MARKET UPDATE 18-Dec-18

Asian share markets stumbled this morning as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year.

In New York, the S&P 500 lost 2.08 percent to hit its lowest since October 2017, having wiped out about $3.4 trillion of market value since late September.

The Nasdaq Composite dropped 2.27 percent, with Amazon, one of the best performing shares this year, dropping 4.5 percent.

As Brexit draws near, the UK economy is set to see its slowest pace of growth since 2009, as political turmoil continues to upheave the domestic British economy.

The Aussie dollar remains little-moved in today’s trading after the Reserve Bank of Australia held to their wait-and-see mantra for another month.

The New Zealand business confidence rose to -24.1 in December from the November’s print of -37.1. The economy has remained resilient in the face of rising global uncertainty.

With business confidence out of the way, the focus now shifts to the New Zealand third quarter GDP data, which is expected to show that the economy expanded at an annual pace of 2.8 percent. The global dairy trade auction, due today, could also influence the NZD pairs.

FX Rates 18.12.18

 

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