowest level since mid-November
WTI oil price trades below zero on oil glut and technical factors. But little ripple effect elsewhere – S&P500 -1.5% but bonds little changed. NZ plans to come off Covid Level 4 next Tuesday
21st Apr 20, 7:48am
WTI oil price trades below zero on oil glut and technical factors. But little ripple effect elsewhere – S&P500 -1.5% but bonds little changed. NZ plans to come off Covid Level 4 next Tuesday
Subdued moves overnight. Broad-based increase in the USD. NZD underperforms as Governor Orr says negative rates haven’t been ruled out in the future
17th Apr 20, 8:02am
Subdued moves overnight. Broad-based increase in the USD. NZD underperforms as Governor Orr says negative rates haven’t been ruled out in the future
Equity markets push higher. USD weakens as risk appetite continues to recover, but NZD underperforms. NZ government announces more fiscal assistance for businesses
15th Apr 20, 7:53am
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Equity markets push higher. USD weakens as risk appetite continues to recover, but NZD underperforms. NZ government announces more fiscal assistance for businesses
US equity markets rise strongly again. Oil spikes higher ahead of OPEC+ meeting tonight. Offshore bond yields head higher. RBNZ officials signal increase to QE program size, seem to push back on corporate purchases
9th Apr 20, 8:02am
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US equity markets rise strongly again. Oil spikes higher ahead of OPEC+ meeting tonight. Offshore bond yields head higher. RBNZ officials signal increase to QE program size, seem to push back on corporate purchases
Big rise in equities on optimism that containment measures will get lifted soon in Europe. Global rates and commodity currencies rise on improved sentiment. RBNZ buys LFGA bonds for the first time in small size
7th Apr 20, 7:43am
Big rise in equities on optimism that containment measures will get lifted soon in Europe. Global rates and commodity currencies rise on improved sentiment. RBNZ buys LFGA bonds for the first time in small size
Oil rockets more than 20% higher after Trump says OPEC+ to cut production by 10m-15m barrels per day boosting energy stocks and inflation expectations. US jobless claims hit 6.65 million. Further signs of life in offshore credit markets
3rd Apr 20, 7:50am
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Oil rockets more than 20% higher after Trump says OPEC+ to cut production by 10m-15m barrels per day boosting energy stocks and inflation expectations. US jobless claims hit 6.65 million. Further signs of life in offshore credit markets
Market moves reasonably modest overnight (for a change). Trump proposes $2 trillion infrastructure package, Japan outlines big fiscal stimulus too
1st Apr 20, 7:50am
Market moves reasonably modest overnight (for a change). Trump proposes $2 trillion infrastructure package, Japan outlines big fiscal stimulus too
Equities, bond yields lower despite US $2 trillion fiscal stimulus package. Bank of Canada cuts -50bps, announces first QE program. USD weakens again
30th Mar 20, 7:55am
Equities, bond yields lower despite US $2 trillion fiscal stimulus package. Bank of Canada cuts -50bps, announces first QE program. USD weakens again
Markets show some tentative signs of stability. Central banks ramp up policy support. Fed sets up Money Market fund to ease funding strains, expands FX swap lines
20th Mar 20, 7:57am
Markets show some tentative signs of stability. Central banks ramp up policy support. Fed sets up Money Market fund to ease funding strains, expands FX swap lines
Equity markets lower, but bond yields higher again. NZGB market coming under stress. Another huge USD rally with the NZD down to 0.5750, Oil falls to its lowest level since 2003
19th Mar 20, 7:50am
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Equity markets lower, but bond yields higher again. NZGB market coming under stress. Another huge USD rally with the NZD down to 0.5750, Oil falls to its lowest level since 2003
Volatile markets continue – S&P500 rises 5%, US 10y higher as White House sets out big fiscal stimulus plans. Fed announces programme to buy commercial paper in a bid to help funding markets
18th Mar 20, 8:03am
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Volatile markets continue – S&P500 rises 5%, US 10y higher as White House sets out big fiscal stimulus plans. Fed announces programme to buy commercial paper in a bid to help funding markets
GFC-like moves in markets – S&P500 falls sharply. RBNZ cuts OCR to 0.25%, signals QE. Government to announce Phase-1 fiscal response. Fed cuts rates to 0%-0.25% and restarts QE
17th Mar 20, 7:58am
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GFC-like moves in markets – S&P500 falls sharply. RBNZ cuts OCR to 0.25%, signals QE. Government to announce Phase-1 fiscal response. Fed cuts rates to 0%-0.25% and restarts QE
Extreme volatility continues. Many central banks make large rate cuts. Bond yields continue to head higher and curves steeper. NZD hits lowest level since 2009
16th Mar 20, 7:49am
Extreme volatility continues. Many central banks make large rate cuts. Bond yields continue to head higher and curves steeper. NZD hits lowest level since 2009
Equities rebound, bond yields stay low. Bank of Canada cuts 50bps, to 1.25%. RBNZ hints that it will wait until March 25 to decide. NZD drifts higher over the past 24 hours
5th Mar 20, 7:53am
Equities rebound, bond yields stay low. Bank of Canada cuts 50bps, to 1.25%. RBNZ hints that it will wait until March 25 to decide. NZD drifts higher over the past 24 hours
Equities rise on the prospect of globally coordinated policy response. RBA meeting today – market expects 25bp cut. NZ rates hit record lows as market prices 40% chance of RBNZ 50bp March cut
3rd Mar 20, 7:52am
Equities rise on the prospect of globally coordinated policy response. RBA meeting today – market expects 25bp cut. NZ rates hit record lows as market prices 40% chance of RBNZ 50bp March cut