The Dogecoin cryptocurrency jumped more than 30 percent after Elon Musk swapped Twitter's blue bird logo for the image of a shiba inu. . Photo / AP
Keeping you up to date with the latest market movements, in partnership with investment firm Garden.
International
US
US markets snapped their winning streak overnight, with the S&P 500 shedding 0.7 percent,
the Dow Jones Industrial Average fell 0.8 percent and the Nasdaq Composite fell 0.6 percent.
Richard Branson's space company Virgin Orbit has filed for Chapter 11 bankruptcy protection in the US and is looking to sell its assets after failing to secure a lifeline of financing.
The company has been scrambling for new funding after its latest mission suffered a mid-flight failure, with a problem during launch preventing the rocket from reaching orbit. Virgin Orbit is now hovering around the US$60 million market capitalization level, despite being worth around US$3.6 billion shortly after listing.
The Meme Dogecoin cryptocurrency jumped more than 30 percent Tuesday morning after a long-time supporter Elon Musk changed Twitter's blue bird logo to an image of a shiba inu.
Musk has previously defended the cryptocurrency to his supporters for years and is currently facing a $258 billion lawsuit accusing him of illegitimately manipulating the coin's price and helping to increase the price by more than 36,000 percent.
Italy has become the first western country to ban ChatGPT, due to an alleged violation of privacy regulations.
The Italian data regulator also raised concerns about the lack of age restriction and the possibility of factually incorrect information in responses.
Australia
The S&P/ASX 200 continued to advance yesterday, marking the seventh consecutive day of gains for the Australian market.
Market headlines were dominated by the Reserve Bank of Australia Decision maintain the official exchange rate at 3.6 percent.
Despite pausing the increases, the central bank maintained a hawkish tone, reiterating that it is committed to achieving its objective of bringing inflation back to target and will take the necessary steps to do so.
It said it will closely monitor the global economy, household spending, inflation and the labor market outlook when deciding how much to raise interest rates.
The Australian Competition and Consumer Commission (ACCC) has released a wrench into the works for the proposed merger of ANZ and Suncorp Bank, seeking further industry and consumer submissions on how ANZ's proposed acquisition of Suncorp's banking arm may affect competition in the banking sector.
The ACCC's preliminary opinion is that the information provided was not sufficient to substantiate the alleged public benefits, and said that large financial institutions, particularly in banking, have demonstrated the ability in the past to exercise market power over their competitors and consumers. .
New Zealand
Despite a difficult start to the trading session, the NZX 50 closed 0.5 percent higher yesterday.
Shares rose from session lows following the RBA decision, with notable outperformers including Meridian (+3.5%), Synlait Milk (+2.8%) and Infratil (+2.5%).
Unichem and Life Pharmacy owner Green Cross Health soared 20 percent yesterday, after announcing a special dividend of 28 cents a share following the successful divestment of its Community Health division last month.
Mercury has signed a long-term agreement with Amazon to supply renewable energy to its Auckland data centers, scheduled for launch in 2024.
While the finances of the deal have been withheld due to confidentiality, Mercury has revealed that Amazon will take around half of the production of the Turitea Sur wind farm for an agreed price.
Retirement village operator Ryman Healthcare announced that it has appointed David Bennett, its current group chief financial officer, as the group's new chief strategy officer.
Sky Television also said goodbye to its current CFO, Tom Gordon, who has stepped down effective May 2023 to pursue career opportunities elsewhere.
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