Casino operators with operations in Macau dropped after poor tourism revenue data from China, with strict Covid restrictions that continued to be in effect across the country's Golden Week national holiday.
Wynn Resorts dropped 10.9 per cent, while Las Vegas Sands fell 7.9 per cent.
In contrast to this development, Boeing shares gained 2.0 per cent after news that the first Boeing 737 MAX was flown in China in more than three years, something which the market seemed to take as a signal for recovery in air travel demand.
Rest of the World
In equity markets, both European and Asian indices closed moderately lower.
UK inflation-linked bonds led a selloff in government bonds overnight, following announcements from the Bank of England.
The central bank had previously announced an emergency purchase program to stabilise markets and prevent funds from collapsing two weeks prior, and it was now seeking to bring this to an 'orderly close'.
UK 10-year bonds rose by 23.6 basis points, to 4.46 per cent.
Commodities
The rally in oil prices seems to have momentarily halted, with oil prices falling 0.7 per cent to US$97.30 a barrel.
Gold declined over the weekend to US$1,669 per ounce, while the NZD continued to lose strength against the USD (-0.8 per cent) and the Euro (-0.4 per cent).
Australia
The ASX 200 declined 1.4 per cent yesterday, after a rout in global markets over the weekend caused by stronger than expected jobs data, which appeared to have fuelled continued inflationary fears.
Markets were also weighed by comments from the CEO of Australia's fourth largest electricity retailer, Alinta, which warned that power prices in the country are expected to rise by at least another 35 per cent next year.
Most sectors ended down for the day, with energy and minerals stocks declining after strong respective performances the week prior.
Gold stocks were especially weak, with St Barbara -7.1 per cent, Silver Lake -7.1 per cent and Gold Road Resources -5.8 per cent after a fall in gold prices over the weekend.
On the other hand, steel producers rose with Fortescue Metals up 1.9 per cent and Sims up 2.2 per cent after the Dalian iron ore futures market climbed to a two-month high.
Tabcorp gained 1.6 per cent as one of the strongest performers of the day, announcing it had acquired a 20 per cent stake in social media linked betting platform Dabble Sports for A$33 million.
Link Group was also slightly ahead on the close after it confirmed it is engaging with potential suitor Dye & Durham on a non-exclusive basis, to see if its proposal to acquire Link's Corporate Markets and BCM divisions for A$1.27 billion can be progressed further.
New Zealand
The NZX 50 fell 1.7 per cent yesterday. Most sectors ended the day down, with the heavily weighted utilities sector dropping on the back of Mercury (-3.2 per cent), Contact (-2.7 per cent) and Genesis (-2.4 per cent) all falling.
Pushpay climbed 3.5 per cent as the best performer of the day after media reports that private equity firm BGH Capital had made a revised attempt to acquire the company.
BGH Capital currently owns 20 per cent of Pushpay, acquiring shares at $1.31 a share back in April/May. Pushpay closed the day at $1.19.
Sky TV has confirmed a deal with World Rugby that secures exclusive rights to Rugby World Cups, as well as other competitions for the next seven years. Under the deal, World Rugby will acquire RugbyPass and will collaborate with Sky TV on new production – with an emphasis on women's rugby.
Kiwi Property Group provided a portfolio valuation update, revealing the outcome of its draft valuations as of 30 September.
The group now expects its property portfolio to be worth $3.4 billion, representing a -5.8 per cent decline over the past six months.
Retirement village operator Summerset Group reported a total of 219 unit sales in its third quarter, bringing its year-to-date sales to 730 units – 14 less than the same period last year.
Coming up today
Several data points are expected out today. The ANZ Truckometer, which can act as a proxy for how the broader economy is tracking, will be released for New Zealand while Retail Card Spend numbers from Stats NZ could provide a gauge on consumer confidence.
In Australia, household spending and consumer confidence numbers are set to be released.
• For more information on the latest market moves, get in touch with Jarden.
All market pricing and announcements are sourced from Refinitiv, NZX and ASX.
Jarden is advising Heartland Group Holdings Limited in its announced capital raise.
The Jarden Brief is provided for general information purposes only. It reflects views and research available at the time of publication, using external sources, systems and other data and information we believe to be accurate, complete and reliable at the time of preparation. We make no representation or warranty as to the accuracy, correctness and completeness of that information, and will not be liable or responsible for any error or omission. The Jarden Brief is not to be relied upon as a basis for making any investment decision. Please seek specific investment advice before making any investment decision. Jarden Securities Limited is an NZX Firm. A financial advice disclosure statement is available free of charge at https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/.
Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer
