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Day 8-  Level 3 NZ lockdown. 

Zero new cases of coronavirus were reported yesterday in New Zealand, the first time since the first reported case in the country on 28th February. Standard and Poor’s rating agency have rated NZ credit rating a AA suggesting a positive outlook based mainly off a strong fiscal position.

  • Japanese Bank Holiday Monday with the celebration of Greenery Day and Children’s Day made for thin markets
  • US President Trump says a vaccine is close but markets know better than to rely on his vague and misleading comments
  • Trump also says if China don’t continue to buy US products, he will cancel phase 1 of the trade deal between the US and China
  • Some countries are starting to experience a second wave resurgence of Covid-19 cases 
  • Qantas airlines has extended flight cancellations from the end of May through to the end of July amid coronavirus fears
  • NZ GDP may rise faster now that we have entered level 3 and no-doubt soon to be level 2 with some hope, this should indicate better numbers starting in the September- 3rd quarter, with GDP expected to be around 13%
  • Westpac Bank expects the RBNZ to cut its benchmark rate to -0.5% in the November policy meeting
  • Italy’s infection count has started to plateau, but death rates in the US continue to be over 1,000 per day with no sign of levelling
  • UK Covid-19 deaths rise 586 compared to 300 yesterday, while Spain aims for end of June to return to normal    
  • Companies around the world are in a race to invent a vaccine for coronavirus with human trials being rushed through at a worrying pace with trade-offs between safety and speed

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