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The Dow Jones reached a record high above 45,000, while the Nasdaq 100 declined amid caution over tech stocks following Nvidia's mixed earnings. In the US, PCE inflation rose to 2.3% YoY in October, and consumer confidence improved, but durable goods orders fell short of expectations. Key economic indicators are set for release next week, including Australia's GDP and US non-farm payrolls.
The US dollar steadied against major currencies as investors assessed President-elect Trump's tariff promises and awaited key inflation data. The New Zealand dollar rose following a 50 basis point rate cut by its central bank, while the Israeli shekel reached a three-month high amid a ceasefire agreement between Israel and Hezbollah. The dollar index dipped slightly, reflecting recent volatility influenced by political developments.
New Zealand's government is urging the Reserve Bank to reassess its rules that may hinder community housing providers from securing financing at favorable rates. Housing Minister Chris Bishop announced that the Minister of Finance will emphasize prioritizing the treatment of these providers in the ongoing review of standardized risk weights.
The New Zealand dollar is expected to decline by approximately 6% in the coming months due to a slowing economy, leading investors to anticipate significant interest rate cuts from the Reserve Bank of New Zealand. Recently, the currency hit a one-year low against the dollar as traders reacted to the central bank's pessimistic economic outlook and potential tariff impacts under the Trump administration. The swaps market is currently pricing in a 50-basis-point cut this week, with a slight possibility of a 75-basis-point reduction.
Reserve Bank of New Zealand officials have expressed concerns that Donald Trump's return to the White House could lead to a "higher inflation package" due to proposed tariffs and tax cuts. Deputy Governor Christian Hawkesby noted that while these policies may increase inflation, they remain manageable for independent central banks.
New Zealand central bank governor Adrian Orr expressed a desire for greater public engagement with the Reserve Bank's detailed 'Record of Meeting.' He emphasized that this report, which outlines the Monetary Policy Committee's considerations for rate decisions, provides the clearest insight into the bank's rationale, urging people to rely on it rather than media interpretations.
New Zealand's financial market is shifting from a state of "abundant" settlement cash to "ample," according to Reserve Bank Assistant Governor Karen Silk. This transition is already in progress as the central bank winds down various balance sheet tools implemented during the Covid pandemic.
US share markets faced pressure from escalating Middle East tensions and anticipation of the September payrolls report, while the ASX 200 reached a record high before declining. Key economic indicators showed mixed results, with stronger job openings and a rise in crude oil prices, while inflation in the euro area eased and China's manufacturing PMI fell. Upcoming key dates include the RBA meeting minutes and US inflation data, as markets brace for potential shifts in monetary policy.
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