The day’s business news,
and why it matters here.

Why it matters: The FAA grounded every US departure, only the third nationwide stop since 9/11. Airline shares fell before the close as the backlog built into the weekend.

Why it matters: Cisco's revenue jumped 24% to a record US$18.5b and it now expects AI infrastructure sales to hit US$9b this year. KiwiSaver and super funds with US tech exposure will take note.

Why it matters: Revenue hit US$230.9m, up 70% on a year ago, and a new Microsoft deal helped lift the shares 17%. Another sign AI infrastructure spending isn't slowing yet.

Why it matters: A Microsoft 365 outage hit Outlook and Teams for thousands of users for hours, with reports peaking near 130,000. It's a reminder how much business now runs on a handful of cloud providers.

Why it matters: Ukraine's UFORCE raised US$700m, valuing it at US$6b, up from about US$1b in March. Battle-tested drone warfare is turning into a hot venture asset class.

Why it matters: Jensen Huang quit as Nvidia CEO amid an affairs scandal; shares closed down 4.34% after a 14% intraday fall. KiwiSaver and super funds holding Nvidia await a new boss.

Why it matters: S&P 500 rose 1.48% and Nasdaq 2.09% as CoreWeave's results eased AI financing worries and Nvidia rebounded 5%. KiwiSaver funds with US tech exposure felt the bounce.

Why it matters: Nvidia hired law firm Wachtell Lipton to probe CEO Jensen Huang's conduct, and Morgan Stanley dropped Nvidia from its top stock picks.

Why it matters: Europe's STOXX 600 rose 1.26% as banks jumped 3.1% on UniCredit's 24% profit rise and a proposed Credit Agricole-Banco BPM merger, while defence shares gained 4.2%.

Why it matters: Musk says Tesla's Cybertruck line shuts in about eight months for the Cybercab robotaxi, with refunds for buyers missing out. Tesla sits in many KiwiSaver growth funds.

Why it matters: CoreWeave reports today with $35 billion in debt on its books and some bonds yielding above 16%, a test of who pays for the AI data-centre boom.

Why it matters: Dow rose 2.15% and Nasdaq 2.74% overnight as Brent crude fell 5.85%, clawing back last week's tech selloff. KiwiSaver funds with US tech exposure gained too.

Why it matters: Nvidia's board is probing CEO Jensen Huang after he admitted an affair with a woman linked to an AI-chip smuggling case in China. Many KiwiSaver funds hold Nvidia shares.

Why it matters: Berkshire bought back $9.6b of its own stock in Q3, more than double Q2, even as overall earnings fell 28% to $22.1b. Its cash pile grew to $377b.

Why it matters: OpenAI closed $11 billion of a new round at $1.25 trillion, down from the $1.4 trillion target before the AI selloff. KiwiSaver funds hold that trade too.

Why it matters: US CPI data lands Tuesday, expected to show 3.9% annual inflation. KiwiSaver and super funds holding US tech are watching if the sell-off is over.

Why it matters: Daimler Truck's net profit rose 73% to 702 million euros as North American deliveries jumped more than 50%, a sign freight demand is recovering from tariff disruption.

Why it matters: IREN beat revenue forecasts at $228 million, but its $4 billion target slipped to January after Microsoft wanted a network change. Shares are down 55% this month.

Why it matters: Nasdaq fell 5.5% Thursday, its worst day since April 2025, as Nvidia and Qualcomm each dropped over 9% on fears the AI buildout will slow.

Why it matters: Rheinmetall, Europe's biggest defence stock, fell more than 17% after cutting 2026 sales guidance to about €13.2 billion, its second downgrade since August.

Why it matters: AppLovin jumped over 20% on strong Q3 results, while Qualcomm fell nearly 6% despite beating estimates, on soft guidance.

Why it matters: The Dow jumped 1,523 points (2.9%) and the S&P 500 1.89% as Democrats swept Congress, read as a gridlock trade. Nvidia and other chip stocks fell on fears of tighter AI regulation.

