Tuesday 26th November 2024

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Markets have reversed their position a little for the first time since the US election results. NAB’s Rodrigo Catril says it reflects the response to Scott Benson as the likely new Treasury head, who is seen as a more moderate, safe pair of hands, who won’t impose blanket tariffs. That news has strengthened the Euro and helped the share price of US mid-caps who might have seen input prices rise if such a radical policy was imposed quickly. The day’s other positive news was the possibility of an Israel Hezbollah ceasefire. There’s nothing more concrete than positive words from the White House national security spokesperson, but it was enough to drive oil prices significantly lower. Rodrigo also tells us why tomorrows FOMC minutes will be particularly important, and why the latest NZ data won’t change the course of the RBNZ this week.

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