MT Newswires -Shutterstock
New Zealand shares ended flat on Monday after Wall Street closed mixed on Friday, and Bitcoin rose to an all-time high on Sunday.
The S&P/NZX 50 Index was little changed to close at 13,489.24.
On Friday, Dow Jones gained 0.51% while the Nasdaq Composite fell 0.28% and the S&P 500 finished near even.
Meanwhile, cryptocurrency Bitcoin hit a record high on Sunday and was up nearly 2.7% at $125,245.57. Bitcoin is up nearly 33% year to date and up 100% compared to a year ago.
In domestic news, the majority of the Monetary Policy Shadow Board at the New Zealand Institute of Economic Research has recommended a 25-basis-point rate cut to the Reserve Bank of New Zealand in the October monetary policy review, according to the institute’s statement.
Also, the Reserve Bank of Australia (RBA) is expected to cut the official cash rate (OCR) by 50 basis points to 2.5% at its meeting on Oct. 8, as weaker-than-expected Gross Domestic Product, subdued inflationary pressure, and greater spare capacity in the economy, according to a note by Bank of America (BofA) global research.
Meanwhile, the ANZ World Commodity Price Index fell 1.1% month over month in September, according to a Monday report from ANZ Research.
In corporate news, SkyCity Entertainment Group (NZE:SKC, ASX:SKC) said that Chief Financial Officer Peter Fredricson tendered his resignation.
Turners Automotive Group (NZE:TRA, ASX:TRA) declared a cash dividend of NZ$0.07 per share for the fiscal first quarter, up from NZ$0.06 the previous year.