Why it matters: AMD's Q3 revenue hit US$13.38 billion as data centre sales jumped 97% to US$8.5 billion, beating forecasts. Shares rose over 4%, a lift for funds owning AI chipmakers.

Why it matters: Shopify shares fell 7% after revenue of US$3.74 billion missed estimates for the first time since 2022. Many NZ and Australian online stores run on Shopify's platform.

Why it matters: The Nasdaq 100 closed 10.4% below its 6 October record, the mark of a correction, led by sliding chip and AI shares that many KiwiSaver and super funds hold.

Why it matters: Pfizer beat estimates with earnings of 87 cents a share and raised 2026 revenue guidance to US$62-64 billion. Many KiwiSaver and super funds hold it via global funds.

Why it matters: Bayer raised its 2026 earnings guidance to €9.8-10.3 billion after Q3 profit beat estimates, driven by demand for its newer drugs Nubeqa and Kerendia.

Why it matters: Apple's first results under new CEO John Ternus beat forecasts, EPS US$2.10 on US$114.5b revenue. Shares still closed down 1.8% as iPad sales missed.

Why it matters: Palantir's revenue jumped 96% to US$2.31 billion, and US commercial sales of US$984 million topped government sales for the first time.

Why it matters: Micron fell 4% and Western Digital 5% after Japan's Kioxia gave weak profit guidance, reviving doubts about AI chip demand many KiwiSaver funds are exposed to.

Why it matters: Anthropic's updated IPO filing shows US$17 billion in Q3 revenue but a US$23.29 billion quarterly loss, plus US$895.4 billion in compute commitments.

Why it matters: Marvell is paying US$115 billion in stock for optical-parts maker Lumentum, a 23.9% premium, betting AI data centres need faster connections.

Why it matters: Brent crude jumped 1.9% to US$94.48 after Trump said the US doesn't need a deal with Iran, reversing this week's slide. It still flows through to pump prices here.

Why it matters: UK GDP grew 0.7% in Q3, matching forecasts and driven largely by AI and cloud-related services. Markets now price a 73% chance of a December Bank of England rate hike.

Why it matters: Spot gold fell 2.7% to US$3,881.70 an ounce, its lowest since October 2025, as rising oil and hawkish Fed talk push the gold price the other way for a change.

Why it matters: Brent crude fell $1.14 to $91.62 a barrel on hopes for Iran and Russia-Ukraine peace talks. Cheaper oil usually flows through to petrol prices at kiwi and Aussie pumps.

Why it matters: Chicago Fed chief Goolsbee called October's inflation report 'borderline disturbing'. Markets now price a 15% chance of a half-point Fed hike in December.

Why it matters: October CPI rose 0.4%, hotter than forecast, lifting December Fed rate-hike odds to 84%. The Dow fell 0.58%, S&P 500 0.85%, Nasdaq 1.4%.

Why it matters: The 10-year Treasury yield jumped to 5.004% after Fed's Waller floated a half-point December hike, pulling up global borrowing costs including here.

Why it matters: China's October imports jumped 41.6% from a year ago, the fastest since 2021, a signal of demand for Australian and NZ commodities. Exports grew 35.2%.

Why it matters: US October CPI lands Wednesday 2:30am NZ time, forecast +0.3% headline and +0.2% core, slower than September. Markets price over 80% odds of a Fed hike in December.

Why it matters: China extended its pause on the 24% tariff on US goods by two months to 10 January, keeping the 10% rate, formalising September's Trump-Xi truce extension.

Why it matters: Spot gold rose 1.6% to US$4,129.28 an ounce as a weaker US dollar and falling oil eased inflation fears, lifting KiwiSaver and super funds with gold exposure.

Why it matters: China's factory-gate prices rose 5.7% in October, fastest since June 2022, as consumer prices cooled to 0.7%. A mixed signal for our top trading partner.

Why it matters: Tankers hit mines in the Strait of Hormuz over the weekend and Iran says the blasts weren't US strikes. The strait is a key oil corridor, so trouble there hits fuel prices.

