Another week of euro jitters looms

Last updated 10:11 25/06/2012

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Finance and business diary 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

Global equity markets look set for another rollercoaster ride this week, with the euro zone again at the centre of a storm rumours ahead of the European Union leaders' summit this weekend.

Yesterday, France, Germany, Italy and Spain agreed to pump 130 billion euros (NZ$206b) into the single economy to boost flagging growth rates, but it did little to spur much market activity with investors instead focussed on the upcoming EU meeting.

The key announcement markets seem be watching for is whether Germany will bow to international pressure and agree to the issue euro bonds, a move the country has so far opposed without greater fiscal controls.

Data flows are quiet, with Thursday's National Bank business confidence survey likely to be the highlight of the week in New Zealand, although building consents and merchandise trade figures will attract some interest.

Stocks to watch:

Abano Healthcare, the medical business operator, has made a bid to acquire the 30 per cent of Australia's Dental Partners Pty Limited it doesn't already own. The stake is valued at A$14.4 million. ABA shares closed at $4.14 on Friday.

Equity markets
 
Australia and New Zealand
NZX 50: -0.3 per cent to 3399.19
S&P/ASX 200: -0.97 per cent to 4048.2

US:
Dow: +0.53 per cent to 12,640.80
S&P 500: +0.72 per cent to 1335.02
Nasdaq: +1.17 per cent to 2892.42

Europe
FTSE 100: -0.95 per cent to 5513.69
Dax: -1.26 per cent to 6263.25
Stoxx 600: -0.73 per cent to 246.58

Asia
Nikkei: -0.29 per cent to 8798.35
Hang Seng: -1.40 per cent to 18,995.10

Currency
The New Zealand dollar recently traded at US78.93 cents, up from US78.69c at 5pm on Friday.

Commodities
Gold: US$1571.19 an ounce, from US$1564.59 on Friday
ICE Brent Crude: US$90.98 a barrel, from US$89.22 on Friday
Thompson Reuters Jefferies CRB: +0.3 per cent to 267.97

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- BusinessDay.co.nz

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