Only the energy sector was up on the back of continued oil price gains, with Occidental Petroleum and Marathon Oil up 3.7 per cent and 3.3 per cent respectively.
Most other sectors fell, although cruise liners managed to rally with Royal Caribbean Cruises climbing 4.3 per cent and Norwegian Cruise Line Holdings up 3.0 per cent.
US jobless claims were 7 per cent higher than market expectations at 219,000, another data point which suggested the actions of the Federal Reserve were having some impact in slowing down the economy.
Exercise bike manufacturer Peloton added 4.3 per cent after reportedly cutting another 500 jobs in its fourth round of layoffs in 2022, a total of 12 per cent of its staff count.
Meanwhile, Google revealed its new range of flagship Pixel phones and the Pixel Watch, which are set to price undercut Apple's iPhone 14 and Apple Watch.
Google's CEO Sundar Pichai had noted that the Pixel Series 6 was the "fastest-selling Pixel ever", and Google is attempting to carry on the momentum through the release of its Pixel 7 & Pixel 7 Pro range.
Rest of the World
Market optimism seemed to slow in Asian and European markets, with most major indices across both regions falling moderately. Japan's Nikkei index was the only exception, adding 0.7 per cent.
Minutes from the European Central Bank meeting showed consensus for a 75 basis point rate uplift in September, although officials affirmed that the move should not be a signal that they are planning on more hikes of that size in the future.
Commodities
Oil rose another 1.0 per cent to US$94.20 a barrel and is now up 8 per cent since the start of the week. Bitcoin firmed another 0.7 per cent to US$20,123 while the New Zealand Dollar dropped against most major currencies.
Australia
The ASX 200 closed flat yesterday, despite the best efforts of energy stocks that continued to climb following the OPEC+ decision.
Whitehaven Coal was another key outperformer, climbing 7.2 per cent on its continued share buyback, while sports betting and i-gaming company Pointsbet finished up 6.4 per cent after announcing it would be entering into the US horse race wagering market.
The Queensland state government yesterday released its final report following the review of casino operator Star Entertainment Group, deciding the operator was unsuitable to hold a casino license in Queensland.
The news was expected after enquiries led by several other states in Australia into both Star Entertainment and its competitor Crown Resorts came back with similar views.
Fund manager Magellan Financial Group dropped 8.4 per cent after providing its September update, in which it revealed it lost A$3.6 billion to fund outflows.
The loss of funds was higher than the market had expected, and Magellan's total assets under management have fallen to A$51 billion, down from a peak of A$118 billion in August 2021.
Meanwhile, artificial intelligence company Appen dropped by 11.7 per cent after it downgraded its revenue and operating profit expectations.
The firm, which employs more than a million casual contractors to help train artificial intelligence systems, has cited challenging operating and macro conditions for weaker digital advertising revenue, as well as reduced spending from major customers.
New Zealand
It was a quiet trading session yesterday for the New Zealand market, which fell 0.5 per cent yesterday in line with global markets.
News flow in relation to financial markets was limited, with the only major news item being Pushpay announcing the acquisition of a sizeable new customer, the US Army Chaplain Corps. Pushpay climbed 3.6 per cent on the back of the news and was the best performing stock in the NZX 50.
Sky TV was also in the news after speculation that they had won the broadcast rights to the next four Rugby World Cups, in a deal that could potentially see it working with both TVNZ and Warner Brothers as free to air partners.
Coming up today
Over the weekend, non-farm payroll data from the US is expected, a monthly print which measures the number of people currently employed in the US, as well as the unemployment rate.
• 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