Why it matters: US payrolls jumped 165,000 in October, far above the 59,000 forecast, and unemployment slipped to 4.1%. Traders now put December Fed rate hike odds at 76.8%.

Why it matters: Gold held above US$4,000 an ounce, easing 0.4% from Thursday's close as traders awaited the US jobs report, but is still up 1.6% for the week.

Why it matters: Brent crude fell more than 16% this week, its steepest weekly drop since 2020, on hopes the Iran war is nearing an end. Cheaper crude should flow through to petrol prices here.

Why it matters: Nasdaq fell 5.52% and $3 trillion was wiped off chip stocks on AI regulation fears, with Asian markets now bracing for more selling.

Why it matters: US October payrolls land Friday 8:30am ET, about 2:30am Saturday NZ time. Economists expect just 59,000 jobs added, with unemployment steady at 4.2%.

Why it matters: US productivity rose 3.6% annualised in Q3 while unit labour costs fell 0.7%, a sign inflation pressure is easing and the Fed has room to cut rates.

Why it matters: The BoE raised its key rate 25 basis points to 4%, its first hike since 2023, warning inflation could near 5% by mid-2027. A reminder not every central bank is cutting.

Why it matters: A panel probing Fed governor Lisa Cook's ouster delayed its hearing to 14 December, prolonging doubts about Fed independence that flow into global rate expectations.

Why it matters: WTI crude fell to US$87.59 a barrel, down nearly 9%, after Vance blamed the Iran war for the GOP's election losses, lifting hopes of a deal. Cheaper crude flows through to pump prices.

Why it matters: Eurozone inflation hit 4% in October, its highest in three years, with markets pricing over 72% odds of an ECB rate hike in December.

Why it matters: Spot gold jumped 2.7% to US$4,036.02 an ounce as the US dollar fell about 0.4% on the Democratic sweep. KiwiSaver and super funds holding gold benefit when it rises.

Why it matters: Democrats won the House and look set to flip the Senate. Nasdaq-100 futures fell 2% on bets a Democratic Congress means tighter AI regulation.

Why it matters: China will lift banks' FX reserve ratio from 4% to 6% from 15 November, pulling about US$24 billion from the system to cool the yuan's rally.

Why it matters: Gold rose 1.8% to US$3,943.62 an ounce, rebounding from a one-year low, as traders priced a 75% chance of a December Fed rate hike.

Why it matters: Brent crude fell 7.7% to US$104.66 a barrel as Iran and Qatar discussed reopening the Strait of Hormuz. Cheaper oil would ease petrol prices and inflation here too.

Why it matters: Brent crude fell 3.3% to US$109.70 as Iran-Qatar talks raised hopes of ending the war, which would ease pressure on petrol prices here. Asian shares rose too.

Why it matters: Brent crude jumped 2.4% to US$117.64 a barrel, its highest since April, after OPEC+ held December output steady. That flows through to pump prices in NZ and Australia.

Why it matters: A tied US trade panel vote leaves Trump to decide on tariffs for Australian lamb, worth over A$1b a year to the US and already taxed 12.5%.

Why it matters: CBA CEO Matt Comyn told a parliamentary hearing the bank won't fully refund the A$270m charged to Centrelink recipients from 2019-24, after repaying only A$93m.

Why it matters: October sales fell 23.5% year-on-year to 5,840, with Auckland down 30%. Prices slipped too, with the national median down 3.4% to $763,000.

Why it matters: Orica's full-year profit jumped 63%, its best result in 15 years. CEO Sanjeev Gandhi says it's banking on the copper boom continuing.

Why it matters: NZ retail card spending fell 0.7% in October, the third straight monthly drop, as fuel costs rose 4.8% even as drivers cut back. Core retail sales fell a sharper 1.2%.

Why it matters: Xero's half-year profit crashed to $18.6m from $134.8m even as revenue rose 46% to $1.745b. It lifted FY27 guidance and announced an A$1 billion share buyback.

