MARKET CLOSE: NZ shares fall as Fed dashes upbeat sentiment

Thu, 11 Jun 2020

New Zealand shares fell after the US Federal Reserve's pessimistic economic outlook threw cold water on markets that had priced in a V-shaped recovery. The S&P/NZX 50 Index dropped 105.59 points, or 0.9 percent, to 11,154.93. Within the index, 37 stocks fell, 11 rose, and two were unchanged. Turnover was $185 million. Share markets across Asia-Pacific reacted negatively to a downbeat economic outlook from the Fed, predicting the US economy would shrink 6.5 percent and unemployment would near 10 percent this year, contradicting investors w...

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