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It’s been an interesting week for international markets as a number of competing factors combined to cloud the picture.
A further cut from the Reserve Bank of Australia has taken interest rates down to 3.5% - which is still a full percentage point higher than the New Zealand rate.
Mixed data has been coming from across the ditch, with GDP a big surprise at 4.2%pa.
Meanwhile, it’s been a mixed bag in the New Zealand market. The rise of commodity prices in the last week was good for farmers, who nonetheless surrendered much of the advantage on the back of a high New Zealand dollar still at the mercy of international markets.
Life after the Spanish rescue package seems to have started well, with the €100 billion recovery package for the Spanish markets likely to be enough to quell that situation. Markets should trade higher as a result, notwithstanding the political situation in Greece, which goes to the polls this weekend with pro-Euro parties polling well.
The last week also brought decent buying on equity markets in the US, with the latest round of earning figures expected in the coming weeks.
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