By Rhys Miles
It’s too much to state that the coronavirus has taken a back seat but first impressions would suggest the equities markets at least have other priorities. US equities on Friday night rebounded from their lows on reports that the Trump administration is considering tax concessions for the purchasing of stocks. Chinese stocks rose 0.70% on Friday on the back of greater government stimulus and corporate tax cuts and locally bank shares particularly CBA have skyrocketed supported by solid earnings and trading updates.
US Retail sales came in on expectations at 0.30% reflecting the continued buoyancy of their economy. Singapore too has announced a boost to fiscal spending after declaring the coronavirus has seen them lose up to 20,000 tourists (visitations) a day.
On the currency front there has been little if any activity, with the AUD against most currencies almost where we left it on Friday. The week ahead will see the RBA meeting minutes tomorrow, US Fed meeting minutes on Thursday morning with our employment data too out on Thursday. Let’s not forget the NZ dairy auction on Tuesday night where anything can happen.
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