Greece, China vie for spotlight

Last updated 09:46 14/05/2012

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Job-match website testing Kiwi waters Markets acting nervous as Fed officials convene Asian shares pinned near 5-month lows Aussie shares stage comeback Overvalued kiwi dollar 'a concern' Wall St closes lower on Fed concerns NZX falls in morning trade Sharp Air NZ share price slump under scrutiny NZX reappointed to world exchange body NZ firms 'shut out' of big IRD project

Leads for Asia Pacific share markets look split between risk-on and risk-off today, with fresh China stimulus likely to compete against the ongoing Greek political deadlock in the minds of investors.

On Saturday Chinese officials lowered the bank reserve ratio by 50-basis points, effectively injecting US$63 billion (NZ$80b) into the world's second biggest economy via additional lending capacity.

Meanwhile in Greece, the latest political talks collapsed after minority parties refused to make up the voting shortfall needed to get a coalition government over the 35 per cent mark.

The New Zealand share market will have an additional steer of retail sales data for the March quarter, which is due at 10:45am. Economists are picking for sales volumes to have fallen 1.4 per cent in the three months, versus a gain of 2.2 per cent in the previous period.

Stocks to watch:

Telecom will start testing Term Evolution mobile technology later this year ahead of a 4G upgrade to its XT network. The rollout is reliant on when the Ministry of Economic Development begins auctioning the 700mhz spectrum. TEL shares fell 1.1 per cent on Friday to $2.59.

Claridge Capital has delayed a shareholder vote on its proposed acquisition of dietary supplement maker SeaDragon Marine Oils pending a possible capital injection from yet-to-be-named investors. CLA shares were unchanged at 1.5c on Friday.

Governance software maker Diligent Board member Services has tapped former NZX chief executive Mark Weldon as a director.  DIL shares rose 3.1 per cent on Friday to $3.35.

Equity markets
 
Australia and New Zealand
NZX 50: -0.59 per cent to 3548.06
S&P/ASX 200: -0.25 per cent 4285.1

US:
Dow: -0.27 per cent to 12,820.60
S&P 500: -0.34 per cent to 1353.39
Nasdaq: +0.01 per cent to 2933.82

Europe
FTSE 100: +0.57 per cent to 5575.52
Dax: +0.95 per cent to 6579.93
Stoxx 600: +0.35 per cent to 251.97

Asia
Nikkei: -0.63 per cent to 8953.31
Hang Seng: -1.3 per cent to 19,964.60

Currency
The New Zealand dollar recently traded at US78.09 cents, down from US78.44c at 5pm on Friday.

Commodities
Gold: US$1579.70 an ounce, from US$1593.26 previously
ICE Brent Crude: 6S$112.24 a barrel, from US$112.24 previously
Thompson Reuters Jefferies CRB: -0.95 per cent to 291.80

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- BusinessDay.co.nz

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