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

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

More Markets

KMD Brands pulled into Trump trade war
Retail

KMD Brands pulled into Trump trade war

Like a lot associated with so-called ‘Liberation Day’, much remains uncertain.

US tariff risk less than expected for FPH, Jarden says
Economy

US tariff risk less than expected for FPH, Jarden says

Jarden says tariff-related impacts on earnings would be "nominal" by 2030.

Jarden says Skellerup 'most exposed' to Trump's tariffs
Markets

Jarden says Skellerup 'most exposed' to Trump's tariffs

US President Donald Trump's sweeping global tariffs, announced on Thursday, are expected to have devastating consequences not only in the US but also in New Zealand.In a note on Friday morning, Jarden analysts Guy Hooper and Nick Yeo predicted that NZX-listed Skellerup looks...

Wall Street reels as Trump’s plan sinks markets
Markets

Wall Street reels as Trump’s plan sinks markets

The president’s sweeping tariffs proved far more severe than investors predicted.