US AI and Tech stocks stabilised when the trading week opened overnight. AI and Chip stocks have been under extreme pressure, from the servicing costs derived from interest rate rises and the overall enormous investment levels of AI. Inflation is adding pressure to the equation as the energy crisis rolls on. Oil prices consolidated above US$100/barrel, with further Ukrainian attacks on Russian oil facilities over the weekend, while conditions remain dire in the Middle East. The US Dollar was softer, with the EUR regaining 1.1200, while the GBP traded around 1.3300.Commodity currencies settled with the weaker reserve, allowing the AUD to push back to 0.6975, while the NZD consolidated above 0.5650. NZ Trade data, released yesterday, revealed tougher international trade conditions. The deficit surged towards NZD$2 Billion, for the month of September, hammered by the increased cost of energy imports.
