Shared Lunch

SHARESIES · MARKET UPDATE · Week of 14 September 2026
Jacki Neumann, Head of Capital Markets
↑ WHAT'S UP — Oil was the big climber, with Brent crude rising as high as US$108 a barrel on Thursday — its highest since May — before settling around US$105 after fresh US–Iran strikes. Oracle was a bright spot, jumping 7% after hours on strong results as revenue rose 30% and cloud infrastructure revenue surged over 120%.
↓ WHAT'S DOWN — Equities fell broadly, with the ASX 200 down around 3% — dragged by an 8.6% slide in tech and a 3.9% fall in materials — while the NZX 50 lost 2.8% and US indices slipped, the S&P 500 off 0.8% and the Nasdaq 0.7%. Sentiment soured at home too, with consumer confidence falling 5.2% and NAB's business conditions index turning negative for the first time in six years.
! BIGGEST SURPRISES — The bond sell-off deepened, even as the US Treasury tripled its long-dated buyback operation to US$6 billion. The 10-year yield pushed toward 5%, its highest since mid-2007. In-line August CPI of 3.4% did little to help, lifting the odds of a September Fed hike to around 85%. Meanwhile, Australian 10-year yields climbed to 5.37%, their highest since 2011.
◎ WHAT TO WATCH — It's a week packed with central bank decisions: the Fed on Wednesday (now favouring a hike), the Bank of England on Thursday (expected to hold), and the Bank of Japan on Friday (tipped to hike). RBA Governor Bullock fronts a parliamentary committee on Friday, and New Zealand's Q2 GDP lands Thursday.
◈ BIGGER PICTURE — Markets are still focused on the global repricing of interest rate risk, with the return of oil prices stoking inflation fears and driving bond yields higher. Central banks are leaning hawkish — the Fed, the RBA, and even the Bank of Japan — putting pressure on borrowers. With three hikes already hitting Australians this year, there’s a growing gap between a slowing real economy and still-rising rates.
Disclaimer:
Sharesies Market Movements is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand.
This video is general market commentary and educational in nature. It is not financial advice and does not take into account your personal objectives, financial situation or needs. Information is current at the time of recording and may be subject to change. We do not provide recommendations and nothing in this video should be taken as a recommendation to buy or sell any financial product.
Investing involves risk. You might lose the money you start with. Past performance is not indicative of future performance.
If you require personal financial advice, you should consider speaking with a qualified financial adviser. Our disclosure documents and terms and conditions, including a Target Market Determination and IDPS Guide for Sharesies Australian customers, are available on our relevant Australian or NZ website.

See omnystudio.com/listener for privacy information.

A record quarter, then a fuel shock that changed the mood almost overnight.
Turners CEO Todd Hunter explains how the US-Iran conflict and higher fuel prices have knocked consumer confidence—and what that sudden shift means for one of New Zealand’s biggest used-car businesses.
Todd reveals why New Zealand’s former best-selling vehicle has become one of the hardest to sell, and how Turners is still growing group profit despite tighter margins in auto retail.
Find out how Turners has evolved from its auction-house roots into a much broader used-car, finance and insurance business—and why Todd believes there’s still plenty of market share to take. We unpack the plan behind its latest public profit target, including 15 new branches, aggressive growth in the finance book, and what needs to go right to get there.
Plus, Todd talks EVs, autonomous vehicles and the future of car ownership—and how Turners became an early backer of Kiwi Formula 1 driver Liam Lawson, long before he made it to the F1 grid.
For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunch
Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website.
Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance.
Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own.
See omnystudio.com/listener for privacy information.

SHARESIES · MARKET MOVEMENTS · Jacki Neumann, Head of Capital Markets at Sharesies
Note: Filmed Monday 7 September
↑ WHAT'S UP
The NZX 50 gained 1.5%, while US indices held their ground with the S&P 500 up 0.1% and the Nasdaq up 0.4%. Dell was the tech sector’s star, jumping almost 16% on record AI server orders of US$61 billion and a US$25 billion lift to full-year revenue guidance.
↓ WHAT'S DOWN
The ASX 200 fell 1%, dragged partly by a string of index heavyweights trading ex-dividend, including CSL, Brambles, and BlueScope, while Corporate Travel Management plunged over 80% as trading resumed after a long halt, and Broadcom slipped close to 3% on a cautious near-term forecast.
! BIGGEST SURPRISES
Bond yields surged to multi-decade highs in multiple markets: Australian 10-year yields hitting 5.2% (their highest since 2011), UK Gilts at 5.2% and Japanese JGBs breaching 3% for the first time in 30 years. At home, Q2 GDP growth of 2.1% ran above the economy's sustainable speed limit, lifting the odds of a September RBA hike to around 70%.
◎ WHAT TO WATCH
It's a quieter week, with US markets shut for Labor Day before all eyes turn to Friday's US August CPI, the key input ahead of the Fed's next decision. In Australia, Tuesday brings Westpac Consumer Sentiment, NAB Business Confidence and speeches from two RBA officials.
◈ BIGGER PICTURE
We’re seeing a global repricing of interest rate risk, as re-escalating Middle East tensions push oil back up and stoke inflation fears from Sydney to Tokyo. Central banks are pulling in different directions, with the RBNZ hiking but softening its tone, the RBA now odds-on to move, and the Fed facing mixed signals. Next week's US CPI could prove decisive for where rates head from here.
Disclaimer:
Sharesies Market Movements is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand.
This video is general market commentary and educational in nature. It is not financial advice and does not take into account your personal objectives, financial situation or needs. Information is current at the time of recording and may be subject to change. We do not provide recommendations and nothing in this video should be taken as a recommendation to buy or sell any financial product.
Investing involves risk. You might lose the money you start with. Past performance is not indicative of future performance.
If you require personal financial advice, you should consider speaking with a qualified financial adviser. Our disclosure documents and terms and conditions, including a Target Market Determination and IDPS Guide for Sharesies Australian customers, are available on our relevant Australian or NZ website.
See omnystudio.com/listener for privacy information.

Are New Zealand homes becoming riskier to insure as extreme weather becomes more frequent?
In this clip Tower CEO Paul Johnston explains what the insurer is seeing in its own storm data, and why the cost of weather events has been trending higher. He unpacks how Tower is responding with increasingly granular risk-based pricing and why two homes just one street apart can have very different risk profiles.
This clip is a bonus from our previous episode 'How Tower is pricing a riskier New Zealand'
For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunch
Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website. Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance. Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own.
See omnystudio.com/listener for privacy information.

Insurance is getting more expensive and more sophisticated, as climate change, extreme weather and rising costs reshape how insurers price risk.
Tower CEO Paul Johnstone explains why the price of risk in New Zealand has materially changed over the past 15 years, and how Tower is using up to a billion data points to price individual properties based on their exposure to hazards like floods, earthquakes, landslides and sea surge.
He also discusses what rising weather-related losses mean for the insurance industry — and why he still believes insurance is a good business to be in.
Plus, how Tower is using AI to streamline claims and customer service, why its technology has already saved a million minutes of call time, and how the business is balancing lower premiums with growth and profitability.
For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunch
Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website. Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance. Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own.
See omnystudio.com/listener for privacy information.