NAB – The Morning Call · Tech hit by vaccine and antitrust moves. RBNZ today, less dovish perhaps?
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Tech hit by vaccine and antitrust moves. RBNZ today, less dovish perhaps?

Wednesday 11th November 2020

Those vaccine hopes continue today, even though there were warnings from Fed officials that the economy still faced ongoing impacts from COVID-19, with structural differences highlighting the need for the fiscal stimulus that now seems unlikely to happen this year. NAB’s Rodrigo Catril says there’s also some caution over the vaccine news, and a response to antitrust action against Amazon ramping up in Europe. On today’s podcast there’s also discussion on yesterday’s NAB Business Survey, which showed business confidence picking up, and today’s RBNZ meeting – will they be less dovish that many had anticipated?

One comment on “Tech hit by vaccine and antitrust moves. RBNZ today, less dovish perhaps?

  1. A rotation theme remains evident in equity markets. Yesterday s great vaccines news from Pfizer and BioNtech has triggered a reassessment of the outlook for next year. Big tech which has benefited from our virus driven change in behaviour (working from home a primary example) is now falling out of favour while small cap stocks and those that have been most affected by social distancing restrictions have outperformed. Big tech companies have also come under pressure following overnight news that the EU has accused Amazon of breaching anitrust rules over its use of rival s sales data on its marketplace that could benefit the company’s own retail arm. The EU Commission will also investigate how Amazon picks products for a prominent “buy box” that drives sales and may push retailers to use its own logistics and delivery services. Meanwhile Alibaba has remained under pressure ( down 9% overnight) following  the release of a new draft anti-monopoly rules by the Chinese regulator.

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