Trading over the weekend was again most notable for continued weakness in US stock markets. This was led by the NASDAQ which lost a further 1.3% to close below 4,000 for the first time since early February. The Index has lost 4.3% last week, the S&P/500 was down 1.0% for a loss of 2.9% on the week and the Dow lost 0.89% to be down 2.4% over the week. All three US indices are now in the red year-to-date and our share market looks to follow on the open this morning.
This equity market weakness is pushing investors into bonds, and local bond yields are lower this morning, while the Australian dollar is just below USD0.94..
Rural Bank’s Weekly Economic Commentary will not be distributed until Friday 9 May due to annual leave.
We look forward to talking to you again on Monday 12 May.