New Zealand shares fell as the coronavirus outbreak continued to weigh on investor confidence, however, it weathered a savage reopening to Chinese equity markets as a weaker kiwi dollar buoyed exporters.
Whether the fast-spreading coronavirus, which has now infected more than 17,000 people and killed at least 361, adversely impacts Tesla’s supply chain and production capabilities. With the company having just built a new gigafactory in Shanghai—its first in China, Tesla’s chief financial officer said during the earnings call last week that the virus could negatively impact upcoming first-quarter results for 2020.
But then he goes on: "Of course, the data are historical. And the big question on everyone’s lips is what will the coronavirus do to growth, employment and inflation? Given the extent of this risk, and the uncertainties that surround it, any talk of tighter policy is premature. But, be this as it may, the starting point remains important and there is clear indication in [Wednesday's labour market] figures that the economy does have the ability to absorb some of the current shock without its overall stance becoming unhealthy."