Market Roundup
As predicted, the New Zealand market did very little on Monday and Tuesday. Wednesday was a different story. After a three-day weekend in the US, the markets started the week lower, continuing the declines from the previous two trading days. This drop caused NZ and other markets to follow suit. Wednesday in the US saw a slight rebound, perhaps due to some spotting value in recently declined stocks. The rest of the week was much the same, with the NZ and Australian markets following the US and ending up down of the week.
ForEx
The USD/NZD is currently sitting at approximately 0.6669
Portfolio Performance
Despite the volatility, my portfolio remained relatively flat- a testament to the importance of diversification. Notables were the ATM and TCL drops of ~2%, BABA's drop of ~3% and SKC outstanding gain of ~8%.
World News
The world closes in on 30 Million COVID-19 cases and continues to set records for daily cases, with Friday (GMT) seeing 310,000 new cases [1]. The U.S. still has the most cases, sitting at 6.6 Million. Although, it seems as if India will make up the 2 Million case difference soon, given they more than doubled the U.S.s daily case numbers on Friday (97,000 vs 46,000).
In the U.K., the government has stated it is planning on breaching the Brexit Withdrawal Agreement and breaking International Law [2].
Wildfires in California have forced many to flee their homes and have burned more than 2.2 Million acres [3].
All stock data is sourced from Yahoo! Finance
References
[1] Worldometer, "COVID-19 CORONAVIRUS PANDEMIC" 12 September 2020. [Online]. Available: https://www.worldometers.info/coronavirus/.
[2] Financial Times, "Opinion: Can the government breach the Brexit Withdrawal Agreement? | FT," YouTube, 11 September 2020. [Online]. Available: https://youtu.be/XJOGLcvh-9o.
[3] Bloomberg Markets and Finance, "Western Wildfires Rage on With No Relief in Sight," YouTube, 11 September 2020. [Online]. Available: https://youtu.be/XVeaRt_aQQk.
