NZ markets a sea of red as covid-19 points to lower rates

Mon, 02 Mar 2020

New Zealand’s financial markets are taking a beating as fears over the covid-19 hitting local shores have upped the ante on the central bank cutting interest rates.The two-year swap rate tumbled 21 basis points to a record low 0.6288 percent at 10:30 am, the kiwi traded at 61.96 US cents after touching an 11-year low of 61.76 cents, while the S&P/NZX 50 Index dropped 3 percent on broad-based selling.“Fear is running high with the virus continuing to spread globally and as it is on the cusp of pandemic status,” said Greg Smith, head of resea...

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