Energy giants Chevron fell 2.6 per cent and ExxonMobil declined 2.2 per cent. Uncertainty about China oil demand pushed the price of Brent and West Texas Intermediate crude lower.
EV company Rivian rose 3.9 per cent after Rivian announced its customers will have access to Tesla’s charging network in 2024. Ford and GM will also have access to Tesla charging.
Intel shares had declined 3.8 per cent. This week, Intel announced it would spend nearly US$33 billion on two semiconductor plants in Germany.
Bloomberg is reporting that Germany will also offer a €10b subsidy package.
New Zealand
The NZX 50 recovered most of Monday’s losses, up 0.3 per cent yesterday.
Argosy Property hosted its AGM, and its shares traded flat yesterday.
Consumer confidence remains pessimistic but improved slightly, as high interest rates and inflation impact consumers. The Westpac McDermott Miller survey showed a 5.4 point rise in sentiment in the June quarter to 83.1.
Trade Me data showed a 10 per cent year-on-year increase in Auckland rents in May, with the city now the most expensive region to rent in New Zealand.
The Government officially announced the market study of competition in the banking sector.
The Commerce Commission will assess competition in the banking sector to determine whether banks are working in the best interests of New Zealanders.
Looking to the day ahead, Fletcher Building is holding its Investor Day today.
Australia
The ASX 200 traded up 0.9 per cent yesterday to a seven-week high with commodities leading gains.
Woodside Energy approved the development of the $7.2b Trion ultra deepwater oil project in the Gulf of Mexico. Woodside rose 2.2 per cent.
Lithium Energy rose 1.1 per cent after signing a deal with Xi’an Lanshen New Material Technology for the construction of a battery-grade lithium plant in Argentina.
Leo Lithium announced a 48 per cent increase to the resource estimate for its 50 per cent owned and operated Goulamina hard rock lithium asset in Mali. Leo Lithium gained 4.2 per cent.
ANZ Consumer Confidence hits the lowest confidence level since April-2020, falling 4.0 per cent week on week and 9.0 per cent since early May.
The Reserve Bank of Australia (RBA) Minutes highlighted that the June rate hike decision was finely balanced although inflation risks had shifted somewhat to the upside.
The Fair Work Commission decision to raise award wages by 5.75 per cent was higher than the expectation built into RBA’s forecasts and should add directly to WPI growth in the September quarter.
Coming up today
UK: CPI/PPI; Australia: Cleanaway Investor & Analyst Briefing; NZ: Fletcher Building Investor Day.
For more information on the latest market moves, get in touch with Jarden.
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