NZ EQUITIES

Arvida Group: 1H17 - Developments Closer

ARV delivered a strong 1H17 result and continues to progress its development pipeline. FY18 is shaping up as a key milestone year.

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Trump-Pump Stumped At Last

Markets recorded weekly losses to halt the Trump-induced rally that lasted for 3 weeks, as US payroll data failed to change views and European politics came into the global spotlight. Oil closed +15.5% higher this week.

US stocks close flat for first weekly losses in four, financials drag

US equities failed to bring weekly movements into the green with a flat Friday, halting a Trump-induced three week rally. A payrolls report that showed private and public sectors hired more people than last month further strengthened rate hike expectations. Financials were the let-down, closing -1.0% down to pare the sector's +13.1% rally since the election. At Friday's close, the S&P 500 was flat, while the Dow Jones Industrial Average had slipped -0.1%.

Leading financials lower, Goldman Sachs shed -1.4% for its first decline in four days, while Bank of America lost -1.3%. Citigroup and Wells Fargo notched down -2.2% and -1.4% respectively. Starbucks downsized -2.2% after the coffee chain operator announced Howard Schultz would step down as CEO. Caterpillar weighed on industrials, digging down -1.1% after it said its 2017 EPS estimate is 'too optimistic' due to headwinds. Pandora surged +16.1% on reports it is in talks to sell itself to Sirius XM (-5.6%). EBay climbed +3.8%.

European and UK stocks into the red as Italy and Austria test investors

European equities were dragged to a 2-week low as Italy's referendum on Sunday and a presidential election in Austria weighed on the minds of investors. The Stoxx Europe 600 dropped -0.4%, closing down -0.9% for the week. Italian banks weighed on the region. Markets were further rocked after French president Francois Hollande announced he will not be seeking a second term in the upcoming election. Results from Italy’s referendum are expected late-morning or early-afternoon NZ time. At time of writing early projections from Austria indicated the far right candidate for the presidency would lose the vote.

The UK's FTSE 100 gave up -0.3% for a -1.6% weekly loss, hitting a three-week low as commodity shares and a stronger pound weighed on the benchmark. Energy and metal producers turned lower for the day, digging into weekly gains. Royal Dutch Shell slipped -1.2%, while BHP Billiton slumped -2.6%.

Asian, Japanese dip lower as tech shares, casino operators stumble

Asian equities fell into negative territory as tech shares tumbled and casino operators weighed on Hong Kong. The MSCI Asia Pacific Index lost -0.4%, Galaxy Entertainment (-4.7%) and Sands China (-4.0%) sank on reports the government will require visitors to declare cash at the border. 

Japan’s Topix turned -0.4%. Sony shed -2.5%. Apple suppliers tumbled on reports of order reductions – Murata Manufacturing and Alps Electric declined -3.3% and -3.7%.

ASX 200 falls broadly with rest of global markets.

The ASX 200 dipped -1.0%, tracking global markets as Trump-optimism waned.

Crude concludes stellar week, gold rises, iron ore slips

WTI crude jumped +1.2% to US$51.68 for a +15.5% weekly rally, while gold rose +0.5% to US$1,177.25 and iron lost US$0.57 to US$77.80/MT.

 

Today’s events

AGM: AFI, JWI

Ex interim div: EVO (2.5 cps), KPG (3.375 cps)

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