The MarketsWall Street plunge sends NZ market and dollar spirallingGlobal stock markets were awash with red ink overnight – which seeped into NZ’s market today – after US inflation data came in higher than forecast. Nikko Asset Management portfolio manager Stuart Williams said the inflation data had been a shock to markets everywhere. However, considering how Wall Street had fared, NZ’s market had done alright and hadn’t opened as low as expected. “The other factor is the NZ market has some nice defensive characteristics in terms of some of our companies that pretty still have a reasonably stable earnings outlook,” he said. After the inflation data was released, the NZ dollar dropped from 61.59 US cents to 59.88 cents – a “fresh” 28-month low, Jones said.

Source: Stuff September 14, 2022 06:07 UTC