
Trade tensions impact global growth
The prospect of a near-term trade deal between the US and China deteriorated during May as talks broke down, causing bond yields to tumble and global share markets to retreat from recent highs. Falling yields saw defensive, higher yielding equity markets, such as New Zealand and Australia, outperform. And domestically, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate to 1.50%, citing the deceleration in global growth and uncertainty around the global outlook as key determinants behind their decision.
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