New Zealand Manufacturing PMI Declined in October

News Event

From Trading Economics: The Business NZ Performance of Manufacturing Index for New Zealand fell to 55.2 in October of 2016 from a downwardly revised 57.5 in a month earlier. Production (57.9 from 61.2), new orders (54.8 from 60.4), finished stocks (52.3 from 54.7) and deliveries (55.7 from 57.6) advanced at a slower pace, while employment rose faster (53.8 from 50.3). Manufacturing PMI in New Zealand averaged 53.17 from 2002 until 2016, reaching an all time high of 62.77 in June of 2004 and a record low of 36.07 in November of 2008. Manufacturing PMI in New Zealand is reported by the Business New Zealand.

Market Snap

Market Closing Wrap

In European Equity Markets stocks ended slightly lower on Thursday as expectations of fiscal stimulus from U.S. President-elect Donald Trump boosted government bond yields, prompting losses among utilities which more than outweighed stronger financial stocks. The pan-European STOXX 600 ended down 0.3 percent after rising to a two-week high earlier in the session. Among financial stocks, Dutch insurer Aegon rose 13 percent, further boosted by a better-than-expected earnings update. It helped the European insurance index to rise 2.9 percent, topping sectoral gainers, while banks followed with a rise of 2.3 percent. The utility index fell almost 4 percent to its lowest level in more than 3 years, leading sectoral fallers.

In Currency Markets the dollar climbed to a 3-1/2-month high against the yen on Thursday as markets weighed the election of businessman Donald Trump for U.S. president and how his policies could affect economic growth. The greenback rose by more than 1 percent on the day to 106.94 yen for the first time since July. The Mexican peso fell to a low of 20.62 pesos per dollar, nearing its all-time low mark touched on Wednesday. The New Zealand dollar was down almost 1 percent  after the central bank cut rates on Wednesday and signaled the possible end to easing. The euro fell to $1.0865, its lowest against the greenback since Oct. 25. The dollar index was up 0.18 percent at 98.84, the highest since October 28.

In Commodities Markets  oil prices fell on Thursday as markets recovered from shock at U.S. President-elect Donald Trump's surprise victory and focused on global oversupply as well whether OPEC will decide to cut production later this month. Brent crude fell 26 cents at $46.10 a barrel. U.S. West Texas Intermediate crude was down 37 cents at $44.90. The market was dampened by a 2.4-million-barrel rise in U.S. crude inventories to 485 million barrels last week, reported by the Energy Information Administration on Wednesday. Spot gold was down 0.85 at $1,266.99 per ounce after touching $1,262.96, its lowest since Oct 28. Silver was up 0.4 percent at $18.54 an ounce. Platinum fell 2.4 percent to $975 while palladium rose 2.2 percent to $693.

In US Equity Markets  the Nasdaq lost ground sharply in late morning trade on Thursday, dragged down by market heavyweights Apple and Amazon, as investors poured money into others sectors that may benefit from Donald Trump's victory in the U.S. election. The S&P 500 was down 0.25 percent, at 2,157.88 and the Nasdaq Composite was down 1.62 percent, at 5,165.87. Apple was down 3.2 percent, while Amazon was off 5 percent.  Macy's rose 6.7 percent after the department store operator raised its full-year sales forecast and announced a partnership to monetize some of its real-estate assets. IBM rose 2.7 percent after Bank of America Merrill Lynch upgraded the stock and raised its price target.

In Bond Markets  U.S. Treasury yields rose on Thursday, extending steep gains in the previous session, as investors continued to price in higher interest rates under an incoming Republican administration that is expected to increase spending seen as inflationary. In late morning trading, benchmark 10-year notes were last down 7/32 in price, yielding 2.088 percent, up from 2.064 percent late on Wednesday. The yields rose as high as 2.125 percent, the highest since January. Thirty-year bonds were flat in price to yield 2.880 percent, compared with 2.881 percent on Wednesday. Earlier, yields reached 2.923 percent, the highest since January.

Source: Institute of Trading and Portfolio Management