MARKET OPEN: Stumbling Wall Street sets weak tone for local market

Fri, 24 Jul 2020

The New Zealand market is likely to retreat today after Wall Street stumbled on unexpectedly higher US jobless claims and mixed company earnings. Jobless claims unexpectedly rose to 1.42 million last week, its first increase since March, according to data from the US Labor Department. That number doesn’t include people receiving the Pandemic Unemployment Assistance, set to expire on July 31. “It’s one data point and its far from a definitive break of the improving trend, but it wasn’t expected by the market,” said Kiwibank trader Mike S...

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