Why it matters: ASIC alleges CBA overcharged about 42,000 small business customers roughly $8.5m in undisclosed fees since 2020, under terms it says were misleading since 2006.

Why it matters: Over 300 Warehouse and Noel Leeming workers struck for 24 hours over AI automation fears; the company says no permanent roles are being cut.

Why it matters: Heartland's $620m TSB merger misses its December deadline as a liquidity ratios review drags on, pushing completion out to 1 March 2027.

Why it matters: 15.8% of NZ home sales lost money last quarter, and 25.5% in Auckland, the highest share since 2012, Cotality data shows.

Why it matters: David Jones will shut its only NZ store, Newmarket in Auckland, among 19 closures by year's end as receivers try to save the 188-year-old chain.

Why it matters: New home loans fell 15.5% to $81,157m last quarter, the biggest drop since records began in 2002. Investor loans led the slide, down 32.3%.

Why it matters: Macquarie admitted breaching the Corporations Act over its 'Welcome Rate' marketing, on top of $8.8m already repaid to nearly 40,000 customers.

Why it matters: The Pentagon is lending Rocket Lab US$270m to speed up its Neutron rocket, a sign of how much Washington wants the NZ-founded firm's launch capacity online.

Why it matters: The kiwi dollar fell below 56 USc as markets fully priced a December Fed rate hike, a headwind for importers and for Kiwis travelling in the US.

Why it matters: NZX 50 closed at a record 14,167.41, up 1.39%, as Infratil rose 3.1% and Meridian 2.3%. A boost for KiwiSaver funds holding both.

Why it matters: Westpac cut its one-year fixed rate 20 basis points to 4.99% but lifted its two-year rate 10 points to 5.39%. It still expects rates to rise next year.

Why it matters: Equifax says credit card hardship rose 33% year-on-year in October, even as mortgage arrears fell 0.49% in September, a sign stress is shifting to short-term debt.

Why it matters: Qantas shares rose more than 6% after it said 850 finance, procurement and marketing jobs will move to Accenture, mostly in India, as part of an AI-driven overhaul.

Why it matters: ASIC reviewed 24 funds managing $18 billion and found problems from its 2025 warning still unresolved, in a $250 billion sector most Australians hold via super.

Why it matters: Westpac's confidence index fell 2.7% to 78.2, a four-year low, with mortgage holders' sentiment down 11.6% to a record low of 68.1, squeezing ASX retailers.

Why it matters: Rocket Lab's quarterly revenue hit a record NZ$476 million, about $60 million more than last quarter, with $1.78 billion in new launch contracts signed.

Why it matters: The ASX 200 rose 1.1% to 9,129 points, its highest level since August, led by Monadelphous surging about 14% on a forecast $1.7 billion half-year revenue.

Why it matters: ASB now draws the biggest share of NZ first-home buyers, about 12,500 in the year to September, more than ANZ's 10,700. Average buyer age is just over 35.

Why it matters: The kiwi rose 1.4% to above the 0.56 handle against the US dollar, helped by the global rally and the election outcome favouring a centre-right government.

Why it matters: The kiwi jumped 1.2% to $0.5611 Monday as risk appetite returned and traders weighed the weekend election result. A stronger kiwi makes imports and travel cheaper.

Why it matters: RNZ will cut 58 jobs, about one in six staff, after an $11.8 million loss more than 25 times its forecast.

Why it matters: ANZ Group's cash profit jumped 31% to $7.6 billion for the year, with the final dividend up to 83 cents a share, 80% franked.

Why it matters: The national average dwelling value fell $2,072 to $890,508 in October, and declines are now spreading into Nelson, Queenstown and Invercargill.

Why it matters: ANZ NZ's profit fell 7% to $2.359b as its margin slipped to 2.52% on mortgage competition. It's the country's biggest bank, so a sign lending rivalry is squeezing all four.

Why it matters: National's bloc leads 67-64 on preliminary counts, but the final result waits until 27 November for special votes. Expect kiwi dollar and NZX volatility until then.

