Sunday, 22 September, 2019

NZ dollar stable before release of GDP data

Reuters Reuters
Russell Knight | 16 March, 2018, 01:05

New Zealand government bonds jumped at the time of closing Thursday after the country's gross domestic product (GDP) for the fourth quarter of a year ago disappointed market participants, although remaining unchanged from that in the third quarter of 2017.

The New Zealand dollar was little changed, holding above 73 U.S. cents ahead of figures that may show the economy accelerated in the fourth quarter, a contrast to the most recent United States data which showed weaker retail sales. Economists expected GDP expanded 0.8 percent in the quarter and 3.1 percent on the year, according to the median in a Bloomberg poll.

Westpac Bank senior economist Michael Gordon said the economy "appears to have lost some momentum over the course of the past year (barring any future revisions to the GDP data)", and noted that annual growth peaked at 4 percent in 2016 but slowed to 2.9 percent in 2017.

The growth is more modest in comparison to the growth in the New Zealand population, which has been propelled by strong gains from migration. Overall activity in the primary industries, which also includes forestry and logging and mining, contracted 2.4 per cent after being unchanged in the prior quarter.

"This is the lowest rate of GDP per capita growth since 2011", Stats NZ said.

Adobe Systems Incorporated (NASDAQ:ADBE) Holdings Increased by Wealthfront Inc
Analysts await Adobe Systems Incorporated (NASDAQ: ADBE ) to report earnings on Mar, 15 for the fiscal quarter ending Feb 2018. Adobe Systems Incorporated (NASDAQ: ADBE ) market capitalization at present is $107.50B at the rate of $218.44 a share.

Terrorists target BJP leader Anwar Khan in Jammu and Kashmir
While Khan escaped the attack unhurt, Constable Bilal Ahmad received a "grazing injury on the leg", the official added. A BJP leader in Jammu and Kashmir was attacked by unknown assailants or terrorists in Phulwama district.

Recommendation Hold on stock: Apollo Commercial Real Estate Finance, Inc. (ARI)
Furthermore, the percentage of stocks above their 50-day moving average helps determine the overall health of the market. The rating was maintained by Keefe Bruyette & Woods on Tuesday, October 10 with "Hold". (NYSE: ARI ) for 180,422 shares.

But that changed once the Labour-led coalition took the helm in October with business investment holding up, despite some negative sentiment towards the new administration, and a burst of retail spending in the final three months of the year.

Construction was still expected to grow at a reasonable 1.2 percent, but that was a far cry from the 3.6 percent jump in the previous quarter.

Within services, business services expanded 2.3 per cent in the quarter, driven by computer system design services and advertising and marketing services. It traded at 59.22 euro cents from 59.16 cents and traded at 52.46 British pence from 52.48 pence.

The unusually hot and dry weather over the quarter was a drag on activity, with agricultural production down by 2.7 percent and food processing down 0.1 percent.

On an expenditure measure, GDP expanded 0.4 per cent in the December quarter and grew 3.2 per cent on the year.

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