Why it matters: RBNZ has charged Westpac NZ after a product was missing from its deposit guarantee webpage for about 109 days. No customer money was at risk.

Why it matters: Pacific Edge shares rose 8% after the US confirmed Medicare coverage for its Cxbladder bladder-cancer tests, reimbursed at US$1,057 to US$1,328 each.

Why it matters: BGH Capital, which holds 19.9% of Tourism Holdings, has bid $3.10 a share against Indie Campers' $3.30 to $3.40. The stock last traded at $2.76.

Why it matters: The NZX50 dropped 170 points to 13,921 as Infratil fell 3.77% and Auckland Airport fell 2.4%, tracking Wall Street's AI-driven sell-off.

Why it matters: Woodside will cut more than 500 jobs, about 10% of its workforce, to save A$550 million a year from 2028. About 80% of its staff are in Australia, mostly WA.

Why it matters: NAB's cash earnings fell 13.4% to A$6.14b, missing forecasts, as credit impairments jumped 85.7% to A$1.55b. Shares dropped 7%.

Why it matters: Goodman Group and Digital Realty each offered A$9.50 a share for up to 9.9% of NextDC, sending the ASX data-centre stock up 50.84%.

Why it matters: NAB's FY26 cash earnings fell to A$2.285 a share from A$2.304, even as net operating income rose to A$22.01 billion from A$20.81 billion.

Why it matters: David Jones has gone into voluntary administration after missing rent on its Westfield stores. McGrath Nicol will review all 38 locations, with closures likely.

Why it matters: BNZ's annual profit fell 23% to $1.157b as operating costs jumped 30% and loan impairments surged $111m to $138m. It still grew mortgage lending market share to 17.2%.

Why it matters: The big four banks will lift variable mortgage rates 0.25% from 13 November after the RBA's hike to 4.85%. ANZ says that adds about $79 a month on a $500,000 loan.

Why it matters: Canva, the Sydney-founded design giant, is cutting or restructuring 1,271 jobs, 22% of its workforce, after growth slowed for the first time in a decade.

Why it matters: Unemployment hit 5.7% last quarter, the highest since 2015 and above the Reserve Bank's own 5.5% forecast. A sign the economy is weaker than the RBNZ expected.

Why it matters: Global dairy prices rose 3% at the latest GDT auction, the third straight gain. Whole milk powder jumped 5.9%, lifting Fonterra's milk price outlook for exporters.

Why it matters: The final 1News-Verian poll before Saturday's election has National on 30%, Labour on 29%. A close race means longer coalition talks, which markets dislike.

Why it matters: The RBA lifted the cash rate 25 basis points to 4.85%, the highest since 2008. It's the fifth hike this year, and mortgage repayments rise again.

Why it matters: Revolut got RBNZ registration as NZ's 27th bank and first digital-only one, pledging $120 million locally to challenge the big four's 80%-plus market share.

Why it matters: Westpac's statutory profit fell 1% to $6.8 billion as impairment charges rose 104% to $864 million. The final dividend holds at 77 cents, due 21 December.

Why it matters: Kathmandu and Rip Curl owner KMD Brands gave Bluestar Alliance exclusive access to its books for a takeover. Shares jumped more than 10%.

Why it matters: Approvals rose 5.1% to 17,948 dwellings, but private house approvals fell 5.3% while apartment approvals jumped 16.6%, a split that matters for builders and the ASX property stocks.

Why it matters: Westpac NZ's profit fell 14% to NZ$1.036 billion as home loan competition squeezed margins. A sign mortgage rivalry isn't easing for borrowers.

Why it matters: ASIC reviewed 45 super funds managing A$1.6 trillion and found many fail to flag systemic complaints, risking legal action if they don't improve.

Why it matters: National home values are down 6.7% from March's peak, the biggest slide in four decades. Watch for flow-on to bank lending and consumer spending.

Why it matters: Canberra won't promise net savings in December's budget update, as health, aged care and defence costs climb. Markets expect a RBA rate hike Tuesday after inflation hit 4.